Today, we’ll take a closer took at the “FHA PowerSaver” loan program, which aims to make it easier for homeowners to make energy-saving improvements to their properties.
In short, the FHA PowerSaver loan is essentially an alternative to taking out a home equity loan or HELOC, both of which have become more difficult to come by ever since the mortgage crisis.
After all, mortgage lenders have lowered maximum combined loan-to-value ratios (CLTVs) considerably, and with home prices not what they once were, it doesn’t leave a lot of room to borrow by tapping equity.
How FHA PowerSaver works:
The FHA PowerSaver program allows homeowners to borrow up to $25,000 for terms as long as 20 years to make certain energy improvements, including insulation, duct sealing, energy-efficient doors/windows, HVAC systems, water heaters, solar panels, and geothermal systems.
The FHA encourages homeowners to get an energy audit to determine which improvements will be most cost-effective and worth their while.
It’s essentially a green improvement loan intended to make your home more environmentally friendly, while also saving you money via lower energy costs.
What about FHA PowerSaver rates?
The mortgage rate for a PowerSaver loan is expected to be between five and seven percent, but comparable or lower than other options available to homeowners.
As mentioned, second mortgages are harder to come by and the interest rates aren’t cheap in most cases, especially when the CLTV is super high.
PowerSaver loans are backed by the FHA, with federal mortgage insurance covering 90 percent of the loan, and private mortgage lenders retaining the remaining risk.
The loans will be subordinated behind existing first mortgages, and borrowers must have existing home equity, as the max combined loan-to-value ratio is 100 percent.
Eighteen national, regional, and local mortgage lenders are taking part in the two-year pilot program.
It is expected to help roughly 30,000 homeowners finance energy-efficient upgrades, while creating 3,000 jobs.
FHA PowerSaver Requirements
Property type: one-unit, owner-occupied properties Loan term: Up to 20 years Minimum credit score: 660 Max loan amount: $25,000 Max debt-to-income ratio: 45% Max combined loan-to-value ratio: 100%
FHA PowerSaver Approved Lenders
1. Admirals Bank 2. AFC First Financial Corporation 3. Bank of Colorado 4. City of Boise, Idaho 5. Energy Finance Solutions 6. Enterprise Cascadia 7. HomeStreet Bank 8. Neighbor’s Financial Corporation 9. Paramount Equity Mortgage, Inc. 10. Quicken Loans 11. SOFCU Community Credit Union 12. Stonegate Mortgage Corporation 13. Sun West Mortgage Company, Inc. 14. The Bank at Broadmoor 15. University of Virginia Community Credit Union, Inc. 16. Viewtech Financial Services, Inc. 17. Wintrust Mortgage 18. W. J. Bradley Mortgage Capital Corporation
If you’re like most small business owners, you’re always looking for ways to keep your finances in order. That especially means protecting your hard-earned business revenue.
So are business checking accounts FDIC insured? The answer is both yes and no, depending on the type of account you have and how your bank operates.
The Federal Deposit Insurance Corporation is a government agency that protects consumer deposits in the event of a bank failure. All FDIC-insured banks are required to display the official FDIC logo at their branch locations.
Let’s unpack this a little bit further, though, because there are nuances you should be aware of.
What’s Ahead:
What are business checking accounts?
A business checking account is not a personal checking account. That much is clear. But what else is a business checking account? And, more importantly, what isn’t a business checking account?
A business checking account is a tool for managing your company’s finances. It’s a place to keep track of your income and expenses, and to make sure that your money is being used appropriately.
A personal checking account, on the other hand, is a place for you to manage your own finances. You can use it to pay your bills, save for retirement, or just keep track of your spending.
A business checking account can be a great asset for any company, but it’s important to understand what it is and what it isn’t before you open one.
What are their benefits?
Running a business is hard enough without having to worry about keeping track of expenses. A business checking account can help you stay organized and on top of your finances.
With a business checking account, you can easily see where your money is going and keep track of business expenses. This can help you save money and make better financial decisions for your business.
In addition, a business checking account can help you build credit for your business. This can be helpful if you ever need to take out a loan or line of credit.
So, if you’re running a business, consider opening a business checking account. It could save you time and money in the long run!
How do you know if your business checking account is FDIC insured?
When you open a business checking account, the first thing you should do is make sure it is FDIC insured. The FDIC is a government agency that protects your money in case of bank failure.
To find out if your account is FDIC insured, look for the FDIC logo on your bank’s website or on your account statements. You can also call your bank and ask a customer service representative.
If your account is not FDIC insured, you may want to consider opening an account at a different bank.
Keep in mind that not all banks are FDIC insured, so make sure to do your research before choosing a bank for your business.
What are the steps to opening a business checking account?
So, you’re ready to take the plunge and open a business checking account. Congratulations! This is a big step for any small business owner. But where do you start? Don’t worry, we’re here to help. Here are the steps you’ll need to take to open a business checking account:
Choose the right bank for your business. This is an important decision, so take your time and do your research. Consider your business’s needs and choose a bank that offers the services and support you need.
Gather the required documents. When you know which bank you’d like to use, they will have a list of the documents they require to open an account. Make sure you have everything on the list before you go to open your account.
Open your account and deposit money. This is the easy part! Once you have all of your documents in order, simply go to the bank (either physically or online) and open your account. You’ll need to make an initial deposit, so make sure you have enough cash on hand or in your source account.
Start using your account! Now that your account is open, it’s time to start using it for your business transactions. Be sure to keep track of your spending and deposits, and to stay within your budget.
What documents are needed to open a business checking account?
When you’re ready to open a business checking account, you’ll need to bring a few things with you to the bank.
First, you’ll need to bring your business license or incorporation documents. These will show the bank that you’re authorized to do business in your state.
Next, you’ll need to bring your Employer Identification Number (EIN). This is a nine-digit number assigned by the IRS that identifies your business for tax purposes.
Finally, you’ll need to bring a voided check from your personal account. This will give the bank the information it needs to set up direct deposit for your business account.
Once you have all of these documents, you’ll be ready to open a business checking account and get started on your way to financial success.
How to use a business checking account to manage your finances
A business checking account is a great tool for managing your finances. You can use it to keep track of your income and expenses and to make sure that you’re paying your bills on time.
The best way to use a business checking account is to set up a budget and stick to it. By knowing what you have to spend each month, you can stay on top of your finances and avoid overspending.
Additionally, you can use your checking account to save money by setting aside funds for future expenses. By planning ahead, you can make sure that you have the money you need when you need it. F
inally, a business checking account can help you build a good credit history. By making on-time payments and keeping your account in good standing, you can improve your credit score, which will make it easier to get loans in the future.
So don’t be afraid to use a business checking account to manage your finances – it’s a great way to stay organized and avoid financial problems down the road.
The importance of reconciling your business checking account
As a small business owner, you wear a lot of hats. You’re the CEO, CFO, and janitor all rolled into one. And while you might be tempted to put off reconciling your business checking account, it’s actually an important part of running a successful business.
Reconciling your account helps you spot errors and prevent fraud, and it also gives you a clear picture of your financial health. Plus, it’s a great way to catch up on the latest gossip from your bank teller. So don’t delay—reconcile your account today!
What are some of the benefits of reconciling a business checking account?
When it comes to reconciling a business checking account, there are a few key benefits that can’t be ignored. For starters, it can help to ensure that all of your transactions are accurate and up-to-date.
This is important for both record-keeping purposes and for making sure that your finances are in good order. Additionally, reconciling your account can help you to identify any discrepancies or errors that may have occurred.
And finally, this process can give you a better understanding of your overall financial picture, which can be helpful in making future business decisions.
Overall, reconciling your checking account is a wise move for any business owner. It may take some time and effort, but the benefits are well worth it.
How does one go about reconciling a business checking account?
If you’re like most people, the thought of reconciling your business checking account probably sounds about as much fun as getting a root canal. But it doesn’t have to be that way! Just follow these simple steps and you’ll be done in no time.
First, get your hands on a copy of your bank statement. Then, grab a copy of your checkbook register.
Next, match up all of the checks and deposits from your register with the corresponding items on your bank statement. If there are any discrepancies, investigate and make corrections as necessary.
Finally, total everything up, and voila! You’re finished.
So there you have it – reconciling your business checking account doesn’t have to be painful. Just follow these simple steps and you’ll be done before you know it.
Can I rant about mortgage rates for a minute? I just can’t help myself. First things first, current mortgage rates are actually lower today than they were a year ago. Let’s make that clear.
This is true despite the headlines warning you to “BUY NOW” and to do so before it’s too late, before interest rates rocket to the moon.
If you don’t act now, you might be stuck with a mortgage rate in the double-digits…well, that’s what all that fear mongering makes it feel like.
The 30-Year Fixed Averaged 4.15% This Week
It’s early 2018 and mortgage rates are still lower than they were last year
While the 30-year fixed has climbed to 4.15% per Freddie Mac
It’s still below the 4.19% being offered this time last year
Which means there’s no need to panic just yet
Let’s start with the facts. The 30-year fixed averaged 4.15% this week, per Freddie Mac, which collects mortgage rate data from lenders from Monday through Wednesday.
This gives them a good idea as to what’s being offered, despite the survey being inherently flawed if you take it at face value, which you shouldn’t.
While 4.15% is indeed up a sizable 11 basis points from 4.04% last week, it’s still down from 4.19% a year ago. So to get in a tizzy over the recent increase in mortgage rates would be silly, at best.
Additionally, 30-year mortgage rates anywhere close to 4% is a reason to celebrate without question, both historically and recently.
Here Comes the Panic
Whenever rates rise for a sustained period
Everyone assumes they’ll never come down again
Or that they’ll never stop increasing week in and week out
But sometimes that’s precisely when they reverse course
When mortgage rates rise for a few successive weeks, or climb rapidly, which they kind of maybe did in the past few weeks, a lot of irresponsible reporting and exaggerating nonsense surfaces.
To put it in perspective, a rate of 4.25% versus 4% on a $300,000 loan amount equates to a difference of $44 per month. Yes, it’s real money, but it’s not a reason to panic and make crazy decisions, or pull your hair out.
It’s not like you were thinking about buying a home this year, saw that rates went up a quarter of a percent, and then rushed out the door to place an offer immediately (I hope).
If you did do that, take a second to check yourself. Buying a home shouldn’t be an impulsive decision driven by numbers alone, unless you’re a bona fide real estate investor.
Sure, it might make you stop procrastinating, but it shouldn’t drive your decision to buy vs. rent a home entirely.
Mortgage Rates Might Drop Again
Think of the stock market for a second
When it dumps for a few days
Everyone panics and sells or simply doesn’t buy
But often you see a reversal and then traders kick themselves
Ultimately, mortgage rates are experiencing a bad month, but that doesn’t mean they will continue to rise indefinitely.
They go up and down all the time, and sometimes sideways, just like the stock market and other securities. It just so happens that they’re on an upward trajectory at the moment.
Last year, the 30-year fixed averaged close to 4% throughout the entire year. At times, it went as high as 4.30%. At its best, it may have dipped to around 3.75%.
Interestingly, rates were highest during the first quarter of 2017 and increased to that yearly-high of 4.30% in March.
Today, we’re getting closer to 4.25%, which is basically the same range we saw in 2017, month after month.
Yes, I’d rather have a rate of 4% too, but it’s not the end of the world. And we could well see rates drift back to 4% or lower this year. I wouldn’t be the least bit surprised. So relax!
A covered call ETF is an exchange-traded fund that provides investors with additional income by writing options on the securities the ETF holds. These actively-managed ETFs offer investors the benefits of writing call options on stocks, without them having to participate in the options market directly.
The upside is that investors take on less risk and potentially earn income in the form of options contract premiums on top of dividends. The downside is that potential upside profits will be capped because the call options will have to be exercised once the underlying security reaches a certain strike price (one of many options trading terms to know), at which point the shares will be called away from the shareholder.
Basics of the Covered Call Strategy
Covered calls involve buying shares of a stock and then writing call options contracts on some of those shares. A covered call could also be referred to as “call writing” or “writing a call option” on a security.
Other investors can then purchase the call option contract. They pay a small fee to the call writer, known as a premium, for doing so. The contract gives a buyer of the option the right, but not the obligation, to buy shares at a specific price on or before a specified date.
In the case of call options, when the share price of the underlying security rises above the strike price, an option holder can choose to exercise the option, at which point the stock will be called away from the person who wrote the call option.
The option holder then receives shares at a cost lower than current market value. Their profits will equal the difference between the option strike price and where the stock is currently trading minus the premium paid. The higher the stock price rises before the expiry date, the greater the profit for the person holding the call option.
Because the call option writer receives income on the deal in the form of a premium, they want the stock price to either stay flat, fall, or rise only slightly. If the stock rises beyond the strike price of the option, then they’ll receive the premium, but their shares will be called away. The option writer will have a gain or loss depending on the difference of the exercise price and the purchase price of the stock and the premium received.
On the other hand, if the stock doesn’t reach the strike price of the option, then the writer keeps both the premium and the shares. They’re then free to repeat the process as many times as they wish.
What Is a Covered Call ETF?
A covered call ETF is an actively-managed exchange-traded fund (ETF) that buys a set of stocks and writes call options on them — engaging in the call-writing process as much as possible in order to maximize returns for investors.
By investing in a covered call ETF, investors have the opportunity to benefit from covered calls without directly participating in the options market on their own. The fund takes care of the covered calls for them.
The ETF covered call strategy usually involves writing short-term (under two-month expiry) calls that are out-of-the-money (OTM), meaning the security’s price is below a call option’s strike price. Using shorter-term options allows investors to take advantage of rapid time decay.
Options like these also serve to create a balance between earning high amounts of premium payments while increasing the odds that the contracts will expire OTM (which, for covered call writers, is a positive outcome).
Writing options OTM serves to make sure that investors can benefit from some amount of the upward price potential of the underlying securities.
When to Buy a Covered Call ETF
It may be a good time to buy a covered call ETF when most of the securities held by the ETF are expected to trade sideways or go down slightly for some time. Beyond that, any time is a good time for investors who find the strategy appealing, want to take the chance of gaining extra income for their portfolios, and don’t mind missing out on outsized gains if the market rips higher.
Covered call ETFs might also be attractive to people nearing retirement, people who are generally more risk-averse, or anyone looking to add some additional income to their portfolio without having to learn how to write and trade options.
If an investor were considering ETFs vs. index funds, they might choose an ETF for the reason that the fund might employ creative strategies like covered calls, whereas index funds merely try to track an index.
When Not to Buy a Covered Call ETF
The one time when it may be advisable not to buy a covered call ETF might be when stocks are generally rising and making new record highs on a regular basis. This is a scenario where covered call ETFs would underperform the rest of the market.
If the underlying securities rise only slightly, and do not exceed the strike prices set for the covered calls, then these ETFs should also perform well. It’s only when stocks rise to the point that the shares get called away from the fund that the fund will almost certainly underperform compared to holding shares directly.
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Pros and Cons of a Covered Call ETF
The main benefits that come from taking advantage of an ETF covered call strategy are reduced risk and increased income.
Pros of a Covered Call ETF
Overall, a covered call ETF has largely the same risk profile as holding the underlying securities would. But some investors see these ETFs as less risky than holding individual stocks because the ETF should, in theory, do as well or slightly better than the market in most situations. (The one exception would be during extended, strong bull markets.)
But while covered call ETFs reduce the risk associated with owning a lot of shares while also providing additional income, hedging against downside risk would best be accomplished by using put options.
Cons of a Covered Call ETF
Covered call ETFs are actively managed, which means they tend to have higher expense ratios than passively managed ETFs that track an index. But the extra income may potentially offset that cost.
The Takeaway
A covered call ETF is an actively managed exchange-traded fund that offers investors the benefits of writing call options on stocks, without them having to participate directly in the options market. For investors looking for a simpler approach, this may be beneficial. Covered call ETFs also have two primary benefits in reduced risk and increased income.
That’s not to say that they don’t have downsides, too. Notably, they tend to be actively-managed, which generally means they have higher associated fees. Again, all of this should be taken into consideration before folding any type of security into an investment strategy.
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When we first moved out when we were 18, we moved into a very tiny house. Technically, it was not a “tiny home,” but to us it was.
It was extremely small home at around 400 square feet (less than that if you don’t count the basement), but it was cheap, had a backyard and was located very close to the college I was about to start attending.
Also, as a reminder, last year Jordann also posted about how she used to live in a 400 square foot house. I also recently published the interview I Live in a 175 Square Foot Tiny Home – Sailboat Living. I highly recommend you read these two posts!
I recently became interested in tiny homes again when I was watching a documentary on Netflix (we’re starting to find cable less and less worthwhile) called Tiny: A Story About Living Small. This documentary followed a man building his very own tiny home, and the documentary also showed others who lived in their own tiny homes.
I find tiny homes very interesting. They make great use of their space, they are usually very cute, and they are very affordable. Even with the positives below though, I don’t think it’s something I could do.
For me, the negatives greatly outweigh the positives. I think we could do something smaller than what we currently have, but a 200 square feet tiny home is just too extreme for me.
Below are the positives and negatives of living in a tiny house:
Pro: Your housing expenses will be cheaper with a tiny home.
The average tiny home costs less than $30,000 to build. You can also buy a tiny home for very cheap. That price before includes the exterior and interior of the home. That is very cheap! That is much cheaper than the average home.
However, I do think you have to remember about where you are going to place this tiny home. Yes, you can buy land for cheap, but land can also be very expensive in other areas.
Your home will also be cheaper in that your utility bills will be cheaper. It’s much cheaper to heat or cool down a 200 square foot house than a 2,000 square foot house.
Repairs, maintenance and replacements will also most likely be much cheaper in a tiny home.
Con: I think it would be difficult with children and pets.
We don’t have children yet, but we would like to have them in the future. With all of the people I’ve seen and read about who live in tiny homes, I don’t think there’s been a single one who had children or pets.
I think it would just be very difficult with a family. People need their space… Or, maybe that’s just me?
However, I think if it were just one or two people living in a tiny home, then it would probably be much more doable. When we lived in our 400 square foot house (let’s keep in mind that we haven’t lived there in a very long time), it wasn’t completely bad. The size didn’t really bother us at all at the time. I think it really helped that there were multiple small rooms to escape too, and there was also a front and backyard and porch.
Pro: You’ll spend less money on material items.
I am a bit of a hoarder. Just ask Wes and he will probably want to cry just thinking about how much stuff I have.
My closet is jam packed to the ceiling with stuff, and then I also have things in the guest bedroom and in our basement.
Moving into a tiny home would probably be a lifesaver in that I would be forced to think about each purchase I make. Since there’s only so much room in a tiny home, you will buy fewer items.
Con: Having guests over won’t be comfortable.
I remember watching in the documentary when the main person being filmed had guests over.
He invited his family over to see the home he just built and it was extremely cramped. It was almost like everyone had to bend over in order for their to be room for everyone.
Now, I’ll be honest, I don’t throw raging parties or anything, but I would like the option of having people over when I can. This is especially true since we plan on moving to a new state and we would like people to visit us occasionally.
Pro: You may be able to bring the tiny house when traveling.
Okay, this doesn’t apply to every single tiny house, but there are some that are small enough where you can actually travel with it.
You can bring your tiny home to where you want it to be, and you may even be able to do some road trips in it as well.
This makes the list of possible places to live pretty much endless.
Con: Not a lot of personal space.
This is no surprise. They are called tiny homes for a reason. According to the documentary, tiny homes are homes that are 200 square feet or less. That is extremely small.
That’s smaller than my bedroom, and my bedroom is not huge by any means.
Since I work from home 24/7 now, I would like to have more space since I’m at home more. I think I would get a little crazy if I was in the same exact room hour after hour, day after day.
Would you ever live in a tiny home? Why or why not? How small could you go? How big is your home currently?
Also, if you live in a tiny home (less than 250 square feet preferably), I’d love to hear from you and possibly conduct an interview for this blog. Please send me an email if you are interested.
Family travel is a whole other ballgame. The strategy, gear, planning, expectations and number of times you may answer “Are we there yet?” make it an entirely different sport than solo or adults-only trips.
While traveling with kids is arguably quite different than taking a trip without a child (notice we didn’t call it a “vacation” with kids), it doesn’t have to be intimidating. In fact, there are countless ways to experience memorable moments and make lifelong memories with your kids, whether you hike the mountains of Machu Picchu or ride the newest coaster at Disney World.
Related: TPG’s 10 top family vacation destinations
To make the journey a little easier, we’ve compiled our 43 favorite family travel tips. Whether you’re traveling with infants, teens or some of both, these tried-and-true tips are bound to ease travel headaches and ensure your family travels are as fun and carefree as possible.
Travel tips for infants and toddlers
Having a baby does not mean the end of your time as a traveler. It may cause you to temporarily pause your adventures, and it will certainly change how you travel. But traveling with a baby is still worth the effort.
While it’s true that your baby may not remember the details of your trips during the first few years, quality time together is invaluable. You will always remember their first big vacations.
Some travel is often easier with a small, snuggly baby than with a growing, active toddler, so don’t be afraid to plan something while your little one is still young.
Use the right travel stroller
If you plan on traveling with a stroller, you want one that is lightweight and easy to maneuver through the airport or rough terrain, if necessary, once you reach your destination.
Related: These are the 13 best travel strollers for your next trip
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If you choose to gate-check your stroller, foldability isn’t as important. Instead, prioritize protecting your stroller from dirt and damage by investing in a stroller with a bag. For long layovers, you can request to have your gate-checked stroller delivered to you between flights so that your baby has a safe and comfortable place to rest while you navigate the airport. Just ask the gate agent when you check your stroller.
Baby-wear
To keep your hands free and your baby snuggled, you may choose to baby-wear through the airport or on a flight (though most airlines don’t allow it during takeoff and landing).
The Transportation Security Administration rules state that infants may be carried in a sling or carrier while going through the walk-through metal detector, so you shouldn’t have to remove them for security — at least, according to the rules.
If it’s not too hot, baby carriers and slings also come in handy at theme parks, which allow baby-wearing on many family-friendly attractions. Just be sure you ask about safety restrictions before you ride.
Breastfeeding mamas should consider carriers that allow easy access for on-the-go nursing, such as those in sling or wrap styles.
Consider a Doona
If you don’t want to lug both a car seat and a stroller and your baby weighs between 4 and 35 pounds, you’re in luck: The Doona can serve the function of both. It transforms very easily from a stroller to a car seat and back again, all while your baby is strapped in.
Because of their convenience, Doonas are great for flights, cab rides, Uber rides and, frankly, any part of your busy life with a baby.
Think twice about flying with a lap infant
Most airlines allow children younger than 2 to fly as lap infants instead of purchasing separate seats for them.
The cost savings can be hard to pass up, and during those early months when the little one is nursing or sleeping a lot, it can be the easiest way to go. However, if your baby is fussy or you are flying solo, you may feel more comfortable keeping them in their car seat. If they can sleep through anything or you have someone you can split baby-care duties with, you may have more success flying with a lap infant.
If you do purchase a seat for your baby, there are dozens of portable car seats out there that are much easier to travel with than the bulky car seat you may have at home.
Get a car seat just for travel
The Cosco Scenera is a perennial favorite when it comes to travel car seats. At around 10 pounds and only $50 to $60, this car seat is a winner for travel when you need something easy and affordable. It’s rated for rear-facing little ones weighing between 5 and 40 pounds or forward-facing kiddos weighing 22 to 40 pounds.
Another model to consider is the WAYB Pico portable car seat, which was recommended by several TPG readers.
Use a car seat on the plane
Every kid is different, but if your little one sleeps well in a car seat in the car, they may do the same on a plane. If your kids are generally comfortable in car seats and have their own seat assignments on the plane, consider bringing the car seat on board for a secure flight experience.
Related: Car seats that are airline approved
Bring a Boppy pillow if you’re holding an infant
TPG’s senior director of engineering Mitchell Stoutin recommended using a Boppy nursing pillow for long flights with an infant. In addition to being handy for nursing, it gives your baby a comfortable place to rest. He also advised stashing your Boppy in a vacuum Ziploc bag to save space when not in use.
Sign your kids up for frequent flyer programs
Once you make the transition to buying your child a seat — either because they turn 2 or because you think having a separate seat will work best for your family — sign them up for a frequent flyer account and let the miles start rolling in.
No minimum age requirements exist for kids, so enroll them while they’re young to maximize their earnings.
Related: Earning frequent flyer miles for your kids just got a little easier
Board last
Most airlines let families with young children board early in the process, but as long as your family has assigned seats, you don’t need to worry about rushing to board before others.
Instead, have one parent get all the gear ready and board first while the other waits as long as possible before bringing the baby on board. This will help minimize the amount of time you have your little one in tight quarters, reducing the likelihood of a meltdown or further disrupting their schedule.
Pack your carry-on strategically
Think about everything you may need to easily access for yourself and your baby before organizing your carry-on. That way, you don’t forget any of your must-have items or struggle to find them while on board.
Consider packing food, diapers and extra outfits for at least twice as long as you think you’ll need them for your little one while in transit. Don’t forget to also bring clothes, snacks and drinks for yourself so you have everything you need.
As a general rule of thumb, it’s a good idea to have enough essentials to survive at least 24 hours off of what you bring on board, as you never know what is going to happen.
Bring large Ziploc bags and black trash sacks
Avoid packing a suitcase without tossing in a few Ziploc bags, grocery bags or trash bags. They can be used to stash snacks and store wet or dirty clothing.
As TPG executive editor Scott Mayerowitz shared, large black garbage bags can also work as blackout shades in a pinch.
Related: The best family beach vacation destinations to kick off summer
Find a space in your hotel for the baby to sleep
In the best-case scenario, you’ll have accommodations with at least two bedrooms so your baby has a dark, quiet place to sleep while you relax without disturbing them. However, there are times when having multiple rooms isn’t possible.
If you only have one bedroom, try putting a crib in a hotel closet or bathroom to achieve the same result.
Travel with gear that will help your baby sleep in the hotel
When it’s time for the baby to sleep, there are numerous sleep tents, shades and white noise machines to choose from. Here are a few of our most trusted options:
You don’t always need to buy new gear for a successful trip, though. One reader suggested using painter’s tape to cover outlets as a quick, cost-effective way to baby-proof your hotel room.
Related: These are the best New York City hotels for families to check out
Have diapers and essentials shipped to your final destination
While you need plenty on hand for that first day or two, you can purchase what you need from Amazon and have it shipped directly to your destination instead of traveling with an entire week’s worth of needed items like diapers and wipes.
Alternatively, you can use a service like Shipt or Instacart to have essentials delivered to your hotel or home rental after you arrive.
Pack the snacks
This is true for all ages but especially applies when traveling with infants.
Don’t ever assume anything baby-appropriate will be available while you are in transit. The last thing you want is the stress of scrambling to find what you need at the last minute.
To avoid this potential headache, pack enough formula, snacks and more so you have whatever your little one may need to stay happy and content.
Related: How to pack — and prepare — for travel with a baby
Travel tips for preschoolers
The good news is that when kids are old enough for preschool, they don’t need quite as much sleeping and transportation gear.
With preschoolers, you’ll want to pay particular attention to toys and activities that will keep them entertained, night lights that will help keep the “scaries” away and a few other important travel essentials.
Bring mess-free toys
When choosing toys to pack for a flight or road trip, keep in mind that you don’t want anything that will create a mess or get lost easily, such as Legos or slime.
For mess-free coloring, we love Crayola Color Wonder Markers and coloring pages. If you’re taking a long flight or road trip, consider suction toys that can stick to a car or airplane window.
Related: 14 mistakes parents make when traveling with kids
Pack hidden toys to reveal during your trip
A surefire way to keep your child content for extended periods of time is to hide some toys until your travel day arrives so they feel new and exciting. You can even wrap them up or dole them out periodically throughout your trip — we recommend packing one toy for each hour of a flight — to add an element of surprise.
Try visiting a dollar store or dollar aisle in a store to dial up the surprise factor. Trust us, the $5 investment will pay off in spades.
Related: Your guide to flying with kids of every age
Consider an inflatable booster seat
If your child has graduated to a booster seat (congrats!), there are inflatable and fold-flat booster seats available that are easier to haul when traveling by car.
While there are several options currently on the market, the BubbleBum inflatable booster seat is a TPG reader favorite.
Use a stroller
Should you find yourself covering lots of miles on your trip, having a stroller can come in handy, even if you don’t normally use one at home.
For example, at a large theme park like Disney World, you may find yourself needing a stroller until your kid is 6, 7 or even 8 years old if you are moving quickly and want them to easily keep up (or if you know they will fall asleep before you are ready to call it a night). This may mean renting one when you get there, though you may prefer to have your own if you’re doing more than spending time at Disney.
Get stroller straps
Because it isn’t socially acceptable to AirTag children (though they do come in handy for finding lost luggage), we instead suggest getting stroller straps that bigger kids can hold on to while you push younger children in the stroller. We’re particularly fond of the Tagalong Stroller Accessory.
Preschedule car service from the airport
If you need car seats or want to be sure you have a ride waiting for you when you land, Uber and Lyft now both have options for prescheduling a ride if you need one.
While the best service depends on where you are going, one option to try is Blacklane. Consider having your driver meet you inside at baggage claim if you’re traveling with a lot of gear.
Pack a night light
For kids who are afraid of the dark, night lights may come in handy. This affordable nightlight is small, sleek and easy to pack.
If you are going on a cruise and don’t have access to traditional power outlets, TPG senior travel editor Erica Silverstein suggests bringing along battery-operated tea lights instead.
Travel somewhere with a kids club
A magical milestone in travel is when your child turns 3 and is potty trained, as this unlocks access to a variety of kids clubs.
Whether you’re on a Disney cruise (like the new Disney Wish cruise ship, pictured below) or at a resort with a kids club (some of which are free to use), children’s clubs are great for preschoolers.
By going somewhere that caters to younger children, you’ll be able to get a well-deserved break while the kiddos are taken care of.
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Plan down days and afternoon rest
Even if your preschooler has dropped daily naps at home, it’s still smart to build some downtime into your vacation schedule. This is especially important because it’s likely that their sleep schedule will be a little off while you’re traveling and that your vacation will be more action-packed than what they’re used to at home.
To help your overtired kid adjust, plan a relaxing pool day or take an afternoon break in your hotel room to keep crankiness at bay.
Travel tips for elementary-age kids
As kids get older, they can do more while on vacation with less help, but the tried-and-true tricks for keeping them entertained may no longer work.
Because their brains are developing and becoming more complex, elementary-age kids will need to have access to more activities while they’re away from home. As a result, you’ll need to adjust your strategy for vacations so they continue to have a good time.
Use packing cubes for the family
This tip applies to all age groups but can be especially helpful when your child starts taking more of an interest in choosing their own clothes. By relying on packing cubes, you can keep clothing for every member of your family organized while saving space.
If you decide to use packing cubes, there are a couple of good methods to choose from.
You can have a packing cube for each day of your trip and put your family’s clothing for each day in one cube. This works well if you will be making multiple stops and don’t want to pack and unpack everything.
You could also pack each family member’s clothing in a separate packing cube, which is helpful when you are encouraging kids to get dressed on their own and choose their own outfits.
Leave 1 day free in the schedule
We’ve already covered the importance of leaving some flex time in the afternoons, but if you are traveling for more than a long weekend, we highly recommend leaving an entire day unscheduled. That way, the kids can either rest and chill or you have the ability to say yes to something they spot along the way.
Depending on your child’s interests, you may want to use your free day for activities like splashing around at a water park, checking out some animals at a zoo, enjoying an epic ice cream-tasting adventure or spending more time at the kids club.
The key is to leave this day flexible so you can cater some activities to what your kid is enjoying the most.
Take advantage of your hotel’s club lounge
Club access can be invaluable when traveling with kids.
If you stay in a club-level room at a hotel, you’ll often have daily access to breakfast, snacks and drinks. An added bonus is that the club can serve as a gathering spot for enjoying more time (and often gorgeous views) with them.
Related: Can you use a World of Hyatt club lounge access award for someone else?
Plan trips with another family
This is the age where having other kids around really starts to matter.
If at all possible, try planning the trip to at least overlap with time spent with cousins or friends. Doing so will virtually guarantee the kids will have a better time, which means you will, too.
For these types of trips, you may want to look into finding a good vacation home rental.
Related: Why the best big family vacation may be skiing
Travel tips for tweens and teens
Traveling with tweens and teens is completely different than traveling with younger kids — something you probably know all too well if you are currently living with them.
At this age, kids are well on their way toward becoming full-fledged adults. As a result, they deserve a taste of the space, privacy and independence that comes along with adulthood.
Build an activity bag
It’s easy to assume the phone will do the trick, but TPG editor Kristy Tolley is a proponent of custom activity bags to keep kids (including older ones) occupied on long trips.
For your activity bag, consider anything from snacks to quiet toys to new games for their Nintendo Switch to art supplies — whatever will keep them entertained while you get to your final destination.
Double-check downloaded content
Wi-Fi on airplanes can be quite finicky. Even if you pay for it, there’s never a guarantee it’ll work for the entirety of your flight. Because of this, download movies, music, games and more to your device (or your child’s) before your trip.
When downloading movies or TV shows, turn to multiple sources like Netflix, Disney+ and Apple. That way, if you run into issues with one provider, you still have content from the others.
Also, remember that messaging others is free on many flights, so be sure your teen has the airline app downloaded if you want them to be able to keep using services such as iMessage while in the air.
Enroll your child in TSA PreCheck
Until they turn 13, kids traveling with a parent or guardian with TSA PreCheck will be allowed to go through the expedited security line even if they themselves don’t have TSA PreCheck.
Even after they turn 13, kids 17 and younger can typically use the TSA PreCheck lines with their parent or guardian as long as the teen has the indicator on their boarding pass.
If you have a credit card that reimburses fees for TSA PreCheck, you can recoup the cost of your child’s application. Note that Clear continues to work to bring kids through until they turn 18.
Related: Why you should get TSA PreCheck and Clear — and how you can save on both
Consider connecting rooms
The days of squeezing two or three kids into one queen-size bed are probably long gone once they reach their teenage years. Not to mention, trying to have the whole family use one bathroom is an ordeal you likely won’t want to go through.
To keep the peace, consider reserving connecting hotel rooms.
With connecting rooms, you’ll have double the beds, bathrooms and storage space. Plus, teens and tweens will have the space and privacy they need without you being too far away to keep an eye on them.
Related: Big news for families: Hilton to guarantee adjoining rooms with ‘Confirmed Connecting Rooms’
Let kids choose a few activities (or plan the whole day)
At this age, kids are not just along for the ride. Give them some input (and independence) by allowing them to help plan your trip. Odds are they’ll be more engaged by being involved in the planning.
Bring a friend
While planning trips with other families is a good strategy with elementary-age kids, by the time kids are teens, just bringing along one of their friends could be sufficient.
To keep the costs down, consider using an airline companion certificate to bring along that friend without spending extra.
Go somewhere with a teens club
If you are visiting a resort or destination where you may be going light on activities, lean into places that have a space just for teens.
Cruise ships are fantastic when it comes to this, as they often have kid-focused spaces divided into pretty distinct age ranges. For example, Disney Cruise Line has a club for kids ages 3 to 12, another for those between 11 and 14 and then one for teens ages 14 to 17.
By taking advantage of clubs that are broken up into designated age groups, your teen can have plenty of fun without the annoyance of hanging out with younger kids.
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Related: Child turning 18? Here’s everything you need to know before the next time they travel
General family travel tips
Some family travel tips transcend age groups.
Regardless of how old your kids are, where you’re traveling or how you’re getting to your vacation destination, there are a few tips you’ll always want to keep top of mind.
Utilize airport lounges
Airport lounges are becoming more and more kid-friendly, as they offer dedicated family rooms with toys and kids shows on TV, plus food that will please picky eaters. Additionally, if you have a long layover or are dealing with flight delays or cancellations, you’ll be much more comfortable waiting in a lounge instead of at your gate.
You can purchase a day pass to many lounges but may be able to get yourself and your family in for free with certain credit cards or airline status. For example, The Platinum Card® from American Express grants the cardmember and one guest complimentary access to Priority Pass lounges and access to Centurion and Escape lounges, though complimentary guest access depends on how much you spend annually.
Related: Best credit cards for airport lounge access
Upgrade to a suite
Similar to springing for connecting rooms, upgrading to a suite will buy you additional space and, sometimes, a pullout sofa that adds another sleeping option.
You’ll also have more room for your family’s belongings and areas for relaxing and dining so your kids don’t spend all their time jumping, eating and lounging on the beds.
Check for reciprocal zoo and museum memberships
If you have a membership to your local zoo or museum, you may be able to use reciprocal benefits for free or discounted entry to other zoos and museums that you can visit on vacation.
This information is usually available on your zoo or museum’s website, but you can also check lists on the Association of Zoos & Aquariums’ page about reciprocal admissions or on the North American Reciprocal Museum Association website.
Get a travel tracker that doubles as a memento
There are so many unique travel souvenirs you can get that also serve as keepsakes for remembering your child’s travel “firsts.”
These Junior Frequent Flyer flight logbooks allow you to record your child’s flights while teaching them about aviation.
If a national park visit is in your future, order a standard or junior National Parks Passport and collect stamps every time you visit a new park.
Don’t forget important medicines
When you are away from home, you have to be prepared for anything. That includes unexpected sicknesses and accidents.
Pack kid-safe and grown-up medicines, as well as Band-Aids, antibiotic ointment and other first-aid necessities in your carry-on bag so you won’t be without them if your checked luggage is delayed or lost.
Bring an extra bag
If you are traveling between a cold climate and a hot one, pack a lightweight tote bag that can fold into your carry-on so you can easily gather up everyone’s coats once on the plane. By keeping this tote tucked away until you’re on board the aircraft, you’ll enjoy an extra allowed bag, saving you the headache of trying to determine where to put bulky coats.
Get Global Entry for each family member
Unlike TSA PreCheck, which allows kids to travel with an eligible adult until they turn 18 (in most cases), anyone wishing to use Global Entry to expedite reentry into the U.S. needs to apply for the program.
Global Entry can save valuable time spent waiting in line. However, you’ll need to apply well in advance of your trip so you have time to submit your application, complete an in-person interview and await approval.
Similar to TSA PreCheck, you can use a credit card that will reimburse your child’s Global Entry application fee.
Try out the games built into many spaces
It’s easy to miss, but many resorts, theme parks and cruise ships have a hidden layer of fun that ranges from traditional scavenger hunts to interactive activities you can unlock with an iPhone or similar device.
While the youngest travelers won’t benefit from these types of experiences, they can be fun for a variety of age ranges, especially elementary-age kids and tweens.
Related: Disney World rolls out all-new MagicBand+: Here’s what this wristband can do for your trip
Bottom line
Family travel has its own built-in challenges, but it also comes with immense rewards.
By knowing all the tips and tricks to traveling with kids, having the right gear with you, mapping out a game plan and having the right attitude and realistic expectations, you can have a memorable vacation every member of the family enjoys.
You may not get to do everything you want or sometimes feel like it’s more of a hassle than a vacation. However, if you’re willing to be flexible and appreciate when things go according to plan — even if the end result isn’t quite what you had hoped for — you’ll find yourself eager to book your next family trip before you have the bags unpacked and put away.
On this Memorial Day Weekend, we honor the men and women of
the United States who put everything on the line to protect our country and the
freedom we hold. In 1944, President Franklin D. Roosevelt signed the VA loan
into law helping Veterans achieve the American dream. In 1970, under President
Nixon, the VA loan landscape changed with the Veterans Housing Act of 1970. There
was no longer a time limit on loan eligibility, and veterans now had the option
to refinance into another VA loan. Today, the VA loan has guaranteed more than
24 million homes across the United States.
VA Home Loan Military and Service Requirements:
With a VA loan, there are service requirements that need to be
met in order to qualify. These are based on the time period during which you
served, and the number of days active duty. For example, if you are currently
active duty, you would have had to of served 90 continuous days to meet the
requirements. For a further breakdown, those who served during:
WWII – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-WWII – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
Korean War – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-Korean War – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
Vietnam War – a total of 90 days, or less than 90 days if you were discharged for a service-connected disability
Post-Vietnam War – 181 continuous days or less than 181 days if you were discharged for a service-connected disability
1980-1990 – 24 continuous month or 181 days that you were called into active duty
Gulf War – 24 continuous months or 90 days in active duty, at least 90 days if you were discharged for a hardship, a reduction in force, or convenience of the government or less than 90 days if you were discharged for service-connected disability
If you separated from service after September 7, 1980 – 24 continuous months, 181 days of active duty or less if discharged for hardship, a reduction in force, convenience of the government or a service-connected disability
On Memorial Day, we honor those who have given their lives for
our freedom. For those who have a spouse serving or who has served, you may be
able to qualify for a VA loan through a Certificate of Eligibility. However,
there are requirements that you will need to meet as well. Most, COE’s are
given to those surviving spouses of a Veteran or the spouse of a Veteran who is
missing in action (MIA) or being held as a prisoner of war (POW).
However, you meet these requirements, be sure to talk to your Total Mortgage Loan Officer about
your options to be able to receive a Certificate of Eligibility (COE).
Credit Score Requirements for VA Home Loans:
VA loan credit score requirements are similar to USDA
credit score requirements. The Veterans Administration or the VA
doesn’t set a minimum credit score requirement, however, the lender is able to
set a benchmark. Typically, the benchmark for a VA loan is set at a 620 FICO
score. This does not mean that you will not be approved with a lower score.
Your credit score eligibility will be determined once a credit report and
analysis are complete. No matter your credit score, there is always room for
improvement.
VA Home Loan Down Payment Requirements:
Another advantage of a VA loan is the down payment, or lack
thereof. Once again, similar to USDA loans, VA loans don’t require a down
payment from borrowers. In fact, about 90% of VA loan holders borrow the loan
without a down payment placed on the loan, although when a down payment is
made, the VA Funding Fee decreases.
A VA Funding Fee on a first-time VA borrower is typically 2.3%
of the loan when no down payment is made. When a down payment of 5% is made by
the borrower, the fee drops to 1.65% of the loan. As the down payment amount
increases, the VA Funding Fee decreases.
The down payment on a VA loan does not have to come from your
accounts. It is acceptable for a down payment gift to be given on a VA loan. If
the down payment is a gift, a letter is required and needs to have the donor’s
information, relationship to the borrower, details about the gift, and legal
phrasing that states that the payment does not need to be repaid.
What are my options:
Depending on your credit score and where you would like to
live, you have more options available to you. Here are some of the most
noteworthy loan options:
VA Loans – Are serving and meet the requirements? Is your spouse a Veteran or MIA or POW?
Benefits:
No down payment requirement
No credit score requirement, lender may set one
USDA Loan – Are looking to live in a rural or suburban area?
Benefits:
No down payment requirement
No credit score requirement, lender may set one
FHA Loan – Are a first-time home buyer with a credit score that is in repair?
Benefits:
3.5% down payment minimum, PMI for the life of the
loan
Lower credit score requirements set by lenders
Conventional 97 Loan – Are you a first-time home buyer who has a good to excellent credit score?
Benefits:
3% down payment minimum, 20% down payment without
PMI on the loan
Summary:
Mortgages are
not a “one size fits all” financial decision. VA loans offer Veterans a great
option to achieve the American Dream with no down payment required and no
credit score requirement set by the VA. However, to find the best loan for you
and your financial situation, contact a Total Mortgage Loan Officer or visit
our
mortgage builder today!
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.
From golf simulators to wide open spaces filled with weight-lifting machines, these are the ten best apartment gyms in San Antonio.
Whether you’re working to tack on some muscle, hoping to get your sweat on or looking to play some beach volleyball from the comfort of your home, there’s an apartment fitness center in San Antonio that’s perfectly fitted to your needs.
You just need to know where to look to find it.
Source: Rent. / Cypress at Stone Oak
Boasting two state-of-the-art fitness centers, two swimming pools and a yoga studio, the workout resources at Cypress at Stone Oak are second to none. With large windows, high ceilings and motivational messaging on the wall, the fitness centers at Cypress at Stone Oak feel more like an expensive gym than an apartment complex workout room.
These Stone Oak apartments also back up to a golf course and are only a stone’s throw away from Bracken Nature Preserve. Bracken is a great place for hiking and features a cave that sees a mass exodus of bats each night. A great option to switch up your workout and get some steps in while seeing something new.
Source: Rent. / Celeste at La Cantera
With designer lighting, top-tier equipment and plenty of space to clear your mind and get your heart rate up, it’s obvious the design team behind Celeste at La Cantera takes their workouts seriously, or at least new future residents would.
Boasting a long row of elliptical machines, treadmills and even a Stairmaster, in addition to all of the other traditional trappings you’d find at a membership-based gym, the fitness center at La Cantera is one of the best places to enjoy a workout in the University of Texas at San Antonio area.
Source: Rent. / The Mark at Huebner Oaks
How many apartments have an indoor golf simulator? Not many. With temperatures regularly soaring into the triple digits, having an indoor option to (virtually) hit the links is essential for dedicated golfers. While this unique feature isn’t all that’s provided in terms of fitness at The Mark at Huebner Oaks, it does help to set them apart.
The Mark at Huebner Oaks also has an expansive fitness center with high ceilings and natural light in addition to a dedicated stretching/yoga area. With flatscreens on the walls and oversized ceiling fans overhead, this Huntington Place complex sets the standard for communal workout areas.
Source: Rent. / The View at Crown Ridge
The View at Crown Ridge is a great complex for active people to call home. The slanted ceiling gives the fitness center here an airy vibe and the windows make it so you don’t feel like you’re missing out on the day while you work your core or get your cardio in.
These Cross Mountain apartments are situated right next to Crownridge Canyon Park, one of North San Antonio’s best-kept secrets. This outdoor recreation area features walking paths, scenic bridges and beautiful rivers. Sound like a good way to spend a Sunday getting your sweat on, right?
Source: Rent. / The Estraya Westover Hills Apartments
The Estraya Westover Hills Apartments complex has one huge fitness center. With 200 units to serve, The Estraya went big and embraced a resort-style feel from the brightly colored gym. They packed it to the gills with high-quality equipment and paired it with a dreamy pool with a waterfall feature and tanning ledge. Estraya is a great place to be active and then kick back in comfort.
This Oak Creek area complex boasts professional quality stationary bikes, enough ellipticals to ensure waiting is never an issue and free weights for days. Long story short, this fitness center has it all.
Source: Rent. / 1800 Broadway
1800 Broadway invites people looking in the Westfort area to enjoy the best of what loft living has to offer. And the best of loft living includes a well-equipped, elegantly designed gym. The fitness Center at 1800 Broadway makes the most of its smaller footprint with multiple multipurpose machines that can support full workout circuits in and of themselves.
The other reason this Westfort complex makes the list is because of its proximity to the North River Walk, just a few blocks away. This scenic walking path provides the best of both worlds by being the premier spot to take a stroll and stop (more than a few times) for some shopping or a coffee.
Source: Rent. / The Mosaic
Drawing design inspiration from all around the world, The Mosaic has an aesthetic entirely of its own. That same aesthetic transitions to the fitness area where you’ll find high ceilings with exposed duct work, a versatile selection of workout equipment and extra equipment for plyometrics if that’s your thing.
Tucked away north of Downtown in Tobin Hill, The Mosaic is a workout warrior’s paradise thanks to its mix of traditional machines and newer CrossFit-inspired materials, this gym has it all to help you reach your fitness goals.
Source: Rent. / The Ranch at West End
The Ranch at West End may not have the largest gym on the list but what it may lack in size, it makes up for in alternative workout options. The Ranch at West End has a full-size beach volleyball court and a midsize circular basketball court, perfect for a game of HORSE or two on two with your neighbors.
The actual fitness center is nothing to scoff at either. Equipped with kettlebells, a calisthenic area and muscle-boosting machines, this Westcreek complex has the complete setup for anyone hoping to have options for physical activity right outside their door.
Source: Rent. / Vineyard Springs
Vineyard Springs is known for its large floor plans and those spacious spots are now supported by a brand-new fitness center. The on-site fitness center features a mirrored wall, a rowing machine and a conveniently placed TV that can be seen from nearly every machine and station in the gym.
Beyond a new gym, there is also an on-site trainer, educated with the skills to make sure you meet your fitness goals. And outside the gym are two bespoke pools that may be the best spots in all of The Vineyard to cool off after a long workout.
Source: Rent. / Cielo
What’s better than an elliptical with a pool view? Cielo’s light-filled gym leverages its prime location to ensure that anyone dedicated enough to take a trip to the gym gets rewarded with a relaxing pool view while they work up a sweat.
Cielo also backs up to Ladybird Johnson Park. Ladybird Johnson Park features large open fields, an expansive skatepark and a playground, making this park the perfect spot for a full day of active fun with the entire family. This Oak Grove complex really is a great spot for active people of all ages to call home.
San Antonio is calling
If you’re looking for an apartment in San Antonio and have a passion for personal fitness, start your search with this list. These aren’t all the apartments in Alamo City, but they are the ones with the best gyms. Get out there and find the perfect place with the gym that was built for you.
Featured image source: Rent. / Celeste at La Cantera
Now before you go running for the hills, let me just preface that I too was VERY skeptical of this color at first. I mean, the name itself sure isn’t doing the color any favors…Burnt…Orange? Sounds downright repulsive.
BUT with that being said, I challenge you to set aside your judgement for just a moment and allow me to make a case for this under-appreciated color. Sure, in fairness, perhaps burnt orange will never be “the new black” but it’s certainly worthy of some serious attention.
See? Not bad, huh? It gives off a 60’s Mod-vibe without feeling too dated or retro. Plus, when it’s in flowy lightweight fabric form it looks ultra-elegant and contemporary. Even when incorporated as a statement color into decor, it offers a healthy dose of character and an inviting sense of warmth.
Are you convinced? What are your thoughts on the color?
Image 1 via Nanushka // 2 via JCrew // 3 via Dust Jacket Attic // 4 via The D Pages // 5 via Blueberry Modern // 6 via Nordic Design
Today we’ll check out “Blue Sky Financial,” whose goal is to save you time and money so you can get outside and enjoy those beautiful blue skies a little bit more.
The young company (formed in 2020) refers to itself as a discount mortgage brokerage, meaning they work with third-party lenders to find your loan a home.
Apparently they also offer low mortgage rates, which they say are possible thanks to “digital efficiencies” aka the latest technology and less overhead.
Let’s find out more about them.
Blue Sky Financial Fast Facts
An independent discount mortgage brokerage
Offers home purchase financing and mortgage refinances
Founded in 2020, headquartered in Boise, Idaho
Has three physical locations: Boise, Sun Valley, and West Palm Beach
Employ about two dozen loan officers nationwide
Currently licensed to do business in eight states
As mentioned, Blue Sky Financial is a mortgage brokerage, meaning they link up borrowers with a wholesale mortgage lender, which actually provides the financing.
While that means they need to turn to another company to get your loan to the finish line, it gives them the advantage of offering more loan programs because they’ve got multiple lending partners.
Like other mortgage lenders, they offer home purchase financing, along with mortgage refinances.
They have three physical offices, including locations in Boise and Sun Valley, Idaho, along with a branch in West Palm Beach, Florida.
At the moment, they’re only licensed in eight states nationwide, including California, Colorado, Florida, Idaho, Illinois, New Jersey, Ohio, and Washington.
It’s unclear if they plan to expand to additional states soon, or focus on those specific states for the time being.
How to Apply for a Home Loan with Blue Sky Financial
They refer to their loan process as the “10 Minute Application”
It is a digital mortgage platform powered by Ellie Mae
You can apply online, upload income and asset documents, and eSign disclosures
Their online borrower portal allows you to keep track of loan progress and receive updates along the way
Blue Sky Financial is big on making it easy to apply for a home loan, and they’ve partnered with fintech company Ellie Mae (ICE) to make that possible.
They say they offer a better mortgage experience via their “10 Minute Application,” which sounds fast enough, even if Rocket Mortgage claims you can do it in just eight minutes.
Anyway, to get started you simply visit their website, then click on “Blue Skies Start Here.”
That will take you to the digital application page where you begin filling out personal and financial information online.
When prompted, you can link financial accounts and/or upload things like pay stubs and bank statements to verify your information.
You can also eSign important disclosures with the click of a button to breeze through what is often a painstaking process.
Once submitted, a loan officer and processor will discuss pricing and prep your file to submit to the underwriting department.
Those who are looking to get pre-qualified for a mortgage can follow the same instructions listed above.
If you want to work with someone specific, you can click on the loan officer bios on their website as well, then get in touch before you apply.
It may make more sense to get loan pricing with an actual loan officer first, then proceed to the application if you’re happy with what you hear.
All in all, it appears to be pretty easy to get started with Blue Sky Financial, and you can price a loan on your own via their website as well if you don’t want to speak to anyone.
Loan Programs Offered by Blue Sky Financial
Home purchase loans
Refinance loans: rate and term and cash out
Conforming loans backed by Fannie Mae and Freddie Mac
FHA loans
VA loans
Jumbo loans
Fixed-rate mortgages: 30-year fixed, 15-year fixed, etc.
Adjustable-rate mortgages: 5/1 ARM, 7/1 ARM
While they don’t list individual loan programs on their website, my guess is they offer the full suite of offerings you’d expect to find with any big lender.
Because they’re a mortgage broker, they can send your loan to one of a variety of their partners depending on its attributes.
For example, they may have a certain partner that accepts jumbo loans, and another that’s a good fit for FHA loans or VA loans.
You can take out a home purchase loan or a refinance loan, including a rate and term refinance or a cash out refinance.
They lend on all common property types, including single-family homes, condos/townhomes, 1-4-unit investment properties, and more.
It’s unclear if they offer USDA loans or any specialty options like interest-only loans.
It would be nice if they provided more information on their website regarding available loan programs so we don’t have to guess.
Blue Sky Financial Mortgage Rates
One benefit to using Blue Sky Financial is the “Loan Pricer” found on their website.
It allows you to plug in your loan details to see today’s mortgage rates, without having to sign up or log in.
It will show you both an interest rate and price, which is the associated lender credit or points required for said rate.
You can play around to see different rates and prices across different scenarios if you’re simply shopping around, then get in touch with a loan officer to confirm pricing.
It’s a nice touch of transparency as not many lenders actually publicize their mortgage rates online.
Additionally, you may come across Blue Sky Financial’s mortgage rates on popular home loan comparison websites like Bankrate or Zillow.
So they do seem to lead with their pricing, which is a great sign if you’re shopping for the lowest rates out there.
That being said, they don’t mention anything about lender fees, so it’s not clear if they charge an application fee, loan origination fee, and so on.
Be sure to inquire about those fees as well when comparing different lenders.
Blue Sky Financial Reviews
On Zillow, Blue Sky Financial has a very respectable 4.83-star rating out of 5 from about 60 customer reviews.
Similarly, they’ve got a 4.8-star review at Bankrate from about 30 reviews, with most perfect 5-star reviews.
They’ve also got a 5.0-rating on Google from 21 reviews at last glance. While the sample sizes aren’t huge, they appear to be making customers happy thus far across all ratings sites.
Blue Sky Financial isn’t an accredited company with the Better Business Bureau, nor does it have a rating, perhaps because they’re pretty new.
In summary, while relatively young, they’re a well-liked company and seem to employ the latest technology while offering attractive mortgage rates.
That means they could be a good fit for existing homeowners looking to refinance, or even a prospective home buyer looking to make their first purchase.
Blue Sky Financial Pros and Cons
The Good
You can apply for a mortgage quickly and easily from any device
Their digital mortgage application is powered by Ellie Mae (ICE)
They let you see today’s mortgage rates via their loan pricer