Texas Attorney General Greg Abbott today called for a halt to foreclosures in the state so mortgage lenders and loan servicers could conduct a thorough review to determine if “robosigners” were used in foreclosure processing.
A “robosigner” refers to an employee or agent who signed off on hundreds or thousands of foreclosure documents in a short amount of time, essentially proving they didn’t do their due diligence or follow protocol.
They have also been accused of signing affidavits which falsely claim personal knowledge of facts, or that they reviewed the attached documents when in fact they failed to do so.
Additionally, there have been accusations that robosigners notarized documents prior to getting the signature, and/or when the signer was not present.
All this, of course, led to widespread mistakes and errors, which put a halt on foreclosures in 23 states (minus Texas) for Ally Financial, Bank of America, and Chase.
Both the California AG and Connecticut AG have called for similar foreclosure freezes.
The foreclosure suspension letter was sent to 30 lenders, including:
American Home Mortgage Servicing, Inc. American General Finance, Inc. AmTrust Mortgage Corporation Aurora Loan Services, Inc. Bank of America Carrington Mortgage Services, LLC Cenlar, FSB JP Morgan Chase & Co. CitiMortgage, Inc. EMC Mortgage Corporation First Horizon National Corp. Ally Financial, Inc./GMAC Home Loan Services HomEq Servicing, Inc. HSBC North America Holdings, Inc. Litton Loan Servicing, Inc. MGC Mortgage, Inc. Midland Mortgage Company MorEquity, Inc. National City Mortgage c/o PNC Financial Services Group, Inc. Nationstar Mortgage Company Ocwen Loan Servicing, LLC OneWest Bank Group LLC PHH Mortgage Services Corporation Saxon Mortgage Services, Inc. Select Portfolio Servicing, Inc. Vanderbilt Mortgage and Finance, Inc. Washington Mutual Wells Fargo & Company Wilshire Credit Corporation
Mortgage industry newcomer Ally Home is getting into the price match game with its just launched promotion called, you guessed it, “Price Match Guarantee.”
If you’re not familiar, Ally Home got into the mortgage business late last year, essentially rising from the ashes of GMAC Bank/ResCap.
Now they want to separate themselves from the crowd by ensuring you get the best price on your mortgage, or at least equal to what you may have found elsewhere.
They’ll Match Rates and Points
Ally Mortgage is offering a Price Match Guarantee
Like several other mortgage lenders out there
Where they’ll match the offer of another bank or lender
But is matching enough? And what about lender fees?
In a nutshell, Ally Home will match the interest rate and points (if applicable) of another lender if it happens to better what Ally Home offers you.
All you have to do is let your Ally Home loan advisor know you’ve got a better offer and they’ll match it.
That entails sending over the competing lender’s completed Loan Estimate, which must be dated within the past five business days, at the time you wish to lock your loan with Ally.
In order to be eligible, the loan programs have to be the same too, obviously.
There is a bit of a gotcha here, at least in my opinion. Ally Home will only match the mortgage rate and points. There’s no mention of fees.
So it’s possible, if I’m interpreting this correctly, that Ally Home could match the rate and points, but charge more for underwriting and processing, along with other third-party fees.
That’s why you have to go through each Loan Estimate with a fine-tooth comb to ensure you don’t miss anything.
It’s also somewhat disappointing that Ally Home is simply matching the offer of another lender. You think they’d improve it somewhat. But perhaps they believe they’ll offer a better home loan experience.
Ally Home Still Offering a .125% Rate Discount
Ally Mortgage has a .125% rate discount special (which may come and go)
Where they’ll give you a slight mortgage rate discount on a purchase or refi
But even an .125% of a point can add up to big savings
Over the long life of a home loan
I’ll add that the company still has a special offer going at the moment whereby you get a .125% interest rate discount, though not for much longer.
It applies to both purchases and refinances and the rate must be locked by July 31st, 2017.
I’m not sure if you can combine both offers, but if so, you could actually beat out the competition, as opposed to just matching them.
Ally Home provides an example where the savings could be more than $7,500 over the life of the loan on a typical 30-year fixed mortgage.
It assumes a conforming loan amount of $300,000 if the rate were lowered to 3.875% from 4%. The savings are substantial and illustrate the power of an eighth.
Late last month, Better Mortgage launched a similar promotion where the company will give you $1,000 if they’re unable to beat another competitor’s price. The trick with them is that they don’t charge lender fees and keep third-party fees low, making them hard to beat.
The goal of higher rates, in my view, is to cool down price growth and get more days on the market. A few key data lines can tell us if we are heading in that direction.
We are still seeing numbers in the teens for days on market, which isn’t good. We would like to get this back to 30 days, but anything in the 20s is a victory. Inventory falling again in 2022 created more forced bidding wars, which frustrates buyers, keeps potential sellers from wanting to list, and creates stress for real estate agents doing a lot of work with nothing to show for it. In addition, the Federal Reserve isn’t comfortable with home prices going up every year.
This is a first-world problem compared to a housing bubble, a credit boom, and a crash, but a problem nonetheless. Some data to consider:
1. In NAR‘s most recent existing-home sales report, as you can see below, the days on market is still at a teenager level. We need our housing market to go to college and find a room to rent in their 20s.
2. Inventory is still showing negative year-over-year data. Even this week, on tax day, it is still showing a decline. However, the year-over-year declines are getting less. We went from a 30% year-over-year decline at the end of 2021 to just a negative year-over-year decrease of 14.8%. I find this to be a very positive trend because the No. 1 goal for me is to see inventory have some positive prints, and we are at least heading in the right direction From Altos Research:
Are higher rates working now?
So how can we tell if higher rates are doing their job and we can achieve the goals above? Purchase application data has always been an excellent way to understand how the markets work. It’s also a bit of a funky data line if you don’t have experience reading it.
Historically, this data line is instrumental in tracking the year-over-year data from the second week of January to the first week of May. Typically after May, volumes fall! COVID-19 has wrecked the comps for many economic data lines, so COVID-19 adjustments need to be made. Considering that, what do we know so far?
I would say that we are seeing legit softness so far in 2022, but nothing too dramatic. The last time this data line was fragile was back in 2013-2014. Mortgage rates shot over 4% quickly, and it created a negative year-over-year trend in 2013-2014. The 2014 data showed a 20% year-over-year decline trend and sales fell that year.
2014 was the very last year total housing inventory grew in America. It wasn’t a lot of inventory, but still, weakness in demand created more homes on the market. My ultimate goal for housing inventory is to get back into a range between 1.52 – 1.93 million. Historically, that is considered low inventory, but that is a much more sane marketplace than what we have currently.
2018 was the last time mortgage rates got to 5%, and sales trended from 5.72 million at the end of 2017 to 4.98 million in January of 2019. Inventory didn’t grow that year and purchase application data only had three negative prints year over year, and they were mild too.
That is a good reference to look at, so let’s move toward 2022 because it’s much different now. Sales are working from a higher level and price growth has been hotter, but inventory is much lower this year than any period in history, and demographics are solid in America.
Three points to focus on
1. Week-to-week data the last three weeks have had two positive prints and one negative — so that’s not much either way. Three weeks ago, we had a positive 1% print, two weeks ago a negative 3% print, and this week 1% growth. I am not a big fan of reading week-to-week data unless we are considering them within some short-term event like COVID-19 or spiking mortgage rates.
2. COVID-19 created very high comps in this data, so it’s been negative year over year since June of 2021. Unless you make COVID-19 adjustments, you’ll get confused with this data line. I believe many people did this last year because the data showed negative data for the second half of 2021, but if you made those adjustments, you could have seen that the data was getting better toward the end of the year.
Purchase application data showed meaningful increases from October to December, which was why existing home sales got to a high-level sales print of 6.5 million in January this year. I still believe that number had some December sales closed in January that made it look high.
3. Focus on the year-over-year data and remember that percent increases or decreases aren’t an exact science compared to sales. Look at this data line as a trend survey, and you need big moves to see a material change. If housing was doing great or crashing, we would need to see activities 20%-30% up or down. This can amount to just a couple of hundred thousand home sales for the existing home sales market up or down.
If you’re looking for a significant macro trend change, positive or negative, single-digit gains or losses aren’t that meaningful in the enormous macro sense for the existing home sales market.
Here are some examples. When COVID-19 created a pause in home buying, the worst four-week year-over-year declines looked like this: -24%, -33%, -35%, -31%
When we saw make-up demand after the COVID-19 paused, the data looked like this: +33%, 27%, 22%, and 22%.
We want to forget the year-over-year comps in 2021 using the crazy 2020 data, so I won’t even bother showing you those data lines.
2022 Data
Now let’s take a look at 2022! What have we learned from this year’s purchase application data? As you can see below, the housing market from 2018 to 2022 doesn’t look like anything we saw from 2002 to 2005.
If I didn’t know mortgage rates had passed 5%, I would be saying the same thing with the purchase application data all year long: not too much is happening, but some softness for sure. However, since mortgage rates got above 5%, I have been keen to see if the data has broken toward a more aggressive negative direction. So far, that hasn’t happened.
I believe I can stop using the make-up demand comps to compare the year-over-year data after mid-February. So with that adjustment, this is what I am seeing over the last four weeks, starting from 4 weeks ago: -12%, -10%, -9% and -6% year over year.
The year-over-year declines have been falling; some are due to more reasonable comps. This week -6% is the smallest year-over-year decline for the year. The four-week average is running at 9.25%.
2022 is shaping up to be the first legit year of negative year-over-year declines in purchase application data since 2014. The 2018 market, which had to deal with higher rates, was primarily positive every week except for three weeks. So, for sure, we have some softness in 2022 after making some proper adjustments, but the softness in the data is mild so far.
I had anticipated more substantial year-over-year decline numbers than this, and so far, nothing. I often mention on social media that higher rates need duration to work themselves in the housing data for the existing home sales marketplace. It can be quicker to see the results in the new home sales market because there isn’t a homeowner factor in that equation.
When we see a weakness in the housing data, it should create more days on the market. The real goal is to stop the downtrend in inventory over the past few years.
Again, I am a man who believes in balance and what we have in housing right now is savagely unhealthy. My 23% home-price growth model for 2020-2024 has already been smashed and we are heading for 35%-40% cumulative home-price growth in thee years, which is not a good thing in my book.
Purchase application data is seasonal, and total volumes typically fall after May. We will see if we get some more buyers with the seasonal rise in inventory every year. We saw this happen last year.
However, mortgage rates being at 3% is much different than mortgage rates at 5%. Hopefully, we can balance the housing market with these higher rates. In the summer of 2020, I wrote that a 10-year yield over 1.94% could cool down housing, but that was before the significant price-growth run we’ve seen in America.
However, we are here now, and hopefully, we don’t start 2023 at fresh new all-time lows because a balanced housing market is the best housing market.
Looking for the most up-to-date mortgage rates to empower your purchasing or refinancing decisions? We’ve got you covered.
Here, you can view today’s mortgage interest rates, updated daily according to data from Bankrate, so you can have the most current data when purchasing or refinancing your home.
30-year fixed rate mortgages
The average mortgage interest rate for a standard 30-year fixed mortgage is 7.08%, a decrease of 0.04 percentage points from last week’s 7.12%.
Thirty-year fixed mortgages are the most commonly sought out loan term. A 30-year fixed rate mortgage has a lower monthly payment than a 15-year one, but usually has a higher interest rate.
15-year fixed rate mortgages
The average mortgage interest rate for a standard 15-year fixed mortgage is 6.40%, a decrease of 0.12 percentage points from last week’s 6.52%.
Fifteen-year fixed rate mortgages come with a higher monthly payment compared to its 30-year counterpart. However, usually interest rates are lower and you will pay less total interest because you are paying off your loan at a faster rate.
5/1 adjustable rate mortgages
The average rate on a 5/1 adjustable rate mortgage (ARM) is 6.06%, an increase of 0.07 percentage points from last week’s 5.99%. With an ARM, you will most often get a lower interest rate than a fixed mortgage for say, the first five years.
But you could end up paying more or less after that time depending on your loan terms and how that rate follows the market.
What is the best term for a loan?
When picking a mortgage, it is important to pick out a loan term or payment schedule. Usually you will be offered a 15 or 30-year loan term, but it is not uncommon to see 10, 20, or 40-year mortgages, according to CNET.
Mortgages can be fixed-rate or adjustable-rate. Interest rates in fixed-rate mortgages are set in stone for the duration of the loan.
Adjustable-rate mortgages only have interest rates set for a certain period of time before the rate adjusts annually based on the market.
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Hawaii is an exciting place to call home. It offers incredible weather, scenic views, friendly people, and a slow-paced lifestyle. If you’re lucky enough to live or work in Hawaii, you might be looking for the best banks in the state.
While the Aloha State has fewer banks than other states, there are still plenty of reputable, member FDIC options available to you.
12 Best Banks in Hawaii
To make your search for a bank a bit easier, we’ve done some research and compiled this list of the best banks in Hawaii.
1. First Hawaiian Bank
First Hawaiian Bank, the oldest bank in the state, holds the distinction of having the most branches in Hawaii. This makes it a convenient choice for many people looking to open a checking account, as it provides three different options.
Their first option, Pure Checking, offers a straightforward, fee-free experience, complete with a complimentary debit card. The second, Priority Banking Gold, expands on these features by offering free checks and online bill pay, as well as discounts on loans.
For those seeking the most benefits, the Priority Banking Platinum provides an extensive list of perks, including a credit card with unlimited rewards and cash back, travel points, and no restrictions on redemption dates.
Beyond checking accounts, First Hawaiian Bank also caters to various other personal banking needs. They offer savings accounts, mortgage services, and wealth management solutions, among other things.
2. SoFi
SoFi serves as a top-notch alternative to traditional banking, catering to individuals seeking the convenience and flexibility of online banking. The SoFi Checking & Savings account offers a unique combination of checking account accessibility and high-yield savings account returns in a single, streamlined account.
There is no minimum balance requirement, no monthly fees, and no overdraft fees, positioning SoFi as a cost-effective solution for a broad spectrum of users. There’s also an enticing offer of earning up to $250 with qualifying direct deposits.
One of the most compelling aspects of SoFi is the impressive interest rates it offers. The savings account yields a 4.30% APY, while checking account balances earn 1.20% APY, both rates far outpacing those offered by most traditional banks. What’s more, deposits are insured by the FDIC up to $2 million, providing an added layer of financial security.
With SoFi Checking & Savings, accessing your money is both straightforward and convenient. Over 55,000 Allpoint® Network ATMs across the globe offer fee-free withdrawals, ensuring you can easily access your money whenever you need it.
3. Ally Bank
Ally Bank is an online bank that serves residents in every state, including Hawaii. It’s worth considering if you’re seeking an interest bearing checking account or competitive rates on high yield savings accounts, CDs, and money market accounts.
While deposit accounts are Ally’s bread and butter, the bank also offers mortgages, auto refinancing, and investment products. As an Ally account holder, you won’t have to worry about any monthly fees or minimum opening deposits.
Since Ally is an online-only bank, there are no local branches in Hawaii. Fortunately, it’s part of the Allpoint ATM network that will give you free access to more than 43,000 Allpoint ATMs. If you do use an out-of-network ATM, the bank will reimburse you up to $10 per month.
4. First American Trust
First American Trust operates one branch in Honolulu. If you have a particular interest in wealth planning, it should definitely be on your radar. It provides several wealth planning services, such as financial planning, retirement planning, and estate planning for individuals and families.
Its advisors can also help you set up a trust and protect your greatest assets. Additionally, First American Trust is a great resource if you’d like to build a diversified investment portfolio.
5. Bank of Hawaii
Headquartered in Honolulu, Bank of Hawaii is a regional bank and the second-oldest bank in the state. It serves local communities with a comprehensive suite of products and services as well as sponsorships and volunteerism. The bank’s lineup of personal banking products includes checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and insurance.
In addition, it supports small business owners with business deposit accounts, business credit cards, merchant services, and small business loans. The bank also specializes in investment services and long-term financial planning to help you meet your personal finance goals. If you’re interested in Bank of Hawaii, you can chat with a banker online or in-person at a local branch.
6. Central Pacific Bank
Central Pacific Bank has been around since 1954 and has physical locations in Hawaii, Oahu, Maui, and Kauai as well as mobile banking services. It was originally founded to help immigrants build a safe life.
Today, the Hawaii bank offers a wide range of products and services to individuals and small businesses in the Aloha State. Central Pacific Bank stands out for its diverse savings account options, high rates on CDs, and low minimum balance requirements.
It also provides personalized, high quality wealth planning services from a team of wealth advisors. You can download the bank’s mobile app to pay bills, send money through Zelle, check your online statements, set notifications, track your budget, and keep tabs on your financial activity.
7. CIT Bank
CIT Bank is a digital bank with several attractive products for Hawaii residents. Savings Connect is a savings account that offers a competitive interest rate you might not be able to find elsewhere.
Another savings account you may want to consider at CIT Bank is the Savings Builder. While the Savings Builder has a lower annual percentage yield or APY than Savings Connect, it can encourage you to save as you must deposit at least $100 per month from your paycheck or elsewhere to secure the highest APY.
Unlike many brick-and-mortar financial institutions, CIT Bank doesn’t charge monthly maintenance fees, overdraft fees, ATM fees, or excessive transaction fees. You can open a new account and manage it via the online portal or mobile app. If you have any questions or concerns, you can contact phone support on weekdays and Saturdays during select hours.
8. Hawaii National Bank
Hawaii National Bank is a local bank that made its debut in 1960 and has branch locations in Oahu, Maui, and Hilo. It offers several checking accounts, including the Household Checking, Personal Checking, 55+ Checking, Super NOW, and VIP Money Market Deposit. Even though some checking accounts come with monthly fees, the bank may waive them if you maintain a certain balance.
Savings account options include the traditional Personal Savings account with a variable, competitive interest rate, Kids’ Savings account for kids ages 5 to 17, and Christmas Savings account that can help you save for the holiday season.
In addition to checking accounts and savings accounts, you may turn to Hawaii National Bank for personal loans, credit cards, home loans, CDs, and retirement accounts. The bank also serves small business owners with deposit accounts, business loans, and commercial mortgages.
9. American Savings Bank
Known as the third-largest bank in Hawaii, American Savings Bank serves the Aloha State with a wide range of offerings. You can choose from three checking accounts, six savings accounts, and several credit cards with cash back rewards or points. American Savings Bank also offers CDs, student loans, mortgages, and credit cards.
If you open a checking account, you’ll reap the benefits of Overdraft Courtesy, which protects you from overdrafts that may occur from checks and electronic payments. Additionally, the bank’s advisors can assist you with investments and insurance.
If you become an American Savings customer, you may take advantage of online banking, which allows for mobile check deposit, automatic bill pay, Zelle payments, eStatements, and more.
10. Synchrony Bank
Synchrony Bank is an online bank you might want to explore as a Hawaii resident. With Synchrony, you can expect high interest rates on savings accounts and CDs, no monthly fees, a variety of credit card options from popular retailers, and reimbursements for out-of-network ATM access.
If you join the Synchrony Bank Perks Rewards program, you can earn elite status if you meet certain criteria. You’ll reach Diamond status, which is the top level if you deposit more than $250,000 or stay with the bank for five years. This status comes with perks like three free wire transfers per statement cycle and unlimited reimbursements for domestic ATMs.
11. Territorial Savings Bank
Territorial Savings Bank has served Hawaii customers since its inception in 1921. If you open a checking account, you’ll be able to earn interest as long as you deposit $100.
The bank also offers numerous CDs with competitive interest rates, special mortgage rates for first time homeowners, and discounts from local merchants, like hotels, car rental companies, and restaurants.
If you’re a small business owner, you may select from a number of business deposit accounts, business credit cards, and business loans.
12. Finance Factors
Headquartered in Honolulu, Finance Factors has 13 branches throughout the Aloha State. The bank’s deposit products are savings accounts, CDs, and retirement accounts.
It also specializes in a wide range of home loans like conventional mortgages, government-backed mortgages, jumbo mortgages, and investor mortgages. You can stop into a local branch or log into the online portal to manage your account.
Bottom Line
As you can see, there are a variety of banks in the Aloha State. Before you move forward with one, it’s a good idea to weigh the pros and cons of all your options. Factors like your particular banking needs and whether you prefer an online or in-person banking experience will help you make the best choice for your unique situation. Good luck with your search for the best bank in Hawaii.
Frequently Asked Questions
What is the largest bank in Hawaii?
First Hawaiian Bank holds the title as the largest bank in Hawaii, establishing a significant presence with a total of 49 branches scattered across the state. Founded in 1858, it boasts a long history and deep roots in the local community.
Should I choose an online bank or a traditional bank in Hawaii?
An online bank is your best bet if your goal is to land the best interest rate and lowest fees. However, if personalized service is important to you, you’d likely be better off with a traditional bank. Fortunately, most traditional banks offer mobile apps and online portals.
Is a credit union a good option in Hawaii?
If you find a credit union with the ideal loan or the products and services you need and qualify for membership, you may want to join it. But you may find a wider range of offerings at a bank.
Why are there no national banks in Hawaii?
National banks aren’t in the Aloha State due to its small population and the high cost of real estate. Smaller banks are your only option if you live or work in Hawaii. The good news is you’ll find many local banks that offer just as many products and services as big banks.
It’s the most wonderful time of the year all year in these 10 cities with Christmas town names.
What’s in a name, anyway? When it comes to naming a city or town, the name is usually related to the original founders. Sometimes, the origin of the town name has to do with the landscape, the natural resources or the animals, too.
We hopped on our sleigh to find different cities with Christmas town names. Which begs the question: Is Santa real if these 10 places across the country have festive names? If you want to feel the magic of the season year-round, consider checking out these ho-ho-holiday cities.
1. Santa Claus, IN
Known as “America’s Christmas Hometown,” this quaint rural town in southwestern Indiana evokes holiday charm year-round. Everything is Christmas-themed in Santa Claus — you’ve got the Santa Claus museum and village, Holiday World theme park and many different restaurants and shops to check out.
Originally called Santa Fe, the town changed its name to Santa Claus when Santa Fe was already taken. Nowadays, the town of 2,579 people fully embraces the festive theme 365 days a year.
2. Snowflake, AZ
Snow in Snowflake? Well, not really. But, this city does have a fun Christmas town name! The town of Snowflake is actually a great place for people to go if they are looking for a sunny retreat in the winter. You can still have all the Christmas feels in this town while enjoying mild weather.
The town of Snowflake is home to roughly 5,500 people and was named after two Mormon pioneers — Erastus Snow and William Jordan Flake — who settled the town in 1878.
3. North Pole, AK
Located in Alaska, the city of North Pole is a real place to live with a Christmas town name. The small city is home to 2,285 people who keep the season of Christmas alive all year long. In North Pole, you’ll see candy cane lights adorning the streets, Christmas stores, Santa Claus statues and even street names like Kris Kringle Drive.
If you’re a Grinch and don’t love the holidays, don’t fret! You can still be on the nice list because there are plenty of outdoor activities you’ll love, too. This Alaskan city with a Christmas town name offers beaches, hiking trails and the beautiful scenery Alaska has to offer.
4. Rudolph, WI
Rudolph is everyone’s favorite reindeer and those who live in this tiny town with a Christmas town name seem to love the area, too. Home to about 450 people, this rural place is actually famous for its cheese. Perhaps the reindeer stop here on Christmas Eve for a dairy snack?
5. Holladay, UT
Source: Facebook.com/FrostysWinterWonderland
Holladay is a medium-sized suburb in Salt Lake City with a festive Christmas town name. Home to approximately 31,000 people, this town makes the holidays festive by lighting a tree in the city center throughout the season.
6. Noel, MO
Noel is a holiday term that means “to be born.” It’s also a Christmas town name for a city in Missouri. This city lives up to it’s holiday-sounding name and has special postage stamps for any mail addressed to it. All holiday mail is stamped with their renowned postmark.
Aside from the Christmas tree and red wreath stamps, the town of Noel is a destination for people who want to enjoy the amazing scenery of the Ozarks. So, if you’re looking for a festive place to visit, check out Noel: The Christmas City of the Ozarks.
7. Holly Hill, FL
Have a holly, jolly Christmas in Holly Hill. This place with a Christmas town name is a great place to be year-round. It’s a lovely seaside village and is home to about 12,000 people. The city name was derived from Holy Hill but through the years has morphed into Holly Hill.
8. Garland, TX
While this city with a Christmas town name wasn’t named after festive holiday greenery, it still has a Christmas-y sounding name. Located near Dallas, Garland is a large suburb that over 200,000 people call home. It’s a great place to live, plus, it has a festive name to keep Christmas alive all year long.
9. Bethlehem, PA
The city of Bethlehem capitalizes on its Christmas town name and is known as a Christmas City because it really plays up its holiday events, light displays and shops full of holiday magic.
The Pennsylvania city’s name was chosen by German Moravians, who settled the land in 1741 on Christmas Eve.
10. Christmas, MI
This little town in the upper peninsula of Michigan is a charming place year-round. Home to only 400 people, the residents of Christmas have transformed the city into a resort destination for snowmobilers. This town was named after a resident who made a holiday gift factory here. While the factory no longer exists, people in Christmas, Michigan, keep the spirit of Christmas alive 365 days a year.
Enjoy the magic of the season year-round in these places with Christmas town names
Each town listed has a holiday-sounding name. While some of these towns live up the Christmas theme year-round, others leave Christmas behind come January.
Regardless, all of these places have magic to offer residents and tourists alike. Each city has beautiful scenery, great food and shopping options and friendly people who are on Santa’s nice list.
Have you ever been shopping and seen two completely opposite pieces of clothing that you were sure would never go together, but when you tried them on it’s as if they were made for each other?? That’s kind of the inspiration for this post. Too often we’re restricted to operate within “rules” of what “works.” But it’s so important to just let loose every once in a while and let your artistic eye run wild. Because that’s how the most genius ideas to come together!
That’s why we’re loving the work our graphic design intern, Brittany, recently put together. We’re constantly inspired by her eye. She has a knack for seeing things from a totally different creative perspective and we’re kind of ob-sessed and slightly jealous!. Today Brittany is sharing some insight on how to get your artistic eye goin’ too!
Brittany: I’ve always been drawn to design that surprises me; design composed of unlikely elements that somehow work together. To me, creating something is about achieving a certain harmony – whether combining typefaces or mixing patterns in your wardrobe, when it comes to finding harmony between unlikely pairs it’s no different for graphic design. With some practice, you can train your eye to remove yourself from knowing things by their definition and only acknowledging them by their shape. It’s as simple as that. Yet I realize it may not be as easy as it seems!
The secret? Step away from what an object is and see it for what it could be – then you really start having fun! Why can’t a grapefruit be a perfectly good substitute for a head? Why not a pendant light as a makeshift hat? It’s similar to laying in the grass during your childhood and spotting animals in the clouds. You just have to sit back and let your imagination run a little wild!
Then you simply start experimenting. With this type of creativity there are no mistakes – only happy accidents! And remember, letting your imagination run wild doesn’t have to mean completely reinventing the wheel. That’s where people begin to feel the pressure. You just have to think about reinventing the way the ol’ wheel is interpreted and you’re bound to come up with something fun!
We couldn’t agree with Brittany more. Are you dying over her killer collages as much as we are? How cool would they look framed and hanging on a wall?! When you give yourself the space to play, you just might be surprised by what surfaces. We hope you can carve a few minutes out of your week to do just that – we certainly will be!
Sources:
collage 1: image 1 via James Tolich // 2 via Maiken Winther // 3 via Saintemaria
collage 2: image 1 via West Elm // 2 via Donald Gjoka // 3 via Esra Roise
collage 3: image 1 via Leta Sobierajski // 2 via Jason Kibbler // 3 via Mats Gustafson
collage 4: image 1 via Daikoku Design Institute // 2 via Studio Nicholson // 3 via Alex Proba
collage 5: image 1 via Society 6 // 2 via EetuElmeri Sihvonen // 3 via Gary Didsbury
Starting a vegetable garden can be one of the most rewarding hobbies you ever pursue. Gardening is a source of relaxation and exercise, while yielding hundreds of dollars worth of fresh and delicious produce. It’s also extremely rewarding to watch the seeds you plant and care for grow into mature plants.
If you’re ready to take the plunge and start your first vegetable garden, this article will help you understand what you’re getting into and the steps you’ll need to take to make it to that first harvest.
The garden in summer
Things to Consider Before You Start
Gardening, especially for those without experience, goes a lot better if planned properly beforehand. So before you take a shovel to your front yard, here are some important questions to consider:
What kinds of produce do you enjoy? The ultimate product of a garden is fruit, vegetables, and herbs, so it’s important to plants crops that you’ll be happy to consume after harvest. Different types of crops also take different amounts of time and effort to harvest. In general:
Fruit plants are perennials, meaning that the plants live on for many years but often take years of growth before they yield any fruit.
Vegetables are usually annuals, meaning the plants die at the end of each season, but that they’ll yield a crop immediately.
Herbs are known for being particularly easy to grow so they’re usually a good choice for beginners.
When you consider a crop to plant, it’s important that you research its life cycle and requirements. For beginners, the best way to start is usually annuals, so you can to see the rewards of your labor within a single growing season. A great place to start is with herbs and salad vegetables and eventually work your way up to fruit trees and other perennials.
Which plants grow well where you live? Different plants have different requirements in terms of soil, amount of sunlight, and level of moisture. It’s important that you research which plants can grow well in the climate you inhabit to avoid planting a crop that’s doomed from the beginning. You can search the web for this information, or even better, ask experienced gardeners in your town or neighborhood which plants they’ve had success with in the past. Gardeners are usually happy to discuss their past crops and getting local information is ideal.
How much space do you have available for planting? Another important concern is the space where your garden will be planted. Many people are hesitant to dig up large portions of their yard, or aren’t allowed to because they don’t own the property themselves. One excellent option for beginners is container gardening. This means growing plants in pots or raised beds, rather than directly in the earth. Container gardening offers flexibility because the mobility of the containers allows you to rearrange their location, keep aggressive growers contained, move plants between areas with varying levels of sunlight, and start plants indoors before the climate outside becomes hospitable.
In you want to learn more about container gardening, Get Rich Slowly has previously reviewed The Bountiful Container, a guide to container gardening that is accessible to beginners but contains enough detail to benefit experienced gardeners.
How much time and money do you want to commit? Like most hobbies, gardening requires an investment to get started. Fortunately, you’ll be able to get some if not all of it back from the produce you harvest. The largest investment is required when you start your first garden because you’ll need to purchase tools and supplies for the first time.
Depending on the scope of your project, the tools you’ll need might include:
Shovel
Rake
Tiller
Mattock
Pruners
Other important supplies include:
Seeds
Young plants
Fertilizer
Soil
pH Test
Stakes
Containers, or lumber and other hardware for constructing containers
While some supplies need to be purchased every year, most tools will last for many years (especially if you buy quality), so the investment you’ll need to make in subsequent years will be much smaller.
Starting a garden also takes a lot of time and effort, particularly at the beginning of the season when you’ll do all your planning, soil preparation, and planting. For this reason I recommend starting small. It’s much better to take on a bit less than you can handle than to try doing too much, getting burned out, and leaving your garden unfinished. If you do well, you can always expand the following year.
Images of summer…
Purchasing Seeds and Young Plants
The first step of garden preparation is usually purchasing seeds and young plants. The easiest way to do this is usually through mail-order catalogs or websites, but you could also buy from a local supply store.
You should consider a number of factors when putting in your order:
What produce you want at harvest time
Which plants are easy to grow from seed and which ones you are better off ordering as young plants
Soil temperature
Amount of sunlight
Space and soil requirements
Depending on the climate in your area, you might also want to start off your plants indoors and transfer them outside once it’s warm enough. (Obviously, it’s too late in the season to do that for 2011.) It’s impossible to say exactly what the best seed order is because it depends on your personal preferences, climate, and other unique factors. Considering all this and creating your own order is one of the most challenging and rewarding aspects of starting a garden.
Choosing a Location for Your Garden
The next step is choosing a location for your garden. The best spot depends on a number of factors:
The plants you’d like to grow. Some plants need a lot of shade, others sun.
The number of plants you’d like and how much space they need
Access to water
The available areas around your home
Aesthetics
You should research your plants and weigh the other factors when coming to a decision on where to place your garden.
J.D. and Kris dug up their yard to expand their garden in 2005.
Preparing the Soil
Once you have a space picked out for your garden, the next step is preparing the soil. This can be a laborious and time consuming process, depending on the quality of your soil and the amount of rocks and weeds in your yard. You’ll need to test the soil pH, dig up any grass and weeds that might be present, add manure or other organic material, use a tiller to mix the soil, and remove rocks and roots that could grow into weeds. You may also need to add chemicals such as sulfur or lime to adjust the soil pH. This article provides a more detailed guide to the process of digging a garden.
If you’d rather avoid this, or your soil simply isn’t suitable, you can plant your garden in containers or a raised bed. This can be a great option because the containers keep out weeds and your plants will be growing in high quality soil.
Planting
Once your garden is ready for planting, you’ll want to draw up a garden plan that specifies which plants will grow where. To do this, you’ll need to research how much space your plants will need and how they like to be planted. Some plants do better in wide rows, while others excel in thin single-file rows. Some plants should be planted in raised beds because the extra soil depth is important, others need to be planted in troughs so that they can be covered with soil as they sprout.
After you’ve made your plan, divide your rows, either by drawing in the soil or using stakes and string to make the rows. Don’t forget to rope off a walk way through your garden so you can access your plants without trampling them. Your garden should now be ready for planting.
Ongoing Maintenance
After you’ve finished planting, congratulate yourself! You’ve just completed the most strenuous part of gardening. Now that the plants are in the ground, you’ll need to conduct ongoing maintenance, which shouldn’t take more than an hour a week if you have a reasonably sized garden.
Important maintenance tasks include:
Watering. Forget this and your plants won’t stand much of a chance. When you bought your seeds they should have come with instructions for how much and how frequently the plants should be watered. It’s also a good idea to monitor the garden daily for signs of poor health.
Weeding. This won’t be an issue if you have a container garden, but if not, you’ll need to check regularly and uproot any invasive weeds that infiltrate your garden.
Side Dressing. This means spreading additional fertilizer around the base of your growing plants. Do some research to determine if and how often each of your crops should be side dressed.
Hilling. This means piling up additional soil around the stem of your plants into a “hill”. This is often done in conjunction with side dressing where the fertilizer is spread around the stem and soil is piled on top of it. Certain plants, especially root vegetables, benefit from hilling because they grow better with extra soil above the root.
As your garden grows, it’s important that you check it daily to watch for any problems. This doesn’t take a lot of time and you will catch any issues before they become bigger problems. Things to watch out for include:
Rotting or disease plants
Insects and other pests
Animals eating plants
Withering or otherwise unhealthy plants
An actual weekend harvest from J.D.’s garden in August 2006.
Harvesting
As the season progresses you’ll see your plants grow and eventually produce the fruits, vegetables, and herbs that you envisioned when you ordered your seed packets months earlier. It’s extremely rewarding to see your hard work pay off in the form of food that you grew from the earth.
When you feel that your produce is at the peak of its desirability, it’s time to harvest. Gently pick ripe produce as it matures and store it in a cool dry place in your home. If you have more than you can eat, giving some away to friends and neighbors is a great idea.
This is when you recoup your initial investment by eating fresh delicious produce for free. A decent-sized garden can easily produce hundreds of dollars worth of food each year. If you make it this far, you should give yourself a pat on the back because you’ve developed an enjoyable hobby, done good for the environment, and saved yourself money on food.
J.D.’s note: In theory, next weekend is the big garden weekend here at Rosings Park. Kris and I will attend the local garden show, and then we’ll plant most of our crops for the year. (This morning we’re at our friend’s plant swap!) In reality, the weather sucks. It’s been rotten for two months. We’re way behind. I’m not sure when the garden will get started. But I have hopes that next week we’ll be back on schedule.
We all want to save as much of our hard earned money as we can. Luckily for those shopping for a mortgage, there are several steps you can take to ensure you are saving money and getting the best deal possible.
Step 1: Get Lots of Estimates
Home loans are available from many different types of lenders, such as credit unions, big commercial banks, private mortgage companies, and thrift institutions. It’s worth your time to contact various types of lenders to see which has a program that best fits your needs.
Most of these lenders have forms that you can fill out online to get a custom rate estimate. If they don’t, you can always shoot them a call to give them your information. Make sure you give each lender the same personal information so that you can compare rates directly. Most lenders will require you to give them different variations of the following information:
Your name
The loan amount
Your social security number (so they can get your credit score)
The address and price of the house you want to buy
Your income
When you compare rates, make sure that you are comparing the same type of loan (the rates for a 30-year fixed will be different than a 15-year adjustable loan). Also, rates change frequently so try to compare them on the same day to get the most accurate information.
Another thing to consider is working with a mortgage broker who will help you find a lender and arrange transactions. They usually have connections with lots of lenders and can provide you with a wide variety of products and terms—for a fee. However, like lenders, you should consider contacting more than 1 broker to ensure that you are getting the best deal.
Step 2: Know the Costs Involved With Taking out a Mortgage
Unfortunately, there are some lenders out there who play games. They might offer you a lower rate but compensate by giving you higher closing costs (or vice versa). Instead of falling for their tricks, it is important to know all of the fees involved with taking out a mortgage so that you can insure you’re getting the best deal.
Rates:
Every mortgage will have a mortgage rate, or the rate of interest that a lender will charge you on your loan. They normally come in fixed or adjustable options. With a fixed interest rate, you will be paying the same amount of interest throughout the life of your loan. With an adjustable rate, your rate will remain fixed for a certain period of time and then adjust at intervals according to the benchmark interest rate.
Another factor that adds to your monthly interest is the annual percentage rate (APR). APRs are based on credit charges, broker fees, and points. Be sure to ask your lender how much you will be paying per month in APR.
Points:
Points are fees paid to a lender for the loan. Each point is equivalent to 1% of the loan amount and there are two types.
Origination points are used to pay loan officers for their efforts in closing a loan for you. Ask lenders how many origination points you will have to pay for the loan as these will add to your total cost.
Discount points are paid up front in exchange for a lower interest rate. Usually if you buy one point the lender will lower the interest rate by around 0.25%. These can be used to decrease your long-term cost.
Private Mortgage Insurance:
Some lenders offer low down payment options. However, if you put less than 20% down, it is likely that they will make you get private mortgage insurance (PMI) to protect them from damage if you default on the loan. PMI will add to your monthly payment, so be sure to ask if you need to take it out.
Closing Costs:
Closing costs are all the fees related to getting your loan. These include title search and insurance, appraisal fees, government recording and transfer fees, and escrow charges. Lenders are required to estimate these closing costs accurately using a “good faith estimate” so be sure to ask for one.
Step 3: Compare Lenders and Choose One
Now that you know the fees involved with taking out a mortgage, compare your potential lenders. Though obtaining the best deal financially will likely be a priority, make sure you also consider these three things below.
Prepayment Penalties
Some lenders charge borrowers a fee if they pay off their loan early. There are two types of prepayment penalties. A “soft” penalty is only charged if the borrower pays back the loan early with a refinance while a “hard” penalty is charged if the loan is payed back for any reason. Be sure to ask if your loan has a prepayment penalty, especially if you don’t plan on staying in your house for the entire life of the loan.
Rate Lock Period
When a lender offers you a rate, they will usually designate an amount of time in which you have to close loan and receive the rate, called the “rate lock period.” A longer lock period will give you more time to complete the process, and since most of us are pretty busy, this can be helpful. Some lenders charge a fee if you ask to extend the rate lock period, so make sure you ask lenders if they do.
Comfort with a Loan Officer/ Lender
The mortgage process can be tedious, so you want to be sure that you are working with a loan officer that you trust to get the job done in a timely and accurate manner. A slightly lower rate might look appealing, but it may not be worth it if it comes from an untrustworthy source.
Step 4: Negotiate
Many prices that come with a mortgage can be negotiated, especially since you can use all the offers you got from other lenders to increase your bargaining power. Even if your lender doesn’t lower their prices, it doesn’t hurt to ask. You can’t negotiate about transfer taxes, appraisal fees, and government recording fees, however, you can negotiate interest rates and closing costs.
Now that you know how to find yourself the best deal, it’s time to get started. Be sure to check out what Total Mortgage can offer you at https://www.totalmortgage.com.
Buying a
home is no easy task. With the low rates that we’re seeing across the industry,
we can’t help but think of how mortgages came to be. Before we get started on
where mortgages originated, we should cover what the term “mortgage” actually means.
The word “mortgage” actually comes from two Latin words meaning “death pledge.”
Thankfully, when you buy a house today, we don’t refer to the process as a
death pledge, no matter how grueling the process can be.
Let’s get
back to the history. Mortgages, as related to homeownership, were first
mentioned in English common law documents dating all the way back to the 1190s.
While these mentions don’t exactly line up with the modern-day mortgage, they
do lay out the basics of the mortgage system we know today.
Mortgages
started to become prevalent in American society during the late 1800s and the
early 1900s when we saw an increase in immigration to the United States changed
the housing landscape. However, mortgages in these early years were not
favorable to the American citizen. In order to obtain a mortgage, the borrower
would need to have a down payment of 50%, agree to a loan term of 5 years or
less, and make a large “balloon” payment to the bank within the first few years
of the loan.
Luckily, mortgage terms evolved after the Great Depression with the creation of the Federal Housing Administration in 1936. FHA promoted home ownership by having a long term, fixed rate mortgage. Today, FHA loans are responsible for getting those with a less-than-perfect credit score, first time home buyers, and others hopeful home buyers into a home of their dreams. Because of the FHA, to get a mortgage today your down payment can be as little as 3%, and loan terms are up to 30 years. With the intervention of government programs like FHA and more, the American Dream has become less of a dream and more of a reality for millions of Americans.
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.