Rangebound Weakness With Fed Speakers Keeping Bonds Wary
By:
Matthew Graham
Fri, Jun 16 2023, 4:02 PM
Rangebound Weakness With Fed Speakers Keeping Bonds Wary
Bonds might have had a chance to hold steady today–and to be fair, they did hold steady in the bigger picture–but some combination of Fed speakers and position-squaring resulted in a morning sell-off. The afternoon was a dud with no major movement in either direction. Next week brings several Fed speakers that may help us figure out if the views expressed on Friday are widespread.
Consumer sentiment
63.9 vs 60.0 f’cast, 59.2 prev
1y inflation
3.3 vs 5.2 prev
5y inflation
3.0 vs 3.1 prev
09:45 AM
Flat overnight and now weaker in the first 90 minutes. 10yr up 5+ bps at 3.77+. MBS down 3/8ths.
10:49 AM
Rally/Sell-Off/Rally after Consumer Sentiment data and now back in line with pre-data levels (same as the last update).
02:04 PM
Leveling off now at the same old levels in Treasuries (10yr at 3.77), but slightly better MBS (down a bit less than a quarter point)
03:34 PM
Sideways at slightly weaker levels into the close. No major change from the last update.
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If you trust in Freddie Mac, next year isn’t going to be a great year for mortgage refinance volume.
The government-sponsored enterprise warned of a major refinance slowdown in its latest monthly Outlook for September 2017.
Apparently, the refinance share of mortgage applications will fall to just 25% in 2018, which will mark the lowest share since 1990. That’s nearly 30 years if you’re keeping track.
It will also equate to a big 23% slide in refinance applications since 2016, a potential problem for lenders that mostly rely on refis to bring in loans and make money.
Back in July 2016, the so-called “30-year fixed-rate conventional conforming rate refinance potential” stood at around $800 billion. A year later, it fell to $300 billion.
This is presumably the dollar amount of conforming mortgages that are ripe for a refinance, steadily falling thanks to rising mortgage rates and the fact that most already refinanced in the recent past.
It’s Just an Estimate
Freddie Mac expects mortgage refinance volume to fall tremendously in 2018
The company is anticipating a 23% slide in refinance applications
This will result in just a 25% market share for refis, the lowest since 1990
Thanks to rising mortgage rates and the fact that most homeowners already locked in low interest rates
Hold on a minute though. Freddie Mac and other market watchers have been making these estimates for years. They also predict the direction of mortgage rates.
And guess what? Their forecasts have been off a lot lately. The mortgage market has shown its resilience time and time again, only to prove everyone wrong.
Freddie admits this, noting that refinance originations haven’t dropped as much as they estimated, though they are still down a whopping 48% in the first half of 2017 compared to the comparable period in 2016.
One bright spot is cash out refinances. Because home prices have risen so much lately, Freddie researchers reckon cash out activity is likely to rise as well.
During the second quarter of 2017, $15 billion in home equity was cashed out, a $1.2 billion increase from the first quarter, but still shy of the $19.1 billion total seen in the fourth quarter of 2016.
This number is expected to climb in 2018 as homeowners who can’t/won’t sell decide to take advantage of all that equity regardless.
That should give refinances a much-needed boost, even if the rate and term refinance numbers are dismal.
Of course, we might see more homeowners tapping equity with HELOCs instead, in order to preserve their low fixed-rate first mortgage.
Per CoreLogic, homeowner equity hit a staggering $8 trillion in the second quarter of 2017, which is more than double the level seen just five years earlier.
Still, 5.4% of all mortgaged properties remain underwater, but many are regaining equity fast, which could make them eligible for a refinance. In fact, another 500,000 homes could get back above water if home prices rise another five percent.
Freddie expects home prices to rise another 4.9% in 2018, compared to 6.3% in 2017 (through August).
Lenders Will Ease Up as Demand Fades
The one silver lining to lower volume and higher rates
Is increased competition from lenders looking for your business
This could mean mortgage rate and closing cost specials
And potentially an easing in underwriting requirements to get more loans in the door
Also note that as demand for new mortgages goes down, lenders will loosen underwriting guidelines to bring in more business.
So those who may have had trouble qualifying for a mortgage in the past might have an easier time once application volume slows.
And as I wrote a week or two ago, it can sometimes be beneficial to apply for a mortgage when business is slow.
It’s possible to get a lower mortgage rate thanks to increased competition, and perhaps better service from a more available loan officer and his or her team.
There’s also the potential for more ups and downs as far as mortgage rates go. Sure, they’ve risen from recent lows lately, but given the geopolitical landscape, it’s pretty likely there will be another twist in the road.
As I mentioned in my missive from two weeks ago about the power of dividend reinvestment, I attended the Morningstar Investment Conference earlier this summer and heard from all kinds of mutual fund managers and investment professionals. However, the presentation that had the biggest impact on me — which is to say, it depressed the bejeezers out of me — came from Harvard professor David Laibson. His main point: From age 53 or so on, our cognitive skills begin to decline to the point where approximately half of people in their 80s suffer from some kind of impairment that could lead to significant financial mistakes. Recently, I grabbed a box of tissues and interviewed Dr. Laibson.
Robert Brokamp We all expect to slow down as we get older. However, your research indicates that the slowdown starts sooner than most people expect.
David Laibson There are two types of intelligence that are particularly important.
One is crystallized intelligence, which is accumulated through experience — think of wisdom, intuition, your familiarity with a set of problems that you have encountered many times. Crystallized intelligence rises over the entire life course; we keep getting better and better, but the rate of progress diminishes. We get better quickly as a young person, and then as we get older, the progress gets slower. Eventually we plateau, and maybe very late in life it declines. But mostly, it’s progress.
The other category is fluid intelligence, which is the capacity to confront a new problem and handle it very well. Fluid intelligence appears to peak around age 20 and then declines. When you put those two together, it looks as if we make the best decisions in mid-life — in our analysis, around age 53. Along with Sumit Agarwel, John Driscoll, and Xavier Gabaix, we find that the accumulation of wisdom and experience swamps the decline in fluid intelligence early in life. We are just getting better, even though our ability to solve novel problems is going down.
But around age 53, there is not a lot of additional crystallized intelligence year to year, while there is ongoing decline in fluid intelligence — so the decline in fluid intelligence ends up dominating. We peak around 53 and then start declining. That doesn’t mean that we fall off a cliff at 53. But as you get out to the 70s and then particularly the 80s and 90s, the decline becomes sharper and stronger. Decision-making in the 80s and 90s is significantly impaired for many older adults.
Robert Brokamp Is there anything people can do about it — exercise, a good diet, anything like that?
David Laibson Well, no, there is not a lot. Exercise and diet will reduce the odds of cognitive impairment a little bit, but those effects are modest. And so I think we shouldn’t be focused on avoiding the possibility of cognitive impairment. We have to recognize that no matter what we do, the risks are significant and hence we have to prepare for that possibility rather than naively thinking we can somehow avoid that outcome.
Robert Brokamp At what age should people start factoring this into their financial and estate plans?
David Laibson The second you form a family — even if you have modest assets — you should begin to prepare for this possibility. I say that because it is not just dementia that can be a problem. You can have a stroke in your 40s and not be in a position to make great decisions; you can get into a car accident and have a head injury. So the earlier, the better.
On the other hand, risks don’t really pile up until the 70s, so if someone told me, “Look, I am just not too worried about these issues; I am 45 years old,” I would say, “I think you are making a mistake,” but I wouldn’t get too agitated. For someone in their mid-60s, that is really when further delay is becoming irresponsible. By the time someone is in their mid-60s, there is no excuse for delaying the acquisition of the key legal documents that enable you to prepare for these transitions.
Those documents should include durable power of attorney, and would include — if you have significant assets — a living revocable trust as a way of protecting your assets, and would include, of course, a will. Then there are two health-care documents that are very important. There is a health-care proxy, which is the assignment of some person or set of people to make health-care decisions for you if you are incapacitated, and there is also a living will, which is a set of instructions to those individuals that expresses your preferences about the nature of medical care. If you are in an ICU, for example, what extreme measures should or should not be taken to prolong your life? Those are the five documents I strongly recommend that anyone who is part of a family have. By age 65, it is critical.
Robert Brokamp One of the solutions you propose is for older investors to buy income annuities, which provide income for as long as you live.
David Laibson An annuity is such a wonderful way of addressing a lot of the risks that older adults face. Let me go through the benefits of an annuity, and then I want to acknowledge that most people don’t want annuities, despite these benefits, so we can talk about that psychological resistance.
The first big benefit is that it addresses longevity risk — in other words, the risk that you might outlive your assets. Here we are at age 70; we could live five years or 30 years or even 40 years, so that is a big risk. If you live a very long time, and you are spending down your wealth, you face the possibility that you will run out. An annuity eliminates that risk, because the annuity pays out as long as you survive. If it is a joint annuity — owned by you and your spouse — the annuity pays out until the second member of the unit dies. So it is a great way of insuring against the possibility of living too long. That is one benefit.
Another benefit of an annuity is that it is very, very simple. The check comes every month in the mail. There is no need to worry about asset allocation. There is no need to worry about how much to spend, how much to save. The check comes, and that is your budget for the month. The chance of having some nasty person rip you off by getting you to invest in their harebrained scheme is reduced, because you don’t have your personal wealth sitting in a checking account. Instead, the annuity company, in essence, is holding your personal wealth for you. So in all these ways, the annuity is protective. It protects you against longevity risk, it simplifies your decision making, and it protects you from bad actors and from mischief. Terrific.
So why don’t people have annuities? Well, annuities, of course, have a bad name for many reasons. First of all, people perceive them as being complicated, and in some ways they are complicated legal documents, complicated financial contracts — particularly, a lot of the modern annuities have a lot of special clauses. People worry about fees with annuities, and it is true that the majority of annuity products are excessively expensive and not a good deal. And people like to have a sense of control; annuities mean passing control over to somebody else — in this case, the insurance company.
Now, I don’t want to dictate to people and say, “You have to have an annuity.” I hope that people can weigh the pros and cons, particularly while they are still highly cognitively functioning in their 60s, and figure out what is right for them. I do think people should think seriously about annuities and look hard for an insurance company that offers highly competitive rates if they are going to proceed with an annuity. But if at the end of the day, you insist on controlling your assets, and you want full liquidity, then an annuity is not for you.
The one thing I would consider is a partial annuity. You still have some significant fraction of your wealth in your own hands. You can decide what to do with it, and it is there as a bequest in the event of your death. You can spend a lot or a little each year, you have flexibility. Then take some other fraction of your wealth and annuitize that. Now, we have the best of both worlds: You have got some control, but you also have a nice amount of longevity insurance in the form of a significant fraction of your wealth annuitized.
Robert Brokamp It also seems that you don’t only have to worry and plan for your own possible cognitive decline but also for that of your spouse and maybe older relatives. Any advice on how to make protecting against age-induced financial mistakes a family affair? How do you broach that topic with older parents or other relatives who are getting up there in age?
David Laibson I think the key thing is that people recognize that when we recommend these things, we are not recommending it because a particular parent is showing some kind of cognitive impairment; it is a recommendation that is universal. All people — regardless of their vitality, regardless of their cognitive function — should execute the five documents that I described a moment ago. It is just how responsible people behave, and so I think the messaging has to be, “It is not about you, Mom, or you, Dad. It is not any judgment that anyone is making about your mind or your thinking, it is just the normal course of affairs for everyone who has a family, and anyone who has an estate.”
Robert Brokamp How do you respond to someone who says, “Well, Berkshire Hathaway Chairman Warren Buffett is 80, and Vice Chairman Charlie Munger is 87, and they are still beating the market”?
David Laibson It is not that everyone’s fate is to have dementia at age 85; no one is saying that. What is being said is that the frequency of dementia increases with age to the point where one in five individuals in their 80s has dementia, and one in three individuals in their 80s has cognitive impairments that fall short of dementia. Put all that together, about half of people in their 80s have significant cognitive impairment. So half the population is going to be in a good position to make decisions and half is not. The problem is that you don’t know which half you’re going to fall into.
Check cancellation, also known as a ‘stop payment request’, is a procedure initiated by an account holder instructing their financial institution to prevent payment on a check that has yet to be processed.
There are a variety of reasons why one might choose to cancel a check. From preventing a fraudulent check cashing, misplaced personal checks, to stop payments to an erroneous recipient, each scenario can merit a cancel request.
Risks and Limitations of Canceling a Check
Before initiating a stop payment, it’s important to understand the risks and limitations associated with this action. The most immediate consideration is the stop payment fees. Most banks and credit unions charge a fee for this service.
Additionally, there’s a time limitation for canceling a check. If the check has already been cashed or deposited into the recipient’s account, you may not be able to stop the payment. Therefore, it’s essential to act in a timely manner to ensure the effectiveness of your request.
How to Cancel a Check
Canceling a check can feel like a daunting task, especially if it’s your first time doing so. Fortunately, the process is relatively straightforward. Here’s what you need to do to cancel a check:
Verify the Check’s Status – Has It Cleared Yet?
Before initiating a stop payment request, your first step should be to determine whether the check in question has already cleared. A check that has cleared has been cashed or deposited by the recipient and the funds have been deducted from your account.
You can verify the status of your check by reviewing your transaction history through your online account or mobile banking app, or by calling your bank’s customer service. If the check has already cleared, it’s too late to stop the payment. However, if it hasn’t, you can proceed with the stop payment process. This crucial step can save you from unnecessary stop payment fees if the check has already cleared.
Contact Your Bank or Credit Union
The first step in canceling a check is to contact your financial institution promptly. Whether you bank with a credit union or a traditional banking institution, you’ll need to initiate the stop payment process as soon as you realize the need to cancel a check. Time is of the essence when it comes to preventing the payment of a potentially lost, stolen, or miswritten check.
Most financial institutions offer a variety of ways for you to contact them. This includes phone, in-person visits, online banking portals, or even mobile apps.
Information You’ll Need
Regardless of the method you choose to cancel a check, you’ll need specific information to initiate the process. Be prepared to provide the following:
Account Number
Your account number is essential in helping the bank or credit union identify which account the check is drawn from. You can typically find your account number on your bank statements, within your online account, or at the bottom of your checks.
Check Number
The check number helps the financial institution identify the exact check you wish to cancel. It can be found in the top-right corner of the check and is also printed at the bottom, right next to the account number.
Amount and Payee
You’ll need to know the exact amount the check was written for, as well as who the check was made out to, i.e., the payee. These details ensure that the bank cancels the correct check.
Confirmation of Stop Payment Request
Once you’ve provided the necessary information and initiated the stop payment request, your bank or credit union will typically provide a written confirmation of your request. This may be given in person, sent via mail, or provided digitally, depending on your chosen method of request.
This written confirmation serves as proof that you’ve requested the stop payment. It will typically include details such as the date and time of the request, the check number, and the stop payment fee (if applicable). Make sure to keep this document in a safe place for future reference.
How to Avoid Needing to Cancel a Check
While knowing how to cancel a check is important, preventing the need to do so in the first place is even more critical. Implementing safe practices when writing and issuing checks and using secure alternatives can greatly minimize potential problems.
Safe Practices When Writing and Issuing Checks
Confirm the Recipient’s Details
Before writing a check, double-check the recipient’s details. Confirm that you have spelled their name correctly and that you have the correct address if you’re mailing the check. This can prevent checks from going to the wrong address or being unable to be cashed because of a misspelled name.
Encourage Prompt Cashing
Once you’ve written the check, encourage the recipient to cash or deposit it as soon as possible. The longer a check is uncashed, the higher the risk of it being lost or stolen. Also, an uncashed check can make accounting and balance tracking more challenging, as you need to remember to account for that uncashed check in your available balance.
Use of Electronic Payment Methods
Electronic payment methods are a convenient and secure alternative to physical checks. They reduce the risk of checks being lost or stolen and eliminate the need to write checks manually. Here are a few options:
Direct Deposit
Direct deposit is a popular method for paycheck distribution but can also be used for other types of payments. It eliminates the need for a physical check and ensures that the funds reach the intended recipient’s bank account directly.
Online Banking Services
Most banks and credit unions now offer comprehensive online banking services, which include the ability to send money directly from your bank account to another. These transactions are secure and can be done from the comfort of your home or on the go. Many financial institutions even offer the ability to set up recurring payments, making it an excellent option for paying bills.
Mobile Payment Apps
Mobile payment apps have soared in popularity in recent years. Services like Venmo, PayPal, and Zelle allow users to send and receive money quickly and securely. These apps can be linked directly to your bank account or credit card and provide a convenient way to transfer funds without needing to write a check.
How much does it cost to cancel a check?
The cost to cancel a check varies by financial institution. Some banks may waive stop payment fees for premium account holders, such as those with America Advantage Relationship Banking or Citi Priority. However, for regular checking accounts or money market accounts, the stop payment fee can range anywhere from $15 to $35.
How long do you have to cancel a check?
The time frame to cancel a check depends on the specific bank or credit union. However, most financial institutions recommend that you initiate a stop payment request as soon as you realize a check needs to be cancelled. The sooner you can report a lost or stolen check, the better your chances of preventing unwanted transactions.
Can you cancel a cashier’s check?
Stopping payment on a cashier’s check is generally more complicated than stopping a regular check. Because cashier’s checks are guaranteed by the issuing bank, they are often treated as cash. However, if a cashier’s check is lost or stolen, the bank may issue a stop payment after a waiting period, typically 90 days.
Conclusion
Canceling a check is an essential skill for anyone who writes checks. It requires understanding your bank account policies, knowing how to navigate your financial institution’s website or customer service, and being proactive about spotting any potential issues with your personal checks.
Remember to keep a close eye on your transaction history and balance in your checking account or high-yield savings accounts. This will help ensure your hard-earned money stays right where it belongs. Remember, it’s not just about knowing how to cancel a check, but also knowing how to prevent the need for cancellation in the first place.
For the first time in nearly a year, homebuilder confidence moved into positive territory thanks to strong consumer demand, limited competition from the existing home sales market, and an improving supply chain.
The National Home Builders Association‘s June survey marks the sixth straight month that builder confidence has increased and is the first time that sentiment levels have surpassed the midpoint of 50 (out of 100) since July 2022. The score in June was 55, up five points from May.
“Builders are feeling cautiously optimistic about market conditions given low levels of existing home inventory and ongoing gradual improvements for supply chains,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Alabama. “However, access for builder and developer loans has become more difficult to obtain over the last year, which will ultimately result in lower lot supplies as the industry tries to expand off cycle lows.”
The Federal Reserve pausing its tightening cycle is a good sign for future market conditions in terms of mortgage rates and the cost of financing for builder and developer loans.
NAHB Chief Economist Robert Dietz noted that the Fed and Washington policymakers must factor into consideration how the state of home building is critical for the inflation outlook and the future of monetary policy.
“Shelter cost growth is now the leading source of inflation, and such costs can only be tamed by building more affordable, attainable housing – for-sale, for-rent, multifamily and single-family,” he said.
Another positive sign for the state of demand for single-family homes is that the June HMI survey shows that homebuilders are gradually pulling back on sales incentives.
In June, 25% of homebuilders reduced home prices to bolster sales, compared to 27% in May and 30% in April. Also, the average price reduction was 7% in June, below the 8% rate recorded in December 2022. The NAHB reported that 56% of homebuilders offered incentives to buyers in June, slightly more than in May (54%), but fewer than in December 2022 (62%).
Existing home sales have slumped to seasonal historic lows since the COVID-19 pandemic, giving homebuilders an advantage. Altos Research data showed just 451,000 single-family homes on the market as of June 16; there were about 950,000 on the market in June 2019.
The NAHB reported that homebuilders’ gauge of current sales conditions rose five points to 61, and they expect that to remain consistent over the next six months. The gauge measuring traffic of prospective buyers increased four points to 37.
Regionally speaking, the Northeast increased two points to 47, the Midwest increased four points to 43, the South moved three points higher to 55 and the West posted a five-point gain to 46.
Looking to live the California dream in L.A., but don’t want to sacrifice your workout? Find a place with a gym, and you’ll be all set.
Los Angeles is full of outdoor hiking trails that take you up hills and look out onto the ocean, but what about when you want to grab a quick workout? Finding an apartment community with an on-site gym makes it easy to stay on top of your fitness routine.
So, where are the best gyms in Los Angeles? They’re right outside your doorstep in communities like these.
Source: Rent. / Villa Vicente
Open 24 hours the white-on-white fitness center at Villa Vicente has a huge wall of windows. White strength and cardio machines comfortably fill this open space, giving you plenty of room for your workout.
Dubbed a “tropical paradise,” Villa Vicente is in Mid-Wilshire along the Miracle Mile. This puts it in proximity to world-class restaurants, shopping and entertainment.
Source: Rent. / Ten Thousand
Massive windows that reach up toward the high ceilings provide ample light in the fitness center at Ten Thousand. Tree-filled views extend from the main fitness area where you’ll find CrossFit Boxes, Peloton bikes and a variety of equipment to use. The fitness space also includes a yoga studio and an indoor lap pool.
A smoke-free, green community, this Westside location is close to the Pacific Ocean. You can enjoy local beaches, shops and restaurants while also partaking in Ten Thousand’s long list of amenities.
Source: Rent. / Wilshire Margot
Situated between UCLA and Beverly Hills in Greater Wilshire, the gym at Wilshire Margot has a minimalist feel so you can focus on your workout rather than the decor. Sleek lines and creative lighting do give the space some character though.
The fitness center at Wilshire Margot comes complete with cardio and weight training equipment along with a CrossFit box and a dry sauna. Other community amenities include a rooftop lounge with a fireplace, media lounge and an executive business center.
Source: Rent. / Broadway Palace Apartments
With the decor throughout the Broadway Palace Apartments dripping with Old Hollywood opulence, the fitness center provides a modernized break in all the rich colors and heavy fabrics. The gym here has a sleek layout with a wide array of equipment.
Located within Downtown Los Angeles, the epitome of urban living, Broadway Palace Apartments lets you extend your fitness routine beyond the gym. The community features indoor basketball and volleyball courts, a steam room and a resort-style rooftop pool. You’ll also find a serene garden and study library for quieter moments.
Source: Rent. / Casa Granada
If you’re looking to live in one of Los Angeles’ coolest neighborhoods, the Brentwood community of Casa Granda may be a good fit. With a water feature that runs through the entire space, a koi pond and lush tropical landscaping, Casa Granada is a bit of an oasis in the city.
The fitness room provides a nice collection of strength-building equipment, cardio machines and free weights. There’s also a game room with billiards and a very nice pool.
Source: Rent. / Vision on Wilshire
If you’re looking for a well-lit, executive-style fitness center, make sure to check out Vision on Wilshire. Fresh, clean towels greet you on site before you access the variety of cardio and strength equipment.
Vision on Wilshire is in the lightly-walkable area of Mid-City West. A LEED-certified Silver building, this pet-friendly spot has a rooftop pool, garage parking and EV charging stations. What’s most impressive though are the views you can get from here of both Downtown L.A. and the Hollywood Hills.
Source: Rent. / Concourse
A colorful design brings in pops of neon colors as well as softer blues and earth tones throughout the multiple spaces that make up the fitness center at Concourse. There’s a cardio space with big windows and a section with a CrossFit Box, strength training equipment and a boxing trainer. An additional fitness studio is also available.
This amenity-filled Silicon Beach community has three fire pits, outdoor grills and a pool and outdoor spa. It provides quintessential SoCal living alongside more than 500 technology companies like Amazon and Snapchat.
Source: Rent. / The Apartment Residences at AKA
Within the legendary mix of restaurants and nightclubs that make up West Hollywood, The Apartment Residences at AKA have a great urban vibe. The massive, high-tech fitness center starts with a bright line of cardio equipment. You then move to a separate section of strength training machines and a yoga studio space.
The Apartment Residences at AKA also have a bar/lounge area, private screening room and outdoor pool and deck as part of their amenity package.
Source: Rent. / The Mansfield at Miracle Mile
Another hot spot in Greater Wilshire, The Mansfield at Miracle Mile weaves a lot of color throughout its decor. Pops of teal, blue and lime green dot the outside deck and patio areas, and are also visible in the cool cabanas alongside the pool and hot tub.
When it comes to the gym, you’re greeted by the green floors and unique half-wall mirrors. You then have access to a sauna, CrossFit Box and strength equipment among other exercise options. The community also features four outdoor decks and an outdoor movie theater.
Source: Rent. / The Fifty Five Fifty
If you’ve come to L.A. to be closer to the movies, consider a home in the Hollywood Studio District. Stopping by The Fifty Five Fifty, you’ll find a 3,000-square-foot, professional-grade fitness center. The room of exercise machines is massive. There’s also a yoga studio with plenty of mirrors and a dance barre and a spin studio.
This smoke-free community also has a great outdoor space with a pool and hot tub and screening room.
Grab an apartment workout in one of the best gyms in Los Angeles
No matter what’s enticing you to make a move to Los Angeles, finding a place to live comfortably, with a lot of on-site amenities is essential.
Start your search by keeping your physical fitness in mind. Make sure you check out Los Angeles apartments with excellent fitness centers from the very start.
Featured image source: Rent. / The Fifty Five Fifty
Apparently, our loft has nine lives. Just when you thought we couldn’t redecorate yet again – I got pregnant! My first thought upon hearing that le bebe was on the way after the initial shock wore off!?? How the heck would we cram a baby in our loft! With our new/old house months away from completion, I knew we had to find a way to make our 1-bedroom space work for our suddenly growing family. Thankfully, I think we’ve managed to do it, and quite well if I do say so myself!
In order to make way for baby, we did have to say so long to the Apartment 34 Studio wah!!. It was in the only room in our space that has a door that closes other than bathrooms of course. I also decided climbing up and down from our loft bedroom to the nursery two flights below would be less than ideal – so we decided to combine the two. I’m rather thrilled with how our bedroom + baby room turned out – but quickly, here’s a reminder of where we started:
And here’s how the room is looking NOW!
If we’d had room for a separate nursery I would have been all for it, but since we had to go with co-sleeping, I set out to create a combined master bedroom/nursery that was functional for baby, but also aesthetically pleasing for us grown-ups! The key was to keep the space from feeling too childlike. This was accomplished in three ways: 1) sticking with neutral color palette, 2) using black as our accent color and 3) relying on modern pieces throughout the space – even the stuff for the baby.
The room really started around the alphabet print above. We stumbled upon it in a shop in St. Helena. I immediately loved the muted tones and unique animals narwal anyone?!. Confession: we actually originally bought it as a baby present for some friends, but then one thing led to another and it never got sent! Whoops! So it became the main inspiration for our color palette and overall vibe.
I was also thrilled I could repurpose many of the existing design elements in the room, including our floating Ikea shelves that once served as our office bar as you may have noticed in the before pics above. They are now our changing table. Carter loves looking up at his Ladies & Gentlemen Chime from his changing pad. Diapers and all other changing accoutrements are at arms reach but incognito in the woven basket. Everything else – wipes, onsies and burp clothes are all tucked neatly away. Fun side note: I’ve had that felt Mariners mini-pennant since I was about six!
My favorite creative idea in the room? Using a chic modern towel ladder designed by Norm Architects to hang swaddle blankets you go through a ton! and display modern books and toys. My killer woven leather basket that used to house my magazine collection organized, now holds all of Carter’s little stuffed friends. I used sheepskins throughout the room to add warmth and a cozier feel – since we have a concrete floor!
I also tossed some DIYs into the room. Yes I said DIY! For example, rather than hang faux stuffed animal heads or a baby-themed gallery wall above the crib, I found a set of geometric metal sculptures on Amazon. I simply spray-painted them white with one left black to pop and tacked them to wall. It’s a completely malleable art installation that cost less than $25! I love that it gives some visual interest without being overbearing.
I did have to say good-bye to one of my favorite DIYs – our gorgeous gold bookcase see the before image for reference. It was just entirely too girly for my hubby – and even for me these days. So back to bright white the bookcase went. Instead of office supplies, I styled out the shelves with a mix of grown-up elements like design books and my collection of Kinfolk Magazines. I combined those with some childhood treasures like my collection of Mariners bobbleheads and my husband’s Boy Scouts rally car. I can’t wait to see Carter play with it one day!
Sure, there are a few whimsical touches in room. My clouds and stars mobile by Baby Jives came from my similarly themed baby shower. Yes, there are some overly sacchrin stuffed animals in the room. But other than that, we intentionally kept the baby decor as paired down as possible. It is only temporary after all. And it’s amazing how quickly things you “must” have for baby can accumulate. But now that we’re almost three months into this whole parenthood thing, I’ve narrowed down my newborn nursery must-haves to the absolute essentials. When you’re dealing with a small space, I highly recommend sticking with the basics. Baby stuff will take over if you’re not careful! Thankfully, I found quite a few of my favorite well-designed baby accessories from Munchkin. Carter particularly loves their Latch bottles – which was great because I surprisingly had a lot of anxiety about bottle selection. They even make a travel bottle warmer, making naps on the go so much easier! So many new things to worry about as a lady with a baby… But I digress.
Here are the rest of my nursery faves. I think they’re as aesthetically pleasing as they are functional!
GET YOUR SHOP ON:
> Latch Bottle by Munchkin > Nuna Leaf baby Lounger > Wipes Warmer by Munchkin > White noise, Baby Log & Wonder Weeks iPhone apps > Diaper Pail > Video Baby Monitor > Crib > Latch Pacifier
So do you like?? I bet you didn’t think we could switch things up any more after this office makeover, and then this one, and this living room makeover and then this one but I was determined to make the loft as functional and fantastic as I could for the short time that we’ll continue to be here. A space I love is SO critical to my sanity. And let’s be real – I’ll jump at any excuse to redecorate! I’m dying to hear what you think of the space! And if you like what you see be sure to come back. We updated what was our bedroom and made a few changes to our living room too. I’m going to be revealing those spaces next week!
Nursery/Master Bedroom Resources:
west elm platform bed // cedar & moss sconces // h&m linen bedding // jm generals wool bed throw // original art by bianca sotelo // stokke mini crib // aden & anais baby bedding // jessie black felted sheepskin // baby jives mobile // menu towel ladder // serena & lily stool // sheepskin rugs // vintage turkish rug & felt rug pad // ladies & gentlemen studio chime // onefortythirty wall lamp // pottery barn kids nesting floor baskets
Original photography for Apartment 34 by Aubrie Pick
This post is in partnership with Munchkin. Munchkin rids the world of the mundane by developing clever, innovative solutions that make family life safer, easier, and more fun. You can find Munchkin products at Munchkin.com, Target, Babies’R’Us, Walmart, and Amazon. It’s the little things! All opinions expressed in this post are 100% my own. Thanks for supporting collaborations that we’re excited about and keep the Apartment 34 doors open!
During the summer, there’s an abundance of high-quality fruits and vegetables. You get better quality for lower prices than you do buying off-season produce during the cold winter months. I always want to freeze this moment so I can enjoy the fruits of the season all year long. So I do.
Every year, I freeze some produce, and I can some, and I use a variety of methods to make the bounty last. Last week, I wrote about smart ways to acquire your seasonal produce. Today, I’m going to talk about how to use it to get the best value for your food dollar.
Eat well First (and this is obvious): Eat a lot. When fresh vegetables are in season, I try to shift my diet towards dishes that focus on the food being grown in my own backyard and on local farms. That’s more challenging than it sounds. There might be nothing better than a fresh garden tomato. But twenty pounds of fresh tomatoes can become overwhelming even for the most avid fan.
The thing is, when something is in season locally, it’s all pretty much ready at once. All the peaches ripen within a few weeks of each other. Every ripe tomato you’re going to grow all year will happen in late summer. No matter how much you love a food, you can get tired of it.
If you’re growing a vegetable garden or participating in a CSA, you’ll have an abundance of those veggies whether you feel like having them for dinner or not. To keep up your appetite, I recommend investing in a few good cookbooks and exploring the food blogosphere. There are books and blogs dedicated to celebrating vegetables in season. They’ll keep fresh ideas coming your way along with all the fresh vegetables.
Some of my favorites include:
Farm to Fork by Emeril Lagasse. This book organizes the recipes by the type of food you’re cooking. There’s a whole section on herbs, and another on leafy greens, etc. This makes it easy to find inspiration for what’s coming up in your garden. All the recipes I’ve cooked from it have been delicious.
Greens, Glorious Greens by Johnna Albi and Catherine Walthers. This book is exactly as advertised, an entire cookbook devoted to green leafy vegetables. It’s my go-to resource in early summer, when my farm share is providing me with two heads of lettuce a week plus an array of kale, chard, spinach and other greens.
The New Moosewood Cookbook by Molly Katzen. Really any cookbook by Molly Katzen will stand you in good stead. She’s the master of crunchy vegetarian cooking, and her cookbooks are fun and approachable. They’re full of simple recipes anyone can make, that rely on whole healthy ingredients.
In addition to my bookshelf, I often look online for inspiration, and find it at Smitten Kitchen, 101 Cookbooks, and Eclectic Recipes.
Preserve the harvest Of course, you can’t eat everything your garden or local farm has to offer. You wouldn’t want to. One of the joys of summer’s abundance is preserving the produce so you can have it in the cold winter months. I especially love canning my own peaches. Opening up a jar of home-canned peaches in January is like opening a jar of sunshine. I can taste the summer.
To preserve my garden harvest, I like to:
Throw a canning party Home canning is fairly easy, and doesn’t require much in the way of specialized equipment. Yes, you can invest in a canner, but you can also do the job with a large pot. Canning parties are a fun way to spend a summer afternoon, and make the work lighter for everyone. You’ll need glass jars, lids and a bulk amount of whatever you want to can. We always order a box of tomatoes and a box of peaches from the farm we get our CSA share from. Add those to the tomatoes from our garden and there’s more than plenty.
In addition to simply preserving peaches and tomatoes to use later, I’ve had great luck making tomato sauce and salsas at canning parties. Everyone brings their own recipes and we each get a few jars of different homemade sauces. It’s a fun way to try out new things.
If you’ve never done any canning before, Food In Jars is a great resource to get started. They’re a great resource for any home canner, actually, with lots of creative ideas for everyone from beginners to experts.
Fill my freezer Some things work better frozen. We always make a few pints of fresh pesto with our garden basil and freeze it. A great way to do preserve pesto is to put it in ice cube trays. That way, you can thaw just the small amount you want to use. The ice cube trick works great for many herbs. Just chop them up, mix with a little water and freeze the mixture in ice cube trays. We’ve enjoyed basil, parsley, cilantro and mint this way.
Dry things out I grow a lot of herbs in my garden. I mentioned freezing my basil and cilantro, but I also like to dry out herbs for use throughout the year. I simply gather them in bunches and hang them in the kitchen. When they dry, I put the dried leaves into little glass jars in my spice cabinet. This works well for thyme, oregano, mint, sage, lemon balm and many other herbs.
I’ve also experimented with making my own “sun-dried” tomatoes by slicing my garden’s cherry tomatoes and putting them on cookie trays in the oven at a low temperature. It takes about four hours, but the tomatoes do dry up beautifully and make a great addition to salads and pasta dishes. I don’t know how long they keep because we always eat them right away.
Ferment Making your own sauerkraut and pickles is another easy way to preserve garden vegetables. You can make great dill pickles at home, in your fridge or even on your kitchen counter. There’s no need to stop with traditional cucumber pickles, either. I’ve pickled radishes, hot peppers, green beans, and even eggs. Wild Fermentation is my go-to resource for these projects. Sandor Katz can teach you how to ferment just about anything.
MILFORD, CT / ACCESSWIRE / August 27, 2019 / Total Mortgage Services, a nation-wide mortgage lender based in Connecticut, has recently been named the fastest growing mortgage company in Massachusetts through the first six months of the year, posting a YoY growth rate of 875%, according to The Warren Group, publisher of Banker & Tradesman.
The real estate and financial services publication’s recent article in their Fast 50 series noted that, “Total Mortgage’s success here is grounded in two things: a concerted effort to build a technology infrastructure that streamlines processing, marketing and other operational support, and promoting a company culture where everyone is excited to come to work.”
The culture is evident, even amongst the salespeople powering the impressive growth. As Laura Bernaby, Sales Manager in Total Mortgage’s Andover, MA office stated in the article, “It’s not just about the money for [the company’s leadership], it’s about the culture. You can feel it when you meet them for the first time; it’s a different type of vibe, very genuine.”
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This commitment to culture and differentiation via marketing, technology, and a better process has paid big dividends for the lender. Since the start of 2019, Total Mortgage has landed five branches in Massachusetts alone, including powerhouse branches in Woburn, Beverly, Brockton, and Andover, as well as their top producing branch in Leominster.
So how does a lender create such a splash in a new environment? Jorge DosSantos, Branch Manager of Total Mortgage’s Brockton location noted, “[Total Mortgage] has built a staff and an environment where everyone is happy, everyone wants to work as a team … and they’ve streamlined everything so it’s so much faster. Everyone in the company has bought into doing things as easy as possible for the customers, and the customers love it.”
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Jorge is one of many loan officers who have moved over to Total Mortgage in 2019 and seen significant boosts in their production. He is on pace to break his personal production record by 70% this year, and is joined by many other top producers at Total Mortgage, such as Tony Barletta and Denise Peach, who are on pace to close 30% more than prior years.
Streamlining has become a serious advantage for the lender, facilitated by the company’s proprietary technology and operations infrastructure. Even with their rapid growth in Massachusetts, Total Mortgage’s efficiency has continued to impress. Underwriting conditions review turn times have improved by 64% YoY as the company’s total volume has increased by more than 40%.
Despite their success in Massachusetts, Total Mortgage has not relaxed their growth plans. The tech-forward lender plans to continue to build in Massachusetts, but has also set their sights on the Maine and New Hampshire markets.
The complete article can be found at https://www.bankerandtradesman.com/special-sections/banker-tradesmans-fast-50/
Mortgages are not a one size fits all financial investment. As we learned in the History of Mortgages, FHA loans were created in response to the financial crisis of Great Depression. FHA loans, provided by the Federal Housing Administration, were the first mortgage product available to citizens that provided a fixed rate, were self-amortizing, and had long-termed options. Today, FHA loans are perfect for first-time home buyers, folks with low credit, or low-to-moderate income households.
Credit
score requirements:
All mortgages begin with your credit score. You may ask: how does my credit score affect my future mortgage?
Credit scores
help the lender assess your risk and play a role in determining the down payment.
In most circumstances, to qualify for an FHA loan, a borrower is required to
have minimum credit score of 580. However, depending on the lender you choose, a
score as low as 500 may be accepted.
Remember: a credit score is an adult’s version of a GPA. It can always be improved. Keep working at it!
Down payment:
FHA loans require a down payment between 3.5% and 10%. The down payments are determined by your credit score. Here’s a breakdown:
Mortgage
insurance requirements:
It is
important to understand that FHA loans don’t come directly from the Federal
Housing Administration. Instead, they come from a lender, like a bank or
mortgage company like Total Mortgage, and the FHA guarantees the loan, meaning
they insure against default. This benefits the borrower by allowing the FHA
loan to have:
Smaller down payment requirement of 3.5% to 10%.
Flexible credit score guidelines depending on the
lender of your choice, making it easier to qualify.
Lower interest rates allowing monthly payments to
be more manageable for those with low to moderate income.
Lower fees such as closing costs and mortgage
insurances.
In addition
to all the benefits of FHA, there are two mortgage insurance premiums that are
required on the loan. These go directly to the FHA and protect the lender from
borrowers who default on their loan.
The first premium is the Upfront Mortgage Insurance Premium and is equal to 1.75% of the loan amount.
The second is the Annual Mortgage Insurance Premium that is charged on a monthly basis, and ranges anywhere from 0.45% to 1.05% of the loan amount.
Comparison
of loans:
FHA loans are a great option for
those who are starting out or have low credit scores. However, not all loans
are built the same and it is important to know your options depending on your
financial situation. Here’s a comparison of mortgages:
Buying a fixer upper? A FHA203k improvement
loan:
This loan allows homebuyers to lump in renovation costs with their mortgage.
Buying in a rural or suburban area? An USDA
loan:
This loan is 0% down and also has a higher credit score requirement for
automatic underwriting. However, with this loan you need to be in an area that
is considered to be “rural” by the USDA.
Are you or a family member a former service
member? A VA loan: This loan option does not have a credit score
requirement. There is also 0% down payment required on the loan. However, this loan
is focused towards Veterans and their families to help them achieve the American
dream.
Are you a first-time home buyer with a high
credit score? A Conventional 97: This loan option has a higher
credit score requirement of generally 620. However, this loan offers a 3%
required down payment as opposed to the FHA 3.5%
Summary:
While it is important to know all of your loan options, FHA loans are a great option for anyone looking for a first home or those with low credit. The FHA allows the American dream to become a reality. Talk to a Total Mortgage Loan Officer today to get started!
Sources:
https://www.fha.com/fha_credit_requirements
https://www.investopedia.com/terms/f/fhaloan.asp
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.