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One of New York’s finest new residential buildings has recently unveiled its crown jewel.

Rising above West 23rd Street in trendy Flatiron District, Flatiron House is a two-building condo development that aims at bridging the gap between luxury city living and a much-needed connection to nature.

With planted and irrigated Juliet balconies in most of its residences, a lush central garden, and a distinct focus on biophilic design — a design philosophy centered around the idea that the indoors should mimic the great outdoors to improve people’s lives and enhance happiness — Flatiron House stands out from its concrete and glass counterparts.

Rendering courtesy of Wordsearch

Now in the final stages of development, Flatiron House was designed — both inside and out — by COOKFOX Architects, a leader in biophilic design, in collaboration with Anbau Development.

Drawing upon the aesthetic of its landmarked neighbors through a distinctly contemporary lens, Flatiron House consists of two residential buildings connected by a central garden.

The first, a more intimate structure dubbed ‘the Loft’, offers only seven one- to five-bedroom residences (many of which span the full floor with direct elevator access) and an entrance on 24th Street.

Rendering courtesy of Wordsearch

The second, and biggest, goes simply by ‘the Tower’, and consists of 37 one-to four-bedroom residences with a separate entrance on 23rd Street.

But the Tower too offers a full-floor residence: the 3,194-square-foot unit Residence 21A, the building’s most expensive home, which towers above downtown Manhattan offering 360-degree views.

Priced at $13,500,000, the full-floor home comes with 4 bedrooms, 4 bathrooms, a corner living / dining room with bright south and east exposures, and a perfectly-appointed kitchen.

Rendering courtesy of Wordsearch
Rendering courtesy of Wordsearch

The living room opens up to captivating city views that include the Clocktower and downtown Manhattan, while two of the secondary bedrooms offer Empire State Building views.

As for the primary bedroom of the upscale residence — which features a large walk-in closet and windowed dressing room, and 5-fixture bath — it opens right into the planted balcony, also called a loggia (defined as an open-sided extension to a house).

Rendering courtesy of Wordsearch
Rendering courtesy of Wordsearch

In fact, the $13.5 million residence has a 222-square-foot planted and irrigated loggia that runs the full length of the east windows, adding to the rhythmic grid of windows and leafy balconies that are characteristic to the building.

Designed in collaboration with Brooklyn-based landscape architect Future Green Studio, plant species will be included in the home, such as periwinkle, thyme, oregano, lavender, alpine strawberries, and lowbush blueberries.

The planting choices are very specific and based on a Mediterranean approach to be edible, fragrant and open to regular sun exposure.

But the lushly planted gardens are by no means the luxury building’s only upscale additions. Indoor amenities include an attended lobby, a fitness center with yoga area and terrace access, a lounge, a game room with billiards table and dining area, and discreet on-site parking.

Residence 21A is the most expensive unit at the Flatiron House, with the lowest priced residence being $1.98 million at the time of writing.

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Source: fancypantshomes.com

Apache is functioning normally

With fixed-rate mortgages no longer on sale, I thought it’d be useful to take a look at the top adjustable-rate mortgage lenders nationwide.

These are the companies that originated the most ARMs on a loan volume basis for the most recent year data is available.

In 2021, some $611 billion in ARMs were funded by over 3,000 mortgage companies. So it clearly wasn’t a niche product.

But 10 companies stood above the rest. And guess what? They’re all banks!

Read on to see the top 10 lists for more details.

Top Adjustable-Rate Mortgage Lenders in the U.S.

Ranking Company Name 2021 Loan Volume
1. Chase $41.8 billion
2. Bank of America $33.5 billion
3. First Republic Bank $23.8 billion
4. Wells Fargo $21.1 billion
5. U.S. Bank $18.0 billion
6. PNC Bank $11.7 billion
7. Charles Schwab Bank $11.6 billion
8. Citizens Bank $11.0 billion
9. Union Bank $10.1 billion
10. Citibank $10.0 billion

Coming in first place was JPMorgan Chase with nearly $42 billion in adjustable-rate mortgages (ARMs) funded in 2021, per HMDA data from Richey May.

That was more than enough to take the top spot, with second place Bank of America mustering $33.5 billion in ARMs.

In third was First Republic Bank (yes that bank) with $23.8 billion funded, making them a huge ARM loan player as well.

And if the recent fallout is permanent, it will create a sizable gap in the residential ARM loan market.

Taking fourth was Wells Fargo with $21.1 billion in ARM origination volume, followed by U.S. Bank with $18 billion.

The rest of the top 10 included PNC Bank, Charles Schwab Bank, Citizens Bank, Union Bank, and Citibank.

For the record, Union Bank was acquired by U.S. Bank in late 2022. So there might be two vacancies in the top 10.

The top nonbank ARM lender was Rocket Mortgage, which originated $6.2 billion in ARMs in 2021.

Top 7/1 ARM Lenders in the U.S.

Ranking Company Name 2021 Loan Volume
1. Chase $13.2 billion
2. Bank of America $11.7 billion
3. Wells Fargo $11.1 billion
4. First Republic Bank $8.9 billion
5. Charles Schwab Bank $4.1 billion
6. Union Bank $3.6 billion
7. U.S. Bank $3.1 billion
8. Rocket Mortgage $3.0 billion
9. PNC Bank $2.8 billion
10. NYCB (Flagstar) $2.8 billion

There are a variety of different adjustable-rate mortgages, with the 7/1 ARM perhaps being the most popular lately.

It provides a full 84 months of fixed payments before becoming adjustable.

Leading this category was Chase with $13.2 billion funded, followed by Bank of America with $11.7 billion and Wells Fargo with $11.1 billion.

In fourth was under-fire First Republic Bank with $8.9 billion, and Charles Schwab Bank rounded out the top five with $4.1 billion.

The bottom half of the top 10 included Union Bank, U.S. Bank, Rocket Mortgage, PNC Bank, and New York Community Bank.

Recently, NYCB’s Flagstar Bank unit took over the deposits and certain loan portfolios of failed Signature Bank.

The next biggest nonbank player in the 7/1 ARM game was loanDepot with $2.0 billion funded.

Top 5/1 ARM Lenders in the U.S.

Ranking Company Name 2021 Loan Volume
1. Chase $17.3 billion
2. NYCB (Flagstar) $3.4 billion
3. Bank of America $2.6 billion
4. Charles Schwab Bank $2.4 billion
5. State Employees CU $2.3 billion
6. Signature Bank $1.6 billion
7. Luther Burbank Savings $1.5 billion
8. Axos Bank $1.4 billion
9. Wells Fargo $1.4 billion
10. Pacific Premier $1.2 billion

Another popular type of adjustable-rate mortgage is the 5/1 ARM, which provides fixed payments for 60 months.

Once again, Chase led in this category with $17.3 billion funded, blowing away the competition and then some.

In second was NYCB (Flagstar Bank) with $3.4 billion, followed by Bank of America with $2.6 billion.

Fourth place went to Charles Schwab Bank with $2.4 billion and State Employees Credit Union snagged fifth with $2.3 billion.

The North Carolina-based company was the only credit union to make the top-10 list.

Sixth place went to now-defunct Signature Bank and so-called boutique bank Luther Burbank Savings grabbed seventh.

Axos Bank, Wells Fargo, and Pacific Premier Bank rounded out the top ten.

Where to Get an Adjustable-Rate Mortgage?

As you can see from these lists, depository banks dominate adjustable-rate mortgage lending.

So if you’re looking to get your hands on an ARM, instead of a boring old 30-year fixed, a bank might be a good place to look.

In fact, only two nonbank lenders made it into the top-25, Rocket Mortgage and loanDepot.

Banks tend to keep ARMs and other non-agency loans (Fannie/Freddie/FHA/VA) on their own books.

This allows them to offer portfolio loans with their own unique terms that other companies may not.

If you are considering an ARM vs. fixed-rate mortgage, be sure to pay close attention to the spread between products.

This is the difference in interest rate, which will help you determine the potential savings, which must also be measured against the risks of an ARM resetting higher.

Source: thetruthaboutmortgage.com

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Those new mortgage fees you’ve probably heard about are causing quite a stir.

So much so that Pennsylvania State Treasurer Stacy Garrity sent a letter to the FHFA and President Joe Biden today pleading for their elimination.

And the letter is backed by another 32 fiscal officers from 26 other states, all of whom oppose the new mortgage pricing.

In a nutshell, they believe it’s unfair that high-FICO score borrowers are essentially subsidizing low-FICO score borrowers by having to pay more than they used to.

It’s a big deal because the new pricing applies to mortgages backed by Fannie Mae and Freddie Mac, which account for about 60% of the residential mortgage market.

First Some Background on Fannie, Freddie, and the FHFA

As noted, Fannie Mae and Freddie Mac back the majority of mortgages that exist today. They are easily the most common type of home loan available.

Such loans are known as conforming mortgages because they adhere to the underwriting guidelines of Fannie or Freddie.

They are overseen by the Federal Housing Finance Agency (FHFA), which only came into existence in 2008.

Since then, the pair have been in conservatorship (thanks to the massive housing crisis) and are essentially quasi-government entities.

One of the FHFA’s jobs is to set a single-family pricing framework for mortgages backed by Fannie and Freddie.

All conforming mortgages, other than some low-income options like HomeReady, are subject to loan-level price adjustments, known as LLPAs.

These fees are charged for things like credit score, loan-to-value ratio, occupancy type, property type, and so on.

In short, the FHFA applies risk-based pricing to the loans it purchases and securitizes.

These fees allow it to operate soundly and serve its mission of promoting homeownership, by among other things, providing low interest rates to American home buyers.

At issue is the new pricing structure, which seems to punish those with higher FICO scores while providing a discount to those with lower FICO scores.

And the updated fees are essentially already in effect because they apply to deliveries and acquisitions beginning May 1st, 2023.

FHFA Director Thompson Defends the New Pricing

Last week, FHFA Director Sandra L. Thompson released a statement defending the changes, noting that the agency “is first and foremost a safety and soundness regulator.”

And that “the updated pricing framework will further the safety and soundness of the Enterprises, which will help them better achieve their mission.”

That mission is to support affordable housing for all Americans and “provide reliable liquidity to the market,” including borrowers who are limited by income or wealth.

Thompson added that their new pricing framework “is more accurately aligned to the expected financial performance and risks of the loans they back.”

And it hadn’t been updated in many years prior to a comprehensive review that began in 2021.

That led to “targeted fee increases” for loans on second homes and for high-balance loans, and eventually to cash out refinances.

These types of loans aren’t geared toward the underserved, so the idea was to eliminate any unnecessary pricing incentives.

No one was thrilled about that, but seemed to take it in stride. The bigger problem now is that the latest pricing changes affect virtually all homeowners.

Why Opponents Don’t Like the New Mortgage Fees

Simply put, the new pricing matrix charges some high-FICO score borrowers more than it used to. And charges some low-FICO score borrowers less than it used to.

For example, an applicant with a 740 FICO and 20% down payment used to get hit with a fee of 0.50%.

Going forward, they are being charged 0.875%. This is a difference of 0.375%, or $1,875 on a $500,000 loan amount.

That could result in higher closing costs or a slightly higher mortgage rate, say .125% higher.

So 6.625% instead of 6.50% on a 30-year fixed, or perhaps more money due at closing.

Meanwhile, a 660 FICO score borrower used to be charged 2.75% when putting down 20%.

Now, they’ll only be charged 1.875%, a 0.875% discount relative to the old pricing.

That has led to a lot of anger and finger pointing, and the argument that irresponsible borrowers are getting a break, a “handout” even, while those who have traditionally good credit get punished.

But Thompson argued that folks “mistakenly assume that the prior pricing framework was somehow perfectly calibrated to risk – despite many years passing since that framework was reviewed comprehensively.”

She added that the new “fees associated with a borrower’s credit score and down payment will now be better aligned with the expected long-term financial performance of those mortgages relative to their risks.”

Put another way, it’s possible that high-FICO score borrowers weren’t being charged enough, while the mid-tier FICO score borrowers were being charged too much.

Whether true or not, it seems this is the new pricing structure and everyone will have to live with it.

For the record, pricing actually improved for those with 780+ FICO scores. So if you want to avoid getting punished, and actually save money, you’ll need excellent credit.

And there’s no incentive for having a lower credit score – the new pricing merely shrinks the gap between high and low credit scores.

In other words, you’ll still pay more for a 640 FICO score than a 740 score, just not as much.

I doubt this letter will change anything, especially since they didn’t offer a clear alternative or solution, instead simply referring to the new policy as a “disaster.”

Source: thetruthaboutmortgage.com

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Loral Langemeier claims that she can turn anyone into a millionaire. In her recent book The Millionaire Maker, she writes:

You can give me someone who’s severely in debt, you can give me a single mom on a low income, you can even give me a guy who’s living a big lifestyle on fumes. I can take all of them and make them millionaires.

The Millionaire Maker attempts to codify Langemeier’s “proprietary Wealth Cycle Process”. (That’s how she writes it — with capital letters. Langemeier is big on capitalized jargon, tossing around terms like Financial Baseline, Gap Analysis, Freedom Day, Cash Machine, Wealth Accounts, Forecasting, Wealth Account Priority Payment.)

Langemeier believes there are better places to put your money than in mutual funds. (She calls the buy-and-hold method “park and pray”.) She advocates an active role in accumulating wealth, particularly through entrepreneurship and real estate.

Langemeier’s advice is reminiscent of Robert Kiyosaki’s Rich Dad, Poor Dad, but with more examples. Where Kiyosaki is vague, Langemeier offers seven case studies. Each chapter emphasizes a different aspect of her method, focusing on a family who wants to achieve a financial goal. Some of the families have millions of dollars in assets. Some have almost nothing.

With the correct approach, Langemeier says, anyone can achieve her dreams. She emphasizes a One-Year Freedom Day, a day on which you will have escaped your current financial situation. This means different things for different people. To discover what it means for you, you need to ask yourself some questions: What is your current financial situation? What do you want? What skills do you have? How can these skills help you get what you want?

It’s all very inspirational. But still — sometimes she sounds like she’s pitching a get-rich-quick scheme.

Once you set the Wealth Cycle Process in motion, you can be on your way to having everything you ever wanted much faster than you ever thought possible.

Langemeier is adamant that her system is not a get-rich-quick scheme. She notes that her method requires hard work and sacrifice. She espouses many tried-and-true personal finance concepts:

  • She preaches the “pay yourself first” mantra.
  • One of the first steps to her system is to get rid of bad debt.
  • To that end, she presents a modified debt snowball.
  • She also asks people to keep a budget. (Though she calls a budget a Forecast.)
  • “Start now!” she says repeatedly.
  • She encourages diversification, though her concept of diversification is different than most.
  • Langemeier decries the lack of financial education.
  • She warns that it’s a poor idea to “look pretty and stay poor”.

The Millionaire Maker offers conventional advice wrapped in unconventional garb. Langemeier encourages wealth through entrepreneurship. She preaches action. She emphasizes teamwork. “There’s no such thing as a self-made millionaire,” she writes. She believes that for real wealth to occur, one must obtain help from a team comprising a CPA, a lawyer, a financial advisor, and various mentors.

Some of Langemeier’s advice is almost scary. She promotes the use of home equity — hundreds of thousands of dollars at a time — as a source of money for business ventures. She sometimes recommends cashing out retirement savings to do the same. She would argue that it’s easier to make money by starting a business based on your knowledge and passions, than it is to leave the money to the whim of the stock market.

I think these are noble sentiments, but I’d want to be damn sure I knew what I was doing before I pulled six figures out of my house to risk on a start-up. I’m all for entrepreneurship, but this seems risky. And what are these 40% returns she mentions? Sign me up!

The Millionaire Maker is a mixed bag. While it preaches what ought to be preached, and Langemeier provides more specifics than some authors, her message sounds hollow. I want some evidence of her success. Not everyone will be moved by her love of entrepreneurship. But for some — myself included — this book may be a useful tool. Despite its flaws, I find this book motivational. (In a way, it’s responsible for the existence of this site.)

The Millionaire Maker is the sort of book that one ought to read for inspiration; it should not be accepted as the gospel truth. There is some good information here, but there’s some stuff that raises red flags, too.

Source: getrichslowly.org

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A pair of BBVA economists don’t believe massive strategic default will occur in the United States.

The Spanish bank analysts noted in a research report that negative equity is a necessary condition for default, but not a sufficient one.

Most States Are Recourse States

They added that most states in the nation are recourse states, meaning mortgage lenders can recover mortgage debt tied to strategic default.

But even so, even states that aren’t able to go after homeowners who default haven’t experienced higher foreclosure rates.

“Current data show that there are no significant differences in foreclosure growth between those states that allow the lender to recover the total amount of mortgage debt and those which limit the legal action of the lender,” the report, written by Ignacio San Martin and Nathaniel Karp, stated.

“This confirms that states with high underwater ratios and a weak legal framework will not necessarily experience a significant increase in default ratios. Likewise, states with strong legal framework and low underwater shares could have a high increase in delinquencies.”

The researchers also noted that the value of homeownership goes beyond home equity, as borrowers see value in location, living space, safety, access to education, ethical values, and so on.

“Therefore, an underwater borrower could not fall into strategic default if the sum of the economic value of all these elements more than compensates the financial gap.”

Default Would Simply Increase Demand for Investment Properties

Even if a vast number of borrowers stopped making their mortgage payments, they would need some place to live.

And the pair argue that this would increase rental prices and demand for investment properties, offsetting the reduction in owner-occupied properties.

This means there were would be fewer primary residences and a lot more renters out there.

Excess supply is estimated to total two million homes by the end of the year, down from roughly three million during the peak reached in mid-2007.

Mortgage Recourse States

Source: thetruthaboutmortgage.com

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Save more, spend smarter, and make your money go further

One of the monthly expenses many of us forget to include in our budgets is car repair and maintenance. Sure, we put down the price of gas, and maybe an oil change every two or three months, but we forget about most of the ongoing maintenance costs. Cars need regular maintenance over their useful lives, and most of us will pay through the nose to get it performed. But it doesn’t have to be that way. With parts bought online, some simple tools, and a little basic knowledge, many car repairs can be done without visiting a mechanic.

I talked to Richard Reina, the Training Director at CARiD, about some of the easiest car repairs you can do at home. You can find most of the replacement parts at CARiD or similar sites, plus many instructional videos and fact sheets that will ensure you have the help you need every step of the way. I also talked to several mechanics, including a family member who has had over 20 years of experience fixing cars. He, like many other experts, was adamant that with preparation, you can save a lot of time and money on repairs.

1. Change Your Own Brake Pads

When I first heard that, my reaction was “No way, I’m not messing with my brakes!” But as Reina points out, it’s a very simple and inexpensive procedure that mechanics and specialty brake shops will charge hundreds of dollars to do. The industry wants you to think it’s hard, because they make a lot of profit from a very simple procedure, but pads are way easier to replace than old fashioned drum brake “shoes.”

All you need is a wheel lug wrench, some basic wrenches, pliers, and of course a jack and set of jack stands (never get under a car unless it is on jack stands; you cannot rely on the jack as it may fail).

A set of new brake pads will set you back just $20–$40, depending on the car and pad material. Compare that to the industry average of $250 per axle, and you can see how much this DIY job will save you. The procedure is basic. Take off the wheel, remove the hardware, pull out the worn pads, push in the caliper piston, install the new pads, and reinstall the hardware. You should be able to do all four wheels in under an hour, even if this is your first time doing the job. The new pads will last between 30,000–50,000 miles, and you should check them every 10,000 miles. When the pad thickness falls below 2mm–3mm, it’s time for another replacement set.

2. Change the Battery

It amazes me how many people will get a shop to replace the battery, since this is by far the easiest of all DIY repairs. A battery will last 4–6 years, so you should be able to figure out when your current battery is ready to be changed. (Almost every battery will have a date stamped on it, so look for this if you want to be sure.) You do not want to wait until you start having problems. If you do, you could be stranded with a dead battery, and that’s dangerous for many reasons.

The average price of a new battery is around $80, although you can spend more or less depending on the make and model. A dealer will charge upwards of $200 to replace it.

To do the swap, you just need a basic set of wrenches. The biggest warning here, Reina says, is the order in which you remove the replace the cables. Remove the NEGATIVE (black) cable FIRST, and when you have installed the new battery, replace the NEGATIVE cable LAST. If you don’t do it this way, you could short circuit the positive (red) terminal to a grounded part of the car.

3. Do Your Own Oil Change

A typical quick lube place could charge anywhere from $30 to $70 for an oil change. Some can go as high as $90–$100, especially if you own an expensive import. But then you see signs like $15 oil change and think, “Well I’d pay that for the oil and filter anyway, so why not let them do it for me?”

Here’s why. First, there is always an asterisk on those oil changes. They come with conditions, and may not include the correct amount of oil required for your engine (this happens a lot when you bring in an SUV or truck). You will also be given a low-grade oil, rather than a full synthetic or even a synthetic blend. And most importantly, the cheap oil change is a loss leader.

The loss-leader oil change is a great way to get you to hand over your car to the garage so that they can get under the hood and see if it has problems. A reputable place won’t find any unless there are genuine problems. Others, well, let’s just say they find problems that don’t need attention.

Suddenly, the $15 oil change has become thousands in major repairs. Poor establishments will use high-pressure tactics to get you to sign up for the work, and you may not even get the chance to get a second opinion.

So, do it yourself. Buy a good quality oil filter and the best oil you can afford from your local supplier (it can be an auto specialist or a retail store). Other than jack stands and a jack, you’ll need an oil filter wrenchand a drain pan. These only have to be purchased once and will last you decades (my father-in-law has been using the same drain pan for 20 years). You can find videos online walking you through oil changes on a variety of different vehicles.

And one final note. As Richard Reina points out, the days of the “every 3,000 miles” oil changes are long gone. Vehicles these days can often go 10,000 miles between oil changes. Check your manual.

4. Change Your Spark Plugs

There is an episode of the iconic TV series Frasier that shows Niles and Frasier Crane attending an automotive workshop. The very first lesson is how to change spark plugs. It’s one of the easiest home repairs you can do, although these days it is very rare you’ll even have to perform this service. On modern cars, extended-life spark plugs can maintain a precise gap for 100,000 miles. However, it is still wise to check them every 30,000-40,000 miles, just to make sure.

When the time does come to replace your spark plugs, along with your regular set of tools you will need a spark plug wrench. Again, this is a “buy once, use for a lifetime” kind of purchase, and it’s not very expensive (under $10 in most cases). (WikiHow has a great instructional piece here.) And the savings…let’s just say it’s significant. You can pay over $300 for spark plugs to be changed, and spark plugs themselves are rarely more than $30 for a set.

5. Replace a Headlight or Taillight

If you are a good car owner, you will perform a regular walk around of your vehicle. It’s important to do this for many reasons, but one of the biggest is to check that all the lights are working. Not only are lights essential for clear vision, and alerting drivers to your intentions, but you can also incur traffic tickets if they aren’t working. So, try and do this at least once a month (you’ll need someone to help you check the taillights).

If one (or more) isn’t working, it’s time to buy a replacement and do it yourself. With the average hourly repair rate of a garage being $100, you could easily spend $25–$50 per bulb, especially if the shop has a minimum charge.

One of the most important things to do is bring the old bulb with you to the store. You want to make sure you are getting like for like. And, when it comes time to change it out, never touch the bulb glass with your bare hands. The grease from your fingers can cause the bulb to burn out early.

6. Replace Your Windshield Wipers

Some people go to a garage or dealership to have their windshield wipers replaced. This is, without a doubt, a massive waste of your time and money. A set of wipers will run you between $20 and $40 on average, plus the dealer will charge you one hour of labor (that’s about $100). Don’t throw your money away. It takes minutes to replace the wipers on your vehicle yourself, and all of the instructions are provided in the replacement wipers you buy.

When you go to a store — say Walmart or Target — they’ll have a reference manual (these days it’s often a small electronic terminal) which will tell you which wiper sizes you need to ensure a correct fit. In most cases, the old wipers slide out, and the new ones slide in. The last time I changed my wipers, it took two minutes for both…and most of that time was spent trying to hack open the vacuum-sealed plastic package!

7. Replace Your Air Filter

Richard Reina pointed out another simple fix that mechanics and dealerships will heavily mark up with labor costs and parts. And yet, it is a very quick fix (in most cases…if you happen to own a German import, you may have a few extra parts to remove to access the filter). On average, you’ll pay over $100 in labor costs, and $50 for the filter.

The typical cost of an air filter from a retail store is between $15–$20, but again, this can be higher depending on the make and model of your car. In most cases, you will simply have to open up the hood of the car, turn a few screws, open the air filter housing, swap out the old for the news, and replace the screws. It really is that simple, and you can save a ton of money doing it yourself.

8. Fix a Chipped Windshield

I recently had to do this one myself, and I can tell you…it’s so simple. I had a small rock chip in the windshield. I was tempted to go by one of those “fix it free” places that hang out near malls, but they operate through your insurance company, and I wasn’t keen on going through all that for a simple rock chip.

On Amazon or eBay, you can find windshield repair kits for under $15. Some run as low as $8. When you get it, all you need to do is dig out any loose glass with the pin provided, and then thoroughly clean it, and the surrounding area. You will have to stick a small device to the windshield that forms a seal around the rock chip, and then a vacuum contraption will work to apply the resin into the crack. It’s an operation that takes less than one hour, from opening the package to the finished result, and most of that is simply waiting time. Stop that crack from spreading, before you need to replace the entire windshield. That can be costly.

This article first ran on Wisebread.com, a community of bloggers here to help you live large on a small budget. Read more from Wisebread:

Save Hundreds Next Month with These 10 Grocery Shopping Tips

6 Ways to Transition to a New Career After 30

The 8 Classic Personal Finance Books You Must Read

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Source: mint.intuit.com