rural

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Another independent brokerage has chosen to align with RE/MAX. Yakima Valley, Washington-based The Real Estate Collective, is RE/MAX’s latest franchise, according to an announcement on Tuesday. The brokerage will now operate under the name RE/MAX The Collective.

The new firm is owned by Haley Larson, who joined RE/MAX with her 17 agents. In 2022, Larson’s agents achieved $55 million in sales volume, according to the release.

“The education, the systems and the years of tried and true behind the RE/MAX brand is nothing short of excellent,” Larson said in a statement. “I love the RE/MAX values and the company’s emphasis on technology while not replacing the agent.”

Larson started her career in real estate as an agent at a large national franchise in 2014. After building her own team at the franchise, she set out to open a boutique firm in 2022, before ultimately deciding to align with the RE/MAX brand.

“I know this decision will fast track the growth of the office and fill a national voice here in Yakima,” Larson said.

RE/MAX The Collective will serve buyers and sellers throughout Yakima, Ellensburg and Cle Elum and it will specialize in rural and residential properties as well as large agricultural farms.

Larson said she is currently looking to grow the firm by bringing in more real estate agents.

Last week, California-based RE/MAX Proper, another RE/MAX franchise affiliate, announced that it had acquired All Nations Realty and Investments, an independent brokerage in Rancho Cucamonga.

Source: housingwire.com

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From the largest intact collection of Victorian homes to reimagined warehouses serving as modern-day apartments, the neighborhoods in this city offer their share of architectural eye-candy, innovation and culture.

Running through Richmond is the James River, where residents take advantage of white water rafting, boating or hanging out on the river. The river also offers great views whether you’re hiking one of the many trails in the city or living on waterfront property.

You may want to live in an area that’s full of history and pride, or in a community where the social scene is the only thing on your mind. A place full of stories, wherever you live in Richmond, it will feel like home.

Where to live in Richmond, VA

When you know where to live, looking for apartments in Richmond, VA gets a lot easier. Which part of the city is right for you? Take our quiz and find out.

Who’s coming with you?

Which one neighborhood characteristic can you not live without?

What’s your idea of quality downtime?

Which of these best describes your current life stage?

Your personal style could be best described as:

Which of the following is most important to you in choosing an apartment?

Where to Live in Richmond

Downtown

Buzzing with energy, Downtown Richmond is a place to live if you love standing out. Here’s where individuality and creativity feel limitless. Downtown residential buildings have a unique style impossible to find anywhere else. This is because many of the old buildings are now new residences in innovative and exciting ways. Can you imagine living in a renovated tobacco warehouse, school or car dealership? It’s possible in this neighborhood. A foodie lover’s kind of neighborhood, you’ll have access to world-class dining that’s diverse and acclaimed. It’s no surprise the nightlife is pretty spectacular, too. On First Fridays, the restaurants, galleries and shops on Grace and Broad Marshall Streets don’t close, expanding the energy of the lively crowds and vibrant atmosphere.

Find Apartments Downtown

The Fan

Image Source: 1708 Park Ave

The Fan is iconic. Named for the way the streets fan out as you move west, the famous neighborhood is elegant and cozy all at once. With shops, markets, galleries, parks, cafés, bakeries and restaurants literally at your doorstep, The Fan is one of the most walkable places you can find an apartment in The Fan. The Fan is known for its historical residential houses, and while they’re a sight to behold, the cornerstone of life is the local businesses that are among them. Locally-owned businesses are the majority in this area and each one is full of its own charm and character. In the summer, the gorgeous-tree lined streets offer shade to residents during some of the city’s most anticipated events, including the Monument Avenue 10K and the Easter Parade.

Find Apartments in The Fan

The Museum District

Image Source: 3028 Kensington Ave

If the thought of having six blocks of museums to explore and a huge selection of eateries and drinking establishments to choose from sounds impossibly unaffordable, think again. The Museum District has affordable areas and offers great culture and nightlife. The Museum District is not just for the young and trendy. Places like the Capital Trail and the Virginia Museum of Fine Arts attract people of all ages with easy access to a variety of activities. The neighborhood also offers some pretty stylistic housing. From contemporary to more traditional sensibilities, The Museum District has everything from Tuscan condos to Colonial row houses. Families have a lot of schooling options, too, with multiple pre-schools and elementary schools, a private school, high school and middle school. The area is also one of the safest in the city.

Find Apartments in the Museum District

Scott’s Addition

Image Source: The Summit

Scott’s Addition isn’t the biggest, but it does pack a punch. Sprawling with apartment buildings, bustling breweries and restaurants, this neighborhood is highly walkable and provides residents with a unique area that’s never dull. Scott’s Addition breweries draw people from all over town. You’ll have more than 15 distilleries, breweries and even cideries to enjoy, not to mention some of the coolest places to dine in Richmond. Everyone can have a good time here. Park365 is a playground and park that seemingly leaped out of a child’s wildest imagination and The Circuit Arcade Bar has contemporary games and classics. One of the fastest-growing neighborhoods in the city, Scott’s Addition is the place live if you want all the fun for all ages.

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Shockoe Bottom

Perfect for people who love up-and-coming neighborhoods, Shockoe Bottom’s entrepreneurial growth and continued development will bring you in contact with like-minded people in the city. Located on the James River, Shockoe Bottom is one of the city’s most historical and eclectic neighborhoods, with a charming and industrial vibe. Restaurants, breweries and art studios full of people keep the neighborhood alive with vibrant energy. Lined near the water, there are numerous stores to shop and restaurants to experience. A revival is underway thanks to a flood of small businesses that have entered the area. More people are choosing Shockoe Bottom as more small businesses flock to the area for growth and opportunities. The housing in the area is a mix of current and classic architecture. There are brownstones, converted warehouses and brand new buildings.

Find Apartments in Shockoe Bottom

Carytown

Image Source: 2709 W Cary St

Carytown is a premier hotspot, nestled in the heart of the city. Carytown places a strong emphasis on locally-owned small businesses, which is why the shopping and dining atmosphere isn’t found anywhere else. The quirkiness of Carytown lures residents from every part of the city. The Byrd Theatre is historic and still plays movies and every store on Cary Street could be classified as a hidden gem. While there are a few residential blocks in the neighborhood, keep your eyes open for apartments found in multi-units and right above storefronts speckled throughout the area. For those who crave a quirky and vibrant place to live, Carytown is a neighborhood you’d thrive in.

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Bon Air

Image Source: 2228 Early Settlers Rd

An enclave just outside of Richmond, Bon Air is an eclectic place that offers convenient access to the city but is just far away enough to make the city feel long gone. Its origins as a resort destination are found in some areas, with some neighborhoods featuring clubhouses and community pools. Huguenot Park is a place where adults and children find themselves for a relaxing break from the daily grind. The park has 53 acres of hiking trails that snake through the forest and a playground that kids of every age can’t get enough of. With access to good shopping and dining options, you’ll never feel like you’re missing out on Richmond’s atmosphere. For families, the schools and amenities make Bon Air a great choice to consider.

Find Apartments in Bon Air

Short Pump

Image Source: The Atlantic at Twin Hickory

A rural town turned suburban metropolitan, Short Pump may have succumbed to the sprawl of Richmond, but it has done it with style. Short Pump offers its residents access to upscale dining and shopping, which includes an open-air mall. The Children’s Museum of Richmond and Deep Run Park are great nearby amenities. The small-town charm of Short Pump has made it popular with young families, as well as the countless activities there are. The area is seeing large amounts of growth as more businesses come to the area. With the abundance of the area, it’s often suprising how affordable Short Pump is. Housing in the area covers all ranges, just look for neighborhoods that fit your budget. It’s all here in Short Pump.

Find Apartments in Short Pump

Rebecca Green is a content editor and writer for RentPath. She enjoys interior design, dogs and can tell you where to find the best pizza in Brooklyn. You can see some of her other published work on Apartment Guide.

Source: rent.com

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Okay, not really. But there is some reason to believe Pokémon GO—the mobile app game that is currently taking the world by storm—could potentially influence home prices.

For the uninitiated, Pokémon GO is an augmented reality game that you play on your smartphone. It uses your phone’s time tracking, camera, and location functionalities to create a pokémon world that you can travel through in real life. Just like the originals, you can try to catch em’ all, or you can train your Pokémon and battle at local gyms.

Where do home prices come in?

On your path toward becoming a Pokémon master, there are a few key locations that you have to visit: Poké Stops and gyms.

Poké Stops

Poké Stops are where Pokémon trainers check in to gather items that will help evolve their Pokémon. These blue circular signs are tied to real world locations like stores and landmarks.

They don’t just pop up everywhere, though. Some rural areas are entirely lacking Poké Stops, while other places are teeming with them. Because they are integral to growing your Pokémon, users have been flocking to areas that are densely populated by Poké Stops. The demand has caused some in the real estate industry to speculate that homes located in close proximity to a swath of Poké Stops might be a new selling point to prospective buyers. If the demand reaches a high enough volume, it’s possible home prices could go up.

Gyms

Pokémon gyms are the best place to train and level up your Pokémon. Like Poké Stops, they are also pinned to real world locations. As the premier destination for trainers, not having to travel far to reach one is ideal.

A location surrounded by Poké Stops is one thing, but if you live right next to a gym—or your house is a gym—you have the best shot at making some green off the pokémadness.

Boon Sheridan and his wife, who live in a restored church in Massachusetts, have had the good fortune of their home being labeled a gym. Many churches have been designated as gyms and it seems that the developers of the game failed to check if any of them were occupied. Users have to stay within a certain distance of the gym (Boon’s home) to be granted access, and therefore hang around outside his house at seemingly all hours of the day.

At present, Boon seems to be the only person with a house as a Pokémon gym, but there are no doubt countless residences that are located adjacent to, or very close to, a gym. Video games are famous for their eccentric fans, and it’s not unfathomable to think that some would long to live in a home right next to their favorite Pokémon gym.

Demographics and Number of Users

Clearly, there is a demand by some to be near Poké Stops and Pokémon gyms, but what are the actual numbers? According to recent data from research firm SensorTower, Pokémon GO has topped 21 million daily active users. That’s more than any other mobile game and it’s only been out for one week! It even has more daily active users than Twitter. As for engagement, Pokémon GO outperforms the seemingly unsurpassable Facebook.

Granted, in a nation of over 300 million people, 21 million is a fairly small percentage. There has also been some speculation that most users aren’t of a home-buying age, and therefore home prices wouldn’t rise since the Pokémon benefits would no longer be marketable.

While we don’t have any hard numbers on age demographics yet, anecdotal evidence and deductive reasoning, lead to the conclusion that many users are in fact of a home buying age.

A quick walk down to the local beach (a popular Pokémon hunting ground) after work revealed that the majority of users were roughly 18-30 years old. The lower end of that spectrum might not be ready for homeownership, but the upper end certainly is.

It makes sense when you consider that the most popular Pokémon series (red/blue/yellow) came out in 1996. The majority of kids who dove headfirst into the Pokémon world (millennials) are now in their twenties, and will be prospective homebuyers soon enough if they aren’t already.

The bottom line

Will the hype last? No one knows. It’s a game, albeit a wildly popular right now. It could burn out, but it could also be here to stay, and as augmented reality technology gets more and more sophisticated, we could be dealing with other games that could potentially affect real estate markets. All I can say is that I wouldn’t sell my home right now if it was a Pokémon gym, but I also wouldn’t invest in any Pokémon hyped property.

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.

Source: totalmortgage.com

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Banana Republic is stepping further into the home products segment with the debut of its BR Home Collection.

The new assortment includes furniture for the bedroom, living room, and dining room along with selections of lighting and home decor. The new home furnishings following the launch earlier this year of the retailer’s home textiles assortment.

“At Banana Republic, we are driven by a desire for discovery and self-expression, representing a new way to outfit yourself and your home,” said Sandra Stangl, Banana Republic president and CEO. “We are committed to bringing exceptional quality, timeless design, and versatile styling to our customers as we determine how to best support their lifestyle.” 

The BR Home collection features three key expressions representing individual design aesthetics that can holistically coexist together for modern living.

  • Textured Modern invites the blend of the classic and contemporary, featuring clean lines, smooth finishes, mixed materials and minimalist aesthetics for an elevated look.
  • Classic Chic combines traditional forms with signature shapes and finishes that echo the past in contemporary light to give spaces a sophisticated and harmonious feel.
  • Explore is rooted in global influences that capture the essence of global artisanal craftsmanship and embroideries. Inspired by natural materials and organic elements, this line features earth tones and natural finishes for a grounded type setting.

“Whether traditional global handicraft, American heritage production, or small companies working in this era of maker culture, product craftsmanship is a Banana Republic legacy,” said Aaron Rose, chief commerce and experience officer for Banana Republic. “This dynamic collection celebrates the beauty of high-quality natural materials and skilled artisans, creatives, and those designers whose work reflects our brand values and allows us to support craftsmanship communities around the world.”

The BR Home collection is launching with four collections:

  • Stinson Collection: Each piece of upholstery is bench-made by master craftsmen in North Carolina and Virginia, and each frame is made with sustainably sourced hardwoods built to last. The hardwood-framed sofa features exaggerated armrests that offer durability, visual impact, and comfort, elevating its aesthetic appeal. It is a captivating and versatile addition to any living space, combining style and functionality. The Stinson sofa is custom-made and available in several configurations.
  • Marquis and Savannah Collections: These unique, contemporary, and modern dining collections were developed from the brand’s experimentation with European oak and the creation of depth and movement from textures and patterns in the grain. The use of large pieces of solid oak with simple organic shapes allows for an emotional attachment to nature and the primordial. The timber that is sourced for these pieces is part of the fabric of rural communities and sequesters huge amounts of carbon.
  • Atlas Moroccan Rugs Collection: Hand-knotted with the finest wool by different artisans in the Middle Atlas Mountains of Morocco, they create patterns for the modern home inspired by designs that are centuries old.
  • Phoenix Collection: Born from several collaborations with woodcarvers on the island of Java, Indonesia, these pieces combine finely hand-carved Java teak and mahogany door surfaces with simple and clean furniture shapes. The collection comes in two variations: stripe and organic diamond.
  • Nova Collection: Featuring hand-rolled, handmade clay beading, these emotional and distinctive chandeliers carry the fingerprints of the women making them. This striking collection is bound to be a beautiful focal point in any home.

The BR Home collection debuts with a dedicated website at www.brhome.com and will be in select U.S. stores by the end of September, including two new BR Home pop-up experiences in New York City and Los Angeles. Prices vary across the collection from $150 for vases to $195 for washed cotton sheet sets and $1,250 to $3,450 for dining furniture and sofas ranging from $2,650 to $4,950. 

Source: storebrands.com

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Large metro core counties posted the lowest annual single-family home building growth rate at -24.8%. All large and small metro areas reported double-digit negative growth rates, while rural markets (defined as micro counties and non-metro counties) recorded single-digit negative growth rates.

The share of single-family building has declined most notably in large metro areas (defined as core, suburban outlying), with these areas representing just 49.8% of all single-family building in the quarter. This share is a data series low, and it comes after seven consecutive quarters of decline. Single-family building in small metro core and outlying counties represented 38.4% of all building during the quarter, while 11.7% of single-family building occurred in micro and non-metro/micro counties during Q2.

Despite the declines, over the past four years, rural markets have shown resilience, as the single-family home building market share has risen from 9.4% at the end of 2019 to 12% earlier in 2023.

Alicia Huey, the NAHB chairman, also believes that single-family construction has bottomed out.

“Single-family production should register growth in the months ahead as the Federal Reserve nears the end of its tightening cycle and mortgage rates begin to stabilize,” Huey said. 

In the second quarter of 2023, the multifamily sector reported positive annual growth rates in just three markets, rising 26.6% in non-metro/micro counties, 15.9% in large metro outlying counties and 3.1% in micro counties. Large metro core counties reported the lowest multifamily production growth rate, with a yearly drop of 10.6%. This is the third quarter in a row where this geographic area posted the lowest year-over-year growth rate. Since the start of the pandemic in Q1 2020, the market share of multifamily building in large metro counties has fallen from 42.2% to 37.4% in Q2 2023.

After rising for the first seventh months of the year, homebuilder confidence declined in August, dropping six points from July to a reading of 50, as builders cited rising mortgage rates and a shortage of construction workers for reasons for the decline.

Source: housingwire.com

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The Ivy League is made up of eight elite private colleges, all of which are based in the Northeast. Being accepted to an Ivy League college is something some students work toward all their lives — but there’s more to gaining admission to these schools than good grades and a long list of extracurriculars.

With admission rates now hovering in the 3.4% to 5% range, there’s a heightened sense of competition among top students in high schools across the country and around the world.

Read on to learn more about Ivy League colleges, including which schools are considered “Ivies,” the benefits of going to an Ivy League college, how much they cost, and ways to make your application stand out.

What Are the Different Ivy League Schools?

Named for their ivy-covered campuses, the eight private colleges that make up the Ivy League have many things in common. However, each school has its own unique reputation and characteristics that attract different kinds of students. Here’s a closer look at these top-ranked schools.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.

Brown University

Located in Providence, Rhode Island, Brown is known for its humanities programs as well as its Warren Alpert Medical School. Its open curriculum allows for a relatively free-form educational model where students are encouraged to take classes they like without having to accumulate certain requirements. Brown also gives students the option of taking as many classes as they want on the basis of pass-fail.

Columbia University

Located in New York City, Columbia is one of the most diverse Ivy League schools with 46% of undergraduates identifying as students of color. It also has one of the highest percentages of international students at any Ivy League, with 13% of its student body coming from foreign countries. This cosmopolitan college is host to renowned business, journalism, and law schools, and requires students to adhere to its core curriculum, which focuses largely on liberal arts.

Cornell University

Located in Ithaca, New York, Cornell is one of the largest Ivy League universities, occupying a sprawling campus in this scenic upstate town. Known for its agriculture and engineering schools, Cornell also has strong Greek life and a wide range of athletic programs.

Dartmouth College

Located in Hanover, New Hampshire, Dartmouth is the most rural of the Ivies, drawing a student body interested in the outdoors and Greek life — around 60% of students participate in sororities or fraternities. Its somewhat smaller student body allows for more one-on-one attention in classes and a strong sense of community on campus.

Harvard University

Located in Cambridge, Massachusetts, Harvard encourages students to take a wide range of courses through their general education requirements, which allows students to broaden their interests and take advantage of intellectual curiosities. The school has 12 residential houses that seek to foster a sense of community in an otherwise imposing setting.

The University of Pennsylvania

Located in Philadelphia, Penn is known for its four distinct undergraduate colleges, including the Wharton School of Business and the College of Arts and Science. Students have the option of taking part in Greek life, and are also encouraged to explore opportunities in the greater Philadelphia area, from internships to the wide array of cultural events available.

Princeton University

Located in Princeton, New Jersey, Princeton University offers either a liberal arts or engineering and applied science degree for undergraduate students, with both programs including general education requirements. Princeton is known for its international affairs and engineering programs, as well as their storied eating clubs, which serve as coed dining halls and social centers for students, and are comparable to non-residential fraternities or sororities.

Yale University

Located in New Haven, Connecticut, Yale University is known for its creative writing and arts programs, as well as a residential college program and an array of secret societies. It’s also home to a renowned graduate drama program and law school.

Recommended: Ultimate College Application Checklist

Benefits of Attending an Ivy League School

For those who get that coveted acceptance letter, the benefits can be worth the years of hard work it took to get in. From growing your network to gaining access to world-renowned resources and professors at the top of their field, attending an Ivy League school can set students on an accelerated path to intellectual and professional success.

Having an Ivy League school on your resume may open countless doors when it comes to applying for jobs, fellowships, or graduate programs and may provide a leg up when it comes to advancing your career.

The amount of funding available at Ivy League schools can also be a major draw. All Ivy League schools have need-blind admissions policies, meaning that admissions officers will not look at a student’s financial need when considering their application. They also have a promise to meet 100% of demonstrated financial need based on household income.

Brown, Columbia, Harvard, and Princeton take things one step further, packaging aid with no loans for each student. Ivy League schools also have incredible funding opportunities for research and travel for students, allowing them to broaden their interests and perspectives.

Recommended: Paying for College With No Money in Your Savings

The Cost of an Ivy League School and Options for Paying for Tuition

All of the Ivy League schools are private universities, which usually implies a hefty price for tuition. The average undergraduate tuition for an Ivy League school for the 2022-2023 school year was $59,961, plus room and board. But due to these universities’ impressive endowments, ranging from Brown’s $5.6 billion to Harvard’s staggering $53.2 billion, these schools are able to offer generous financial aid packages to prospective students.

While Ivy League schools do not offer merit-based or athletic scholarships, there are generally a wide variety of need-based scholarships awarded to students depending on their household income.

A student’s household income is equal to the combined gross income of all people occupying the household unit who are 15 years of age or older. Among Brown’s class of 2025, for example, 99% of students with household incomes below $60,000 received an average of $80,013 in annual financial assistance — nearly full rides, including room and board. For families making between $100,000 and $125,000, 98% of students received an average of $56,538 in annual need-based aid.

In addition to aid offered by Ivy League schools directly, students or their parents may choose private student loans to help ease the burden of paying college tuition and expenses.

Students will generally want to exhaust all ffederal student aid options (which include grants, scholarships, work-study, and federal student loans) before considering private student loans. But if there is still a gap between federal student aid and the remaining cost of attendance, a private loan may be an option for some students.
💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

GPA Requirements for Ivy League Schools

An impressive grade point average (GPA) is only one aspect of a student’s college application. However, to even be considered for admission to an Ivy League school, students may want to see if their own GPA falls within the average for admitted students. Among the Ivies that release statistics on accepted students’ GPAs, the average weighted GPA is about 4.0, meaning mostly As.

How to Make an Application More Competitive

In addition to a high GPA and impressive SAT and/or ACT scores, prospective students will need to prove themselves in other ways to gain admission to an Ivy League school.

Excelling in advanced courses, like honors and Advanced Placement (AP) classes throughout high school may improve students’ chances of admissions, especially if students show a particular area of interest, like science or humanities.

While in the past, college admissions counselors would advise students to be “well-rounded” candidates, it’s now advisable to develop and demonstrate a passion for a particular subject area, which helps Ivies to build a more overall well-rounded student body.

Students can show their interests beyond academics by taking part in extracurricular activities. By engaging in activities early in high school and growing that interest over time, students show their commitment and enthusiasm for a particular area.

Strong interviews and letters of recommendation can also improve a student’s application, along with a strong personal essay. Ivy League admissions teams look for essays that highlight a student’s best qualities, perhaps expressed through a personal anecdote or description of a unique passion that displays a candidate’s distinctive character.

Hitting the “Submit” Button

Following the tips above may help improve a student’s Ivy League application, helping to gain admission to one or more of the most prestigious universities in the world. Of course, there are many schools that have the same academic rigor of an Ivy League, and it’s generally advisable to sprinkle in one or two “safety” schools for good measure.

But once a student has decided they want to apply to an Ivy League school, determined which is the right one for them, applied for financial aid, and completed their applications, it’s time to hit submit!

The Takeaway

If you’re hoping to attend an Ivy League college, you’ll want to consider each school’s admission rate, along with its particular academic program and financial aid statistics, to determine which is the right school to apply to.

However, it can be helpful to apply to a range of schools, both in terms of admission’s standards and tuition costs. This will give you options in case a school’s financial aid package isn’t as generous as you hoped.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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The latest buzzword on the street is “shutdown,” and apart from being buzzworthy, it’s actually very real. National parks are closed and hundreds of thousands of government workers have been told to stay at home.

Fortunately, active military continues to serve and air traffic controllers, prison guards, and border patrol agents remain on the job.

But how does the shutdown affect the mortgage industry? Well, it depends on the type of loan involved, though just about everything will be impacted to some degree.

FHA Loans

The most popular government loans are insured by the Federal Housing Authority (FHA), which operates under the Department of Housing and Urban Development (HUD).

HUD noted that it has 8,709 employees “on board as of pay period ending September 7, 2013.”

In the event of a shutdown, limited staff will remain on hand to handle certain business activities, including FHA loan processing.

Take a look at the chart above to see how few employees would be working during a shutdown…not very many.

In other words, while FHA loans will still continue be processed, there will definitely be delays.

Fortunately, FHA lending has become a lot less popular due to higher premiums, which should offset some of the carnage.

Also note that Ginnie Mae, which guarantees mortgage-backed securities (MBS) backed by federally insured or guaranteed loans, will see its staff slashed, though it said it will “continue to perform its critical and essential functions.”

VA Loans

Despite the U.S Department of Veteran Affairs (VA) being very much a government agency, it will continue to operate many of its operations, including its core medical facilities and home loan processing.

So borrowers looking to obtain a VA loan should expect business as usual, barring any delays that result from the overall shutdown.

If you’re attempting to get a VA loan, patience should probably be exercised as precautionary measure.

USDA Loans

The USDA, while seemingly an agency dedicated to agriculture, also operates a popular zero down home loan program reserved for rural locations.

As a result of the shutdown, the entire USDA website is currently down. Well, there’s a nice little message about the shutdown, but you can’t access any key information.

Additionally, the USDA Rural Development Guaranteed Housing Loan Program appears to be on hold during the shutdown.  In other words, nothing is doing at the USDA until politicians learn to get along.

However, the USDA will continue to handle existing customers funds, such as processing escrow accounts to avoid tax penalties.

Fannie Mae and Freddie Mac

While Fannie and Freddie aren’t technically government entities, despite being in government conservatorship (don’t ask), these conventional loans are also being impacted by the shutdown.

First off, government workers whose employment is directly affected by the shutdown could run into snags during the loan underwriting process, seeing that lenders need to verify employment in order to sell their loans to Fannie and Freddie.

As a result, Fannie Mae released guidance on a few workarounds, advising lenders that they can obtain verification of employment (VOE) after the loan closes, but before it is sold.  This is actually already permitted, so perhaps just a reminder.

The pair also require lenders to complete requests for borrower tax returns (IRS) and social security numbers, both of which will be difficult to obtain in light of the government shutdown.

Fannie is revising its policies temporarily to allow lenders to obtain the transcripts and complete validation after loan closing, but before loan delivery.  In other words, buying some time.

So the hope is that lenders who sell their loans off to Fannie and Freddie will continue to underwrite and process loans on the basis that the shutdown won’t last long enough for them to be stuck with the loans.

Additionally, loan servicers have been advised to waive late payment fees if the borrower’s mortgage payment is late because of a government furlough.

Servicers are also being encouraged to offer Unemployment Forbearance to employees affected by the shutdown, assuming they’re unable to make housing payments.

For the record, even non-conforming loans and jumbo loans will be affected by the shutdown, seeing that lenders may still need to call on government agencies for certain information, so no loans are entirely exempt.

At the end of the day, patience is the name of the game here. Ideally, the shutdown won’t last too long and none of this will matter.  But in the meantime, expect delays if you’re attempting to get a mortgage.  And pray mortgage rates don’t spike in the process.

Source: thetruthaboutmortgage.com

Apache is functioning normally

The average cost of homeowners insurance in Maine is $1,020 per year, or about $85 per month, according to a NerdWallet analysis. That’s less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Maine.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.

Why you can trust NerdWallet

Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate inaccuracies in pricing data and may update rates for accuracy as new information becomes available.

We include rates from every locale in the country where coverage is offered and data is available. When comparing rates for different coverage amounts and backgrounds, we change only one variable at a time, so you can easily see how each factor affects pricing.

Our sample homeowner had good credit, $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible.

The best homeowners insurance in Maine

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the best homeowners insurance companies.

More about the best home insurance companies in Maine

See more details about each company to help you decide which one is best for you.

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm

Well-established insurer with a lengthy list of coverage options.

Coverage options

More than average

Average set of discounts

NAIC complaints

Fewer than expected

State Farm is a great choice for homeowners who like to work directly with a representative, as the company sells policies through a wide network of agents. And its attention to customer service has paid off; the company has fewer customer complaints to state regulators than expected for a company of its size.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb

Perks and high coverage limits for affluent homeowners.

Coverage options

About average

Great set of discounts

NAIC complaints

Far fewer than expected

Chubb generally serves affluent policyholders with high-value homes, offering lofty coverage limits and plenty of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)

Chubb policyholders may also be able to take advantage of the company’s HomeScan service, which uses infrared cameras to look for problems behind the walls of your home.

Vermont Mutual

4.5

NerdWallet rating 

Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.

Coverage options

About average

Very few discounts

NAIC complaints

Far fewer than expected

Vermont Mutual

4.5

NerdWallet rating 

Regional insurer since 1828, selling homeowners insurance in the Northeast through independent agents.

Coverage options

About average

Very few discounts

NAIC complaints

Far fewer than expected

Founded in 1828, Vermont Mutual sells homeowners insurance through local independent agents. The company stands out for service, drawing far fewer complaints than expected for an insurer of its size.

You may be able to add coverage for major appliances such as water heaters, laundry machines or solar energy systems. Other endorsements may be available to cover identity theft, damage to underground service lines, backed-up drains and theft of expensive jewelry.

Hanover

Best for homeowners looking for many ways to customize their policy.

Coverage options

More than average

Average set of discounts

NAIC complaints

Far fewer than expected

Hanover

Best for homeowners looking for many ways to customize their policy.

Coverage options

More than average

Average set of discounts

NAIC complaints

Far fewer than expected

The Hanover gives homeowners lots of choices. You can opt for an auto/home package, a policy designed for high-value homes or a standalone policy for a standard house. You can further customize your policy with a range of coverage options for things like guaranteed replacement cost coverage, which will pay as much as it takes to rebuild your home after a disaster.

The Hanover sells policies exclusively through local independent agents. That means online quotes aren’t available, but you can get personal service to help you choose the right coverage.

How much does homeowners insurance cost in Maine?

The average annual cost of home insurance in Maine is $1,020. That’s 44% less than the national average of $1,820.

In most U.S. states, including Maine, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Maine, those with poor credit pay an average of $2,085 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s 104% more than those with good credit.

Average cost of homeowners insurance in Maine by city

How much you pay for homeowners insurance in Maine depends on where you live. For instance, the average cost of home insurance in Portland is $1,035 per year, while homeowners in Bangor pay $1,000 per year, on average.

Average annual rate

Average monthly rate

Scarborough

South Portland

Waterville

The cheapest home insurance in Maine

Here are the insurers we found with average annual rates below the Maine average of $1,020

NerdWallet star rating

Average annual rate

Vermont Mutual

4.5

NerdWallet rating 

Concord Group

4.0

NerdWallet rating 

Union Mutual

Patriot Insurance

Patrons Oxford

What to know about Maine homeowners insurance

When shopping for home insurance in Maine, homeowners should consider the risks they could see, including severe winter weather, flooding, coastal storms and wildfire.

Winter weather

Maine’s snowy season can run from October to May, which means heavy snowfall and freezing temperatures. Both of these can spell disaster for homeowners, including roof damage, burst pipes and structural issues caused by the weight of snow and ice.

Homeowners insurance generally covers winter storm-related damages, but some types of winter weather damage may require extra coverage. For instance, you’ll typically need a separate flood insurance policy to cover flood damage caused by snowmelt.

Flooding

Heavy rain or snowmelt can cause flooding across the state of Maine. Significant water damage can result in high repair costs for homeowners, and standard home insurance policies do not cover flooding. As a result, homeowners in flood-prone areas should consider buying separate flood insurance.

To find out your risk, check out the Federal Emergency Management Agency’s flood maps and RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.

Remember that while you can purchase flood coverage at any time, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

Hurricanes and coastal storms

Hurricanes are less frequent in Maine than in the more southerly states, but coastal storms of all kinds still damage Maine property. Standard home insurance typically covers damage caused by storms, but read your policy carefully, as you may have separate deductibles for hurricanes and wind.

Hurricane deductibles can be from 1% to 10% of your dwelling coverage, or sometimes they can be a flat fee. For example, your policy may have a $1,000 deductible for most claims and a 2% deductible for hurricane-related claims. If your home has $200,000 of dwelling coverage, you would be responsible for $4,000 before your insurance pays for the rest of the hurricane-related damage.

Remember that you will also need a separate flood insurance policy to protect against flooding due to coastal storms.

Wildfire

Wildfires are common in Maine, especially in wooded and rural areas. While the damage caused by fire is typically covered by standard home insurance, it’s essential to understand the limits of that coverage.

Residents of high-risk areas should read their policies closely to understand any exclusions. Pay particular attention to the dwelling coverage limit, which is how much the insurance company will pay to rebuild your house. Check with your insurer to ensure you have enough coverage to rebuild if necessary.

Maine insurance department

The Maine Bureau of Insurance oversees the state’s insurance industry and maintains a website that provides consumer resources on homeowners insurance.

If you need to file a complaint against your insurer, you can do so online or by mail. Don’t hesitate to contact the bureau with questions or for help with your complaint at 800-300-5000 or [email protected].

Looking for more insurance in Maine?

Frequently asked questions

Is homeowners insurance required in Maine?

Homeowners insurance is not required by Maine state law. However, your lender may require you to purchase homeowners insurance.

Does Maine homeowners insurance cover flooding?

Flooding is not covered under standard Maine homeowners insurance. You will want to purchase a separate flood policy if you live in a high-risk area.

How can I save money on homeowners insurance in Maine?

There are several ways to save money on home insurance in Maine:

  • Shop around to make sure you’re getting the best rate.

  • Choose a higher deductible. In case of any claims, you’ll pay more out of pocket, but your premiums will be lower.

Amanda Shapland contributed to this story.

Source: nerdwallet.com

Apache is functioning normally

In less than a month, Fannie Mae is implementing some tough new mortgage guidelines, including a larger minimum down payment requirement.

Come November 16th, the maximum LTV ratio for loans delivered to Fannie Mae will fall from 97% to 95%.

In other words, you’ll need to come up with a 5% down payment if you want to go the conventional route, even for HomePath financing.

The rule change means the “Conventional 97 loan” is essentially a thing of the past, and borrowers with little set aside will probably need to look elsewhere for low-down payment financing.

For the record, Freddie Mac did away with their “Home Possible® 97 Mortgages” back in 2011 after stating that the performance of such loans was “unacceptable.”

Don’t even ask about Freddie Mac’s “Home Possible 100 Mortgage,” which was touted during the housing boom, flanked by this cool little graphic that kind of summed up the default underwriting decision.

The word “yes” was common prior to the mortgage crisis.

Will Fannie Mae Borrowers Flock to the FHA?

Anyway, when the change goes into effect, those seeking to put the least amount of money down will probably have to turn to the FHA, which should send the underserved back to the agency originally created to serve the underserved.

The FHA only requires a 3.5% down payment, though borrowers do need minimum credit scores of 580 to qualify (10% down if score below 580).

However, FHA loans have become a lot less attractive than they used to be, thanks to numerous recent changes to the associated mortgage insurance premiums.

For example, the FHA raised the upfront mortgage insurance premium to 1.75% of the loan amount while also boosting annual insurance premiums.

If that wasn’t enough, the agency also requires mortgage insurance to stay in force for the life of the loan in many cases, instead of being dropped once the homeowner pays down the loan to 78% LTV.

So it’s not a cheap alternative by any stretch, and strengthens the argument to come in with more cash if at all possible.

[See: FHA vs. Conventional for details on that.]

Of course, there’s always the VA and the USDA loan program, both of which do not require any down payment. But these programs don’t work for all borrowers, only military families and those in rural areas, respectively.

Why Is Fannie Increasing the Minimum Down Payment Now?

Well, apparently they didn’t really want to offer the low-down payment loans to begin with.

Over the past several years, FHA loans became super attractive thanks to their low-down payment requirement and relatively low mortgage insurance premiums.

At the same time, private mortgage insurers had overlays in place that limited who could get financing with just 3% down.

So there probably weren’t too many conventional home loans with 3% down being originated over the past several years.

However, as previously noted, FHA loans aren’t very attractive these days, and private MI companies have since loosened underwriting guidelines.

All that said, former would-be FHA borrowers seemed to have made an exodus to Fannie’s 3%-down loan program.

This is evidenced by the fact that private mortgage insurers saw policies on 3%-down home loans nearly double over the past year.

In other words, it appears as if Fannie took note of this and decided to nip it in the bud before it became a “thing” in the mortgage world.

Aside from the down payment increase, Fannie is also banning interest-only loans and loans with terms greater than 30 years, which coincides with the Qualified Mortgage rule set to go live early next year.

Note: Fannie indicated that loans submitted via Housing Finance Agencies are subject to separate LTV ratios, so 3% down could still be a possibility for certain homeowners. Stay tuned.

Update: And just like that, you only need 3% down to get a mortgage again. That didn’t last long…

(photo: Yuma Hori)

Source: thetruthaboutmortgage.com

Apache is functioning normally

In many resort markets, vacation rental rates are up again this year. However, interest rates are still low and real estate is once again appreciating. Is this the year to stop renting and buy a vacation home?

You’re not alone if you are thinking about shopping for a second home.  Baby boomers at or near retirement continue to propel the demand for second homes, creating an expanding pool of buyers.

In recent years, vacation sales exploded, to the point where they accounted for 21 percent of all home sales in 2014. Last year a dwindling number of bargain-priced properties led to tighter supply and fewer sales, and caused the price of vacation homes to rise. Still, vacation home sales accounted for 16 percent of all home sales in 2015, according to the National Association of Realtors.

Second homes have their quirks

Buying a vacation home differs from buying a primary residence in a lot of ways. Inventories and prices vary more on a seasonal basis. Tax policies and lenders’ underwriting standards treat second homes differently, especially if you plan to rent out your property when you’re not using it. Owning and maintaining a vacation home in a resort areas can incur costs you might not anticipate.

Here’s a summary of important differences to keep in mind when buying a vacation home.

Vacation home mortgages

Second-home loans generally require more money down and a better credit score than owner-occupied home loans, which is the reason that about half of vacation-home buyers pay in cash. However, you can use equity in your primary home to take out a home equity line of credit and use it to make the down payment on a vacation home.

If you’re making monthly mortgage payments on a primary residence, lenders look carefully at your debt to income ratio to be sure that you are financially capable of paying two mortgages. Your total debt payments, including all mortgages, can’t exceed 36 percent of your gross income, but if you plan to rent the place, you can count some of that assumed rent as income when calculating the ratio. The lender will tell you what’s an acceptable assumption.

If you have an FHA loan on your primary residence, FHA will not finance a second home unless it is necessary for employment and is not a vacation home. Also, FHA loans are generally intended for owner occupants and the agency frowns on borrowers who use rent out FHA-financed homes. VA loans cannot be used to buy vacation homes.

Tax treatment

If you use the place as a second home—rather than renting it out as a business property—interest on the mortgage is deductible just as interest on the mortgage on your first home is. You can write off 100% of the interest you pay on up to $1.1 million of debt secured by your first and second homes that was used to acquire or improve the properties.

However, when you sell a second home you do not qualify for the exclusion from capital gains that allows home owners to take up to $500,000 of profit tax-free when they sell their principal residence.

If you plan to rent out your vacation home, very different tax rules apply depending on the breakdown between personal and rental use. If you rent the place out for 14 or fewer days during the year, or if you use it for more than 10% of the number of days the home is rented out, you can pocket the rental income tax-free. The house is considered a personal residence, so you deduct mortgage interest and property taxes just as you do for your principal home.

If you rent it out for more than 14 days, you must report all rental income on your tax return. You can deduct rental expenses, but you must allocate costs between the time the property is used for personal purposes and the time it is rented.

If you rent the house half the time, for instance, half of your mortgage interest, property taxes, utilities, insurance costs, and repair expenses are deductible against rental income. The other half of your interest and property taxes would still be deductible against your other income because it’s a second home.

Costs you may not anticipate

Renting your vacation home increases your maintenance costs considerably. Most vacation home buyers last year lived 200 miles away from their new purchases.

If you fit that pattern and live far from your vacation home, you’ll have to hire a property manager. Maintenance costs for repairs, upkeep, and yard work increase when tenants are involved.  Marketing vacation rentals can also be costly. You are competing with other owners who can count on repeat business. To get established, you’ll need to spend time and money on listing sites.

Many vacation spots are prone to natural disasters like hurricanes, floods, forest fires and earthquakes. Don’t be surprised if your insurance premiums are higher than your primary residence. Electricity and other utilities may be higher in rural or semi-rural areas.

Tips on buying a vacation home

  • Take a few weekend trips to make sure it’s the right spot for you. Pay close attention to travel times and restaurant and recreation accessibility to properties you are considering. Make sure to choose a knowledgeable local real estate agent who will know the local comps and any area idiosyncrasies.
  • Keep emotions out of any decision-making. Don’t fall in love with a property until you have done your due diligence, even if that cute place on the beach looks perfect. Once you are burdened with property taxes, insurance, and other fixed and sometimes unrelenting costs, you can’t change your mind without the potential of considerable loss.
  • Before you decide to buy, know how much you’ll use it. Will you be able to visit your vacation home monthly? Quarterly? Annually? If you’re not confident that you’ll be able to make the time to take advantage of a vacation home, you need to evaluate whether it’s the right decision to buy one or not.
  • Think long term. While vacation homes can gain value over time, short-term speculation on residential real estate is risky business, and most buyers settle on a property they’ll enjoy for many years to come. Planning for long-term enjoyment can mean buying a place that’s big enough for a growing family, or choosing an area with a range of recreational opportunities to accommodate evolving interests.

Source: totalmortgage.com