What is the return policy?

Most unopened items in new condition and returned within 90 days will receive a refund or exchange. Some items have a modified return policy noted on the receipt or packing slip. Items that are opened or damaged or do not have a receipt may be denied a refund or exchange. Items purchased online or in-store may be returned to any store. Online purchases may be returned via a major parcel carrier. Click here to initiate a return.

How long does it take to process a refund?

We will reimburse you for returned items in the same way you paid for them. For example, any amounts deducted from a gift card will be credited back to a gift card. For returns by mail, once we receive your return, we will process it within 4–5 business days. It may take up to 7 days after we process the return to reflect in your account, depending on your financial institution's processing time.

What is the policy for late/non-delivery of items ordered online?

Our local teams work diligently to make sure that your order arrives on time, within our normaldelivery hours of 9AM to 8PM in the recipient's time zone. During busy holiday periods like Christmas, Valentine's and Mother's Day, we may extend our delivery hours before 9AM and after 8PM to ensure that all gifts are delivered on time. If for any reason your gift does not arrive on time, our dedicated Customer Service agents will do everything they can to help successfully resolve your issue. Click here to complete the form with your order-related question(s).

When will my credit card be charged?

We'll attempt to securely charge your credit card at the point of purchase online. If there's a problem, you'll be notified on the spot and prompted to use another card. Once we receive verification of sufficient funds, your payment will be completed and transferred securely to us. Your account will be charged in 24 to 48 hours.

Will I be charged sales tax for online orders?

Local and State sales tax will be collected if your recipient's mailing address is in: Arizona California Colorado

Mortgage

February 07, 2024

Unraveling the 80-20 No-Money-Down Loan

Stepping onto the Property Ladder: Unraveling the 80-20 No-Money-Down Loan

Dreaming of homeownership but strapped for a down payment? Fear not, aspiring homeowners! The 80-20 no-money-down loan might be your key to unlocking those locked doors. Let's delve into this unique mortgage option and weigh its pros and cons before you take the plunge.

The Magic Formula:

Imagine buying a home without a hefty down payment. The 80-20 loan makes it possible. Here's the breakdown:

First Mortgage (80%): This covers the bulk of the home's value, usually obtained from a primary lender.
Second Mortgage (20%): This acts as your down payment, typically sourced from a separate lender or even the seller themself.

Three Ways to Get That 20%:

Separate Lender: This is the most common option, but expect higher interest rates compared to the first mortgage.
Home Equity Line of Credit (HELOC): Borrow from the same lender who provides your first mortgage, potentially enjoying lower interest rates.
Seller Financing: Negotiate a purchase money loan directly with the seller, offering flexibility but requiring careful terms negotiation.

The Allure and the Risk:

This loan entices many, especially young professionals with good income but limited savings. However, proceed with caution:

Pros:

No upfront down payment: Makes homeownership more accessible.
Potentially lower monthly payments: Compared to traditional loans with larger down payments.
Avoids mortgage insurance (in some cases): If the LTV ratio (Loan-to-Value) stays below 80% in your state.

Cons:

Higher interest rates: Both mortgages often carry steeper rates, increasing your borrowing costs.
Larger monthly payments: Compared to loans with larger down payments, even with potentially lower interest rates.
Higher leverage: You're borrowing more, making you more vulnerable to economic downturns.
Limited options for jumbo loans: Finding 80-20 options for loans exceeding $300,700 can be challenging.

Alternatives to Consider:

T.A.M.I. program: Offers mortgage insurance with slightly higher interest rates, allowing down payments as low as 3% and removing the 80% LTV restriction for mortgage insurance.
FHA loans: Backed by the Federal Housing Administration, these loans require only a 3.5% down payment but come with mortgage insurance premiums.
USDA loans: Available in rural areas, these loans require no down payment for eligible borrowers.

Remember:

Carefully assess your financial situation: Can you handle the higher monthly payments and potential risks?
Shop around for competitive rates: Compare offers from different lenders for both the first and second mortgages.
Seek professional advice: Consult a mortgage broker or financial advisor to explore all your options and understand the long-term implications.

The 80-20 no-money-down loan can be a powerful tool for achieving homeownership dreams, but it's not without its drawbacks. Weigh the pros and cons carefully, explore alternatives, and make an informed decision that aligns with your financial goals and risk tolerance. Remember, responsible borrowing is key to unlocking a secure and fulfilling journey into homeownership.

Mortgage