Dec 8, 2020 | Real Estate Tips
If you have been spending a lot of time at home recently, then you might be getting tired of staring at the same four walls. Fortunately, there are plenty of ways for you to switch it up by financing a home improvement project. At the same time, home improvement projects can be expensive, particularly if you are targeting the kitchen. Therefore, you might be wondering how you are going to be able to pay for them. There are plenty of ways that you can finance a home improvement project, so take a look at a few of the options below.
Consider Taking A Cash-Out Refinance
One way that you can free up some extra cash is to carry out something called a cash-out refinance. Right now, due to the coronavirus pandemic, mortgage rates are at historic lows. Therefore, you might be able to complete a refinancing plan that can free up some cash for the home improvement project. When you refinance your loan, you essentially change the terms of your mortgage to free up some of the equity that you already have in your home. Then, you can put this equity toward your home improvement projects.
Take Out A Home Equity Line Of Credit
You might also be able to tap into the equity you have in your home directly by creating a line of credit. This is a common option when it comes to home improvement financing. The money that you receive from this home equity line comes directly from the equity in your home. If you have been paying into your mortgage for several years, then there is a high chance that you have built up an equity line of credit. At the same time, remember that this is very much like a second mortgage, so you are essentially putting up your house as collateral.
Finance Your Home Improvement Project
Even though you can always put your home improvement project on a credit card or take out a personal loan, it might be better for you to tap into the equity in your home. By accessing a lower interest rate, you might be able to save a significant amount of money while still accomplishing your home improvement project goals.
Dec 7, 2020 | Financial Reports
vLast week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published.
Last week’s economic reports included pending home sales, construction spending, and labor-sector readings on job growth and the national unemployment rate. Weekly readings on mortgage rates and jobless claims were also published.
Construction Spending Rises as Demand for Homes Increases
High demand for single-family homes drove construction spending up by 1.30 percent to a seasonally adjusted annual pace of $1.44 trillion in October. The Commerce Department adjusted September’s reading to -0.50 percent. Analysts said that spending for commercial construction was flat after three successive months of lower spending. Business closures and a growing trend for working from home softened demand for commercial developments.
Pending home sales dropped by -1.10 percent in October as compared to September’s decline of -2.00 percent. Declines in pending home sales resulted from seasonal slowing in housing markets and rising cases of the coronavirus. Rising home prices caused by high demand for homes also caused fewer pending home sales. Uncertain economic conditions and concerns about the pandemic also contributed to the slower pace of home sales.
Mortgage Rates and Jobless Claims Drop
Mortgage rates dropped to record lows as the average rate for 30-year fixed-rate mortgages dropped by one basis point to 2.71 percent; the average rate for 15-year fixed-rate mortgages dropped by two basis points to 2.26 percent. The average rate for 5/1 adjustable rate mortgages dropped 30 basis points to 2.86 percent. Discount points for 30-year fixed-rate mortgages averaged 0.70 percent; discount points for 15-year fixed-rate mortgages averaged 0.60 percent. Discount points for 5/1 adjustable rate mortgages averaged 0.30 percent; all average points readings were unchanged from the prior week.
Initial and continuing jobless claims were lower last week. Initial jobless claims fell to 712,000 claims filed as compared to the prior week’s reading of 781,000 first-time claims filed; analysts expected 780,000 initial claims to be filed. Ongoing jobless claims also fell last week with 5.52 million continuing claims filed as compared to 6.09 million ongoing claims filed in the prior week.
Public and Private-Sector Job Growth Falls in November
ADP reported 307,000 private-sector jobs added in November as compared to October’s reading of 404,000 jobs added. The government’s Non-Farm Payrolls report showed 245,000 public and private sector jobs added in November as compared to October’s reported 610,000 jobs added. The national unemployment rate fell to 6.70 percent in November from 6.90 percent reported in October. Lower rates of job growth coupled with a lower unemployment rate suggested that some workers left the jobs market.
What’s Ahead
This week’s scheduled economic reports include readings on inflation and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be released.
Dec 4, 2020 | Around The Home
Have you prepared your home for the winter? With colder temperatures starting you’ll need to spend an hour or two getting your home ready to deal with the possibility of harsher weather and below-freezing temperatures, depending on where you live. Let’s take a look at a few quick home maintenance tips that will help you get your house ready for the cold of winter.
Check Your Roof, Gutters and Spouts
Your roof is one of the most important structural elements in your home and one that is going face the brunt of any inclement weather that passes through your area. If you feel comfortable on a ladder, climb up and quickly inspect the roof for damage or missing shingles. You’ll also want to clean the gutters and drain spouts, removing leaves and other gunk so that water can flow freely from your roof to the ground.
Drain Your Faucets, Hoses and Irrigation System
If you have exterior faucets and hoses you’ll need to flush out and drain any remaining water before storing them away for the winter. In-ground irrigation systems should have an anti-freezing treatment performed by a professional as freezing can cause a significant amount of damage to pipes and outlets.
Check Your Doors and Windows for Drafts
Leaky windows and doors can cause your heating bill to skyrocket, so spend a few minutes going around the house to inspect seals and frames to see if anything is leaking. Pay close attention to any single-pane windows as leaks can appear over time due to expansion caused by temperature fluctuations. It takes just a few cents worth of caulking to save many dollars in wasted heat.
Store Your A/C and Prep Your Furnace
Finally you’ll want to ensure that your air conditioning unit has been fully shut down and properly stored. If you have an in-ground unit, you’ll also need to cover it to protect it from rain, snow and wind. If you use a furnace to heat your home, be sure to clean or replace its air filter and consider firing the entire system up so you can check the ducts for leaks.
These home maintenance tips will help keep your home in peak condition and prevent damage that can reduce your resale value. If you’re thinking about selling your home, give your local real estate agent a call and they can assist you with getting the process started.
Dec 3, 2020 | Home Seller Tips
Many people think that selling a home after the holidays and during the Winter season is a bad idea. Most people are not in the home buying mood, because they are thinking about the holidays.
Also, buyers will think that you are desperate and they will give you offers that are less than list price.
Advantages Of Selling Your Home Now
However, there are some advantages to selling your home over the holidays and into the new year. There will be less homes on the market, so there won’t be as much competition.
Also, buyers will likely be on their holidays from work, so they will have much more time to view properties and look around at homes.
Another factor is mood – buyers will generally be feeling more cheery and relaxed over the holidays, which will result in them being more likely to make the decision to buy a home.
A home can have a really romantic and cosy feeling during the winter season, which could make a buyer fall in love with it.
When You Are Selling Your Home During The Winter Season, Here Are Some Tips To Keep In Mind:
- Choose a good real estate agent who will be able to communicate with you well and find the right buyers for your house.
- Price the house realistically. This time of year, it helps to be competitive. You might even get buyers competing, which will push the price up as they bid against each other.
- Make sure that you have all of the paperwork in order, including an energy performance certificate, fittings and fixtures list and much more.
- Give your home a little makeover so that it gives a great first impression. Touch up the paintwork, rearrange the furniture and remove clutter.
- Giving a sense of airy lightness is important, especially in the winter months. Make sure that your windows let in plenty of natural light.
- Be flexible. You might need to be able to accommodate last minute viewings or viewings at strange times, so keep your schedule open.
- Serve seasonal drinks and snacks at your open house, such as mulled wine, eggnog and cookies, to put your buyers in a good mood.
- Have your moving company chosen and ready to go in advance, in case there is the possibility of a quick sale.
These are just a few tips to keep in mind for selling your home over the holidays. For more helpful tips, contact your trusted real estate professional.
Dec 2, 2020 | Real Estate Tips
If you pay attention to your credit rating, you may be well aware that a single late payment reflected on your credit report can result in a decline in your scores.
In some cases, the decline can be rather significant, and you will have to work hard to make regular payments over a period of time to show that you remain creditworthy and to rebuild your credit score.
It is far better to avoid late payments altogether than to deal with the stress and ramifications of a late payment on your credit report. If you have already missed the due date on your mortgage loan, you may be wondering what you can do to prevent this late payment from showing up on your credit report.
Contact Your Mortgage Company Immediately
Initially, contact your mortgage company to make payment arrangements and to discuss the situation. In some cases, a mortgage company may be willing to work with you on structuring a new arrangement for the payment to be made or you may even have a surplus in your escrow account that could be applied toward the payment.
You can also determine when they will report your late payment to the credit bureaus and how much time you have before you absolutely need to make the payment to avoid credit ramifications.
Make Your Payment Before The Next One Is Due
Generally, lenders will report late payments when they are more than 30 days late. While you may be assessed a late fee after the initial grace period has expired, you may not have technical late payment in terms of what credit reporting bureaus consider to be late. Generally, if you make your payment before the next mortgage payment is due, your late payment will not show up as a late payment with the bureaus. However, you do want to verify this with your mortgage company and work with them to bring your account current.
A late payment on a mortgage can have a substantial and negative impact on your credit rating, and it can take months or even years to restore your scores to their previous level. Rather than go through the effort to try to improve your score after the fact, it is best to avoid the late payment altogether. While you may have already missed a payment and may be required to pay a late fee, it may not be too late to avoid having this event reflected on your credit report.
Contact your lender today to learn more about your options and to make your payment.
