Recently Lost Your Job? 3 Tips for Managing Your Mortgage When You’re Out of Work

Recently Lose Your Job? 3 Tips for Managing Your Mortgage When You're Out of WorkThe financial responsibility of a monthly mortgage payment can be stressful on its own, but you may be even more concerned about your home investment if you’ve recently lost your job. Fortunately, there are some things you can do and places you can turn if you’re not yet certain where your next paycheck will come from. If you’re struggling with newfound unemployment, here are some important steps to take.

Shake The Piggy Bank

Most people struggle to save and that means they don’t necessarily want to dip into savings when it comes to financial difficulties. Unfortunately, if a job does not appear quickly, you may have to rely on the money you’ve accrued to help you out. It’s important to take a look at how much savings you have and determine how long it will last. Instead of just calculating your monthly payment and leaving it at that, be realistic and include all of your applicable living expenses to see how much leeway you have.

Reach Out To Your Lender

It may seem like mortgage lenders will not be concerned with your plight, but it can be to your benefit to reach out as soon as you think there might be a lapse in payment. It’s possible your lender may be able to offer you some type of payment plan if they’re provided with a timeframe for payment. Plus, they will be impressed with your honesty and quick communication. If you have a solid credit history and have made all of your payments on time, contacting your lender may buy you a bit more time.

Contact Your Government Agency

If you’ve used a government agency to secure your mortgage, there’s a good chance there may be a program available that will assist you in getting through this financial time. Whether you’ve worked directly with the Federal Housing Administration (FHA) or Fannie Mae and Freddie Mac, you may be able to find an opportunity in your unemployment that will cover your loan amount for you. It’s just important to be aware of any financial consequences once you’re back on your feet.

It can be very stressful to pay down your mortgage while you’re out of work, but you may be able to get through it by being aware of your financial picture and communicating with your lender. If you’re currently struggling with your mortgage, your trusted mortgage professionals for more information.

$100 Well Spent: 5 Useful Home Upgrades That Cost Less Than $100

$100 Well Spent: 5 Useful Home Upgrades That Cost Less Than $100Whether you’re trying to improve the look of your home or are getting ready to put it on the market, the idea of renovations might seem like a significant financial burden to take on. Fortunately, there are a variety of easy solutions for improving the look of your home without spending a lot of money. If you’re wondering how you can spend $100 wisely, look no further than the following upgrading tips.

A Funky Light Fixture

It might seem like a cool light will cost an arm and a leg, but there are plenty of options available on the market that will instantly add a unique touch to your place. Whether you decide to go mod or classic, a fixture can draw the eye and instantly add interest to a room.

A Makeshift Curio Cabinet

In these days of smaller living, many people have to pile their stuff into closets and cabinets in order to make it all fit. Fortunately, a bookcase-cum-cabinet can be an inexpensive purchase and can house a variety of items like books, dishes and appliances for an easy, eclectic look.

Covering The Cabinets

Kitchen cabinets are often one of the first things to show age in a home, but getting out the can of paint can be a great way to instantly modernize their look. While you’ll want to go with a neutral tone that will compliment the space, the right color can add instant oomph.

Re-Upholstering A Chair

There are pieces of furniture in your home that you may be tired of looking at, but there’s an easy way to improve them without buying new: re-upholster! By trying out a new fabric on one of your favorite chairs, you might be surprised by how much it improves the room.

Paint Does The Trick

Painting may be one of the least popular renovation tasks, but few things are as successful at improving the look of your home as a fresh coat of paint. Instead of going all out with a bright color, choose a neutral shade that complements the furniture for an instant brightening effect.

Home renovations may seem like an expensive endeavor, but you can easily improve the look of your home with a new light fixture or by giving your furniture some love. If you are interested in making valuable renovations to your home, contact your trusted mortgage professional today.

NAHB: Builder Confidence in Market Conditions Dips in July

According to the National Association of Home Builders, July builder sentiment dipped to an index reading of 64 as compared to June’s revised reading of 66, the original reading was 67. Analysts expected the reading for July to increase to 68. Builders cited increasing lumber prices as a concern affecting builders’ outlook on housing market conditions for new single-family homes. Any reading over 50 for the NAHB Housing Market Index indicates that more builders than fewer are positive about housing market conditions, but July’s reading was the lowest in eight months. NAHB said that home builder confidence in market condition “remains strong.”

Three month rolling averages were mixed. The Northwestern region gained one point for an index reading of 47, the Midwest gained one point to a reading of 66 and the Southern region dropped three points to a reading of 66. The Western region had the highest level of builder confidence but lost one point for a reading of 75.

Shortages of homes for sale and buildable lots have impacted builder confidence for several months. As the number of available homes dwindles, demand and home prices have risen. Real estate pros view building more home as the only solution for easing the shortage of homes for sale Lower readings on builder confidence in market conditions could indicate slowing in the construction of new homes.

Lumber Tariff Raises  New Home Prices, Could Cost Jobs

While home builder confidence jumped in the aftermath of the election, builders said that a tariff on Canadian lumber is affecting home prices and construction jobs. In a statement released with July’s Housing Market Index readings, NAHB said that the lumber tariff tacked on an average of  $1236 to the average home price. NAHB leaders also said that as materials costs continue to rise, affordability will become an issue and that construction layoffs could potentially exceed 8000 jobs.

NAHB Chairman Granger MacDonald said about the lumber tariff, this is hurting housing affordability even as consumer interest in the new-home market remains strong” While current interest in new homes is healthy, home builders will have to manage costs to keep home prices affordable and competitive.

Going Green(er): 3 Common Waste Items You Had No Idea You Can Recycle

Going Green(er): 3 Common Waste Items You Had No Idea You Can RecycleIt has never been more popular to live a “green” lifestyle and develop sustainable living practices that will help out the planet. While you may be used to recycling cardboard boxes and giving away your old hand-me-down clothes, there are probably a few household items you didn’t even know you could recycle! If you’re wondering what to do with some of your old, used items, here are a few things that may be ready for re-use.

Re-constituting Your Lenses

It’s common to think your eyeglass prescription only works for you, but an easy way to re-use old eyeglasses is to take them to your local optician or optometrist’s office so that they can make use of them. Not only will someone in need be able to use the frames that you’ve provided, your lenses may be donated to another person with a similar prescription who will truly appreciate the gesture.

Old Phones & Electronics

It can be tempting to throw out an old phone with a shattered screen or an aging laptop that no longer turns on properly. However, with technology being obsolete almost as soon as it hits the market, it’s more important than ever to recycle these items. Old technology like iPods, iPhones, cell phones, chargers and digital cameras can be taken to your local electronics or “big box” store and recycled as part of their e-waste program. Before discarding any electronics that still work, you may want to look into other local places that refurbish these goods to donate them to less-fortunate families.

Improving Your Oil Change

While there are many renewable solutions on the market, oil is still one of the most common resources used in cars, trucks, motorcycles and other forms of transportation. Fortunately, while an oil change may be necessary maintenance on your car now and then, you can be more environmentally friendly by going to an auto repair shop that recycles and re-refines your oil. Before you make a trip to your old auto body, take a look at motor oil recycling locations on Earth911 for some options in your area.

It’s easy enough to compost food and throw your cardboard boxes in the bin, but there are many common waste items that can actually be re-used in your local community. If you’re looking for ways to go greener as you plan a move to a new home, contact your trusted mortgage professional for more information.

What’s Ahead For Mortgage Rates This Week – July 17, 2017

Inflation Rate Stays Flat in June

Inflation was flat in June, but achieved a 0.00 percent reading as compared to May’s – 0.10 percent reading. Analysts expected a June reading of +0.10 percent reading month-to-month. The Federal Open Market Committee of the Federal Reserve has established a benchmark reading of 2.00 percent inflation year-over-year as an indication of economic recovery. In recent months, the Fed has increased its target federal funds rate at each meeting of the FOMC. A slowdown in inflation and other economic indicators may cause the Fed to halt rate increases until conditions improve.

Fed Chair Testifies before House Financial Services Panel

During testimony last week, Fed Chair Janet Yellen addressed questions about Federal Reserve board members’ interaction with Wall Street. Ms. Yellen explained that the Fed values clear communications with Wall Street as a productive relationship. Chair Yellen also noted that the Fed may taper off on interest rate increases soon; she said that further rate increases may not be warranted at present.

Stating that “monetary policy is not a preset course,” Chair Yellen said that the Fed is aware of problems associated with forecasting higher than actual inflation gains, but also said that the Fed believes that inflation will achieve the 2.00 percent annual goal established by the Fed.

Ms. Yellen hinted that her tenure as Fed Chair may be reaching its conclusion; she did not answer media inquiries about whether she would stay on if asked. She said she was concentrating on current issues instead of focusing on potential developments.

Mortgage Rates Rise, New Jobless Claims Lower

Mortgage rates rose again last week; the average rate for a 30-year fixed rate mortgage exceeded four percent for the first time since May with an average rate of 4.03 percent. Fifteen-year fixed rate mortgages had an average rate of 3.29 percent. Average mortgage rates for 15 and 30-year fixed rate mortgages rose seven basis points over last week’s average rates. The average rate for a 5/1 adjustable rate also rose seven basis points to 3.28 percent. Discount points averaged 0.50 percent for all three mortgage types.

247,000 new jobless claims were filed last week as compared to expectations of 245,000 new claims filed and last week’s reading of 250,000 new claims. First-time jobless claims stayed below 300,000for 123 consecutive weeks. This run is the longest since the 1970s.  Analysts said that low jobless claims indicate a very low rate of layoffs.

Consumer sentiment dropped by two index points from 95.10 to 93.10 percent. Rising mortgage rates and concerns about current events likely contributed to wavering consumer sentiment.

Whats Ahead

This week’s scheduled economic readings include NAHB Housing Market Indices, Commerce Department reports on housing starts and building permits issued and weekly releases on mortgage rates and new jobless claims.

Buyer Beware: Three Major Red Flags to Watch for When Visiting Open Houses

Buyer Beware: Three Major Red Flags to Watch for When Visiting Open HousesAn open house is a good opportunity to get out and about to see what kind of home you’re looking for and if it will work for you. Fortunately, they can also be a good opportunity to find out some things about the house you’re looking at that might not be listed on the website and may be less than flattering. If you’re wondering what red flags to watch out for, pay attention to the following things the next time you’re at a showing.

Strong Odors

Many home sellers try to engage the senses in order to entice buyers by baking cookies or spraying air freshener. However, a lot of air freshener or scent can also be a means of hiding less than pleasant smells that are a giveaway for big problems. If you notice a lot of scents when visiting an open house or if there’s an odor, you may want to look for mildew or mold as this can mean a huge house-owning hurdle to deal with down the road.

An Abundance Of Fix-Up

A small maintenance issue here and there may not be a big deal, whether it’s a doorknob that doesn’t catch or peeling paint on the wall. Unfortunately, an abundance of small issues can signal a certain attitude towards general maintenance that should be approached with caution. While it may just be a few details that were forgotten about, it’s important to pay attention as there may be a lot of more important maintenance issues that are not being taken care of if the minor ones are visible.

Issues With the Foundation

There are many issues that will hopefully come to the forefront at the home inspection, but it’s not worth it to get invested in a home only to back out due to a failing foundation. Instead of leaving it up to the due diligence of the home inspector, check for large gaps in the home’s foundation to unveil any issues on this front. The foundation can be a huge issue if it requires a fix-up, and it’s one you probably won’t want to deal with in your new home.

Open houses can provide a great sense of what it’s like to live in a home, but they can also be a good opportunity to take note of any major issues with a future home. If you’re currently preparing to buy a home, contact your trusted mortgage professional for more information.