If you haven’t heard interest rates are at record lows (I know you probably heard this on the radio the last ten years, but this time its true!). So if you have a mortgage, there’s a good chance you can refinance into a lower rate (generally a good idea 🙂 and may consider getting cash out, so here are five things to consider. First we will start with the pros….

Low Rates and Lower Rates.
As we said rates are low now – like really low. And if you’re considering a HELOC or home equity line of credit, rates on a mortgage refi are often lower. So you can lock in a low rate and have lower payments – sounds good right?

Debt Consolidation
If you have a lot of high interest debt (i.e. credit cards), you can pay that off and potentially save thousands in interest payments!

Cash On Hand
We are definitely in uncertain times and you might want a cash cushion to help pay bills and also if you’re income in the near future is uncertain. Or you can use that for home improvements like maybe a new home office or gym (this can often be used as a deduction as well).

And Some Cons
Don’t Rinse and Repeat
Ok we are trying to say don’t get the cash out and repeat the same debt spiral. If you’re cashing out and taking advantage of today’s great rates make sure you take advantage of the opportunity and avoid the temptation to go on an amazon shopping spree and run up the bills again.

Closing Costs and PMI
Make sure to check your closing costs aren’t more than the new savings! Also if you currently aren’t paying PMI and refi to more than 80% of the home value you may have to start paying PMI!

In general if you’ve been considering a cash-out refinance or just want to see if you can lower your monthly payments – contact us today and we’ll give you a run-down of your options and see what best fits your needs!

We don’t need to tell you that 2020 is presenting new challenges, but some of them can be opportunities. If you are lucky enough to have outdoor space consider making an outdoor room!
An outdoor room is a great way to enjoy the summer weather, get fresh air and Vitamin D from the sun (it helps strengthen the immune system 💪).
Creating an outdoor room you’ll want to consider what its primarily going to be used for: relaxing, dining or maybe working.
First, you’ll want to make sure it has a ceiling! Ok maybe not an actual ceiling if you have a tree for cover that’s great! If you’re super ambitious a pergola is awesome but you can always get an umbrella or a trellis and cover that.
Next you’ll want to get furniture! You can furnish similar to the indoors. If you’re going to be relaxing maybe low chairs and don’t forget side tables. If you want to be fashion-forward get throw pillows too 🙂 And of course make sure they are outdoor fabrics that are built to be weather resistant.
Also consider making a floor for your outdoor room – you can everything from an outdoor carpet to wood flooring to crushed shells under your dining area to adding some stepping stones!
Finally don’t forget the lights! You can hang some fun outdoor string lights that will make everyone jealous when you post pics of your new room 🙂

The housing marketing is showing signs of rebounding with pent-up demand from the lockdown and tight supplies.
Applications for new home loans reached an 11-1/2 year high last week! And there was a 14.4% increase in applications for new home construction in May.
Along with historically low interest rates we are seeing signs of the housing market helping to lead the economy back 📈

Many Americans have been hit hard by the pandemic and doing things that were normal a few months ago, like making your monthly mortgage payment are now a struggle for many. If you need to pause your payments there is a government program called the CARES Act which allows you to pause payments for up to 180 days (and there is an option to extend another 180 days).

You will need to have a federally backed loan to qualify (FHA, VA, USDA, Fannie Mae, Freddie Mac backed loan), if you do not have a federally back loan you will need to contact your servicer for assistance, many are offering options.

To apply for forbearance you will need to contact your loan servicer and must have been current on payments prior to February 1, 2020. You don’t need to provide evidence only to assert you have suffered from hardship during the pandemic.

Forbearance will protect you from negative credit reports as your mortgage will still be listed as current. You will not be charged late fees, or interest penalties during forbearance.
Its important to keep in mind that all payments missed must still be made in the future!

Remember to ask for written documentation from your servicer confirming your forbearance agreement and details!

https://www.consumerfinance.gov/coronavirus/mortgage-and-housing-assistance/#options

A question a lot of potential home sellers are asking is should I put my house on the market now? 🤔
Every situation and location varies of course, but there are some general pros and cons. One pro is rates are historically low right now, so that is a pro. Another reason is well lets be real, there is economic uncertainty so you may want to sell now for that reason.

The cons would be that while we are starting to open up again ( 🥳 ), there are still going to be people apprehensive about going house shopping right now. There are great virtual open house tools that will help (but we usually recommend checking out a house in person before actually purchasing.

Of course we won’t be in the current Covid world forever and hopefully sooner than later, this will soon be a memory! 🤞

As we are in unprecedented times, many of us need help. If you are worried about making a payment next month, you maybe able to delay or reduce your mortgage payment. Please check the link for more details

https://www.consumerfinance.gov/ask-cfpb/what-is-forbearance-en-289/

Happy Memorial Day!
Wishing you and your family a safe and happy Memorial Day!
And an extra special thanks to those who’ve served and those who are serving us now.

Thank you for visiting our blog! This is our first post but we will be adding many more. We are going to focus on posts that are informative about the process, industry news, community-focused and much more. So please, bookmark this blog, share it with your friends and check back soon as the best is yet to come!