Blog – Page 435 of 891 – Mike Pfefferman

15

Apr

Mortgage

Mortgage Relief Refinance Programs For 2020

Mortgage Relief Refinance Programs For 2020 There are lots of people out there who are searching for options for mortgage relief. A quick search will reveal options for programs such as FMERR and HARP; however, many of the articles regarding these programs are a bit outdated. This makes them misleading. Sometimes, people might think they can apply for these programs when, in reality, they cannot. These programs have expired. Fortunately, there is another option for HIRO.

What Is HIRO?

HIRO is the mortgage relief refinance program for 2020. Run by Fannie Mae, this program does have some similarities to its ancestors (HARP and FMERR); however, it also allows homeowners to refinance even if they don’t have any equity. Furthermore, there isn’t a maximum LTV (loan to value) ratio. The biggest difference between HIRO and prior programs is that only people who currently have mortgages through Fannie Mae are able to qualify.

Some of the other conditions of this program include:

The loan must have been originated on or after October 1, 2017
There is a long history of making payments on-time
There cannot have been any more than one late payment in the prior year
There cannot be any late payments in the last six months
The loan to value ratio is at 97.01 percent or above

If these conditions are met, someone might be able to find mortgage refinance relief through HIRO.

Reasons To Refinance

Of course, if someone is looking to apply for this program, there must be some tangible benefit. Some of the reasons why someone might want to refinance include a lower monthly payment, a loan with an earlier end date, or a transition from a risky adjustable-rate mortgage to a much safer fixed-rate mortgage. These are a few of the common reasons why someone might want to refinance through HIRO.

Options For Government-Backed Loans

If someone has a mortgage through a government program such as USDA, VA, or the FHA, they will need to apply for other mortgage relief programs. This means looking for streamline refinances. These are specific refinance programs that are meant for people with loans backed by the government. These programs often have less paperwork because there is no need to verify income or employment. Furthermore, there is no need to get the home appraised.

14

Apr

By First Rate Financial Group

Real Estate

Home Improvements For A New Home Or When Getting Ready To Sell

Home Improvements For A New Home Or When Getting Ready To Sell With time on our hands, many of us are busying ourselves with home improvement projects. Some simple changes can increase the attractiveness of a home and may help with a sale. If you are getting ready to sell your home or if you just want to beautify it a little, here are some low-cost tips for home improvements to consider.

Go Green

Adding indoor plants is nice and improves interior air quality. If you have the room for it, consider a vertical garden. A vertical garden may use the entire ceiling-to-floor area of one wall. With the proper type of grow lights, it is possible to create the feeling of a lush tropical forest inside the home.

You can grow a herb garden in a window box, so you always have fresh herbs for cooking. Flowers, which make a lovely fragrance, are wonderful for aromatherapy to create positive feelings. Hang a sprig of fresh eucalyptus in the shower for a spa-like experience.

Water Elements

A water fountain or birdbath in the garden is a pleasant touch. Use a solar-powered water pump so there is no need to connect it to electricity. It will attract birds that are enjoyable to watch.

A small fountain in the home will have a soothing effect from the sound of the falling water. The Chinese art of Feng Shui recommends having some water elements in the home for a more peaceful living space. It can be something as simple as a desk or tabletop water fountain to have a nice effect.

Wall Decor

To spice up a room and give it a fresh look, consider changing the wall decor. Give the wall a fresh coat of paint or new wallpaper and hang new things on it in an attractive way.

Throw Rugs

Colorful throw rugs are helpful to cover a worn area of old carpet. Rugs improve the look of a room without the expense of replacing the carpet. In a larger room, a throw rug may create a space for a certain use, such as a sitting or dining area.

Add Some Color to the Front Door

One quick and easy technique to give a dreary home exterior a bit of curb appeal is to power wash the siding on the front and then paint the front door a dramatic contrasting color. A superbly-colorful front door is very attractive and welcoming.

Summary

With a little imagination and a modest budget, it is possible to make attractive home improvements that have appeal. Just try some of our suggestions and make improvements that you enjoy.

13

Apr

By First Rate Financial Group

Financial Reports

What’s Ahead For Mortgage Rates This Week – April 13th, 2020

What's Ahead For Mortgage Rates This Week - April 13th, 2020 Last week’s economic reports were limited due to closures connected with coronavirus regulations. The Federal Reserve did not issue minutes for the most recent Federal Open Market Committee meeting as the meeting was canceled.

Inflation readings were released; weekly readings on mortgage rates and new jobless claims were released along with the University of Michigan’s Consumer Sentiment Index.

Consumer Price Index Falls In March

The Consumer Price Index dropped by -0.40 percent in March; this was its biggest decline in five years. Lower inflation was largely due to falling fuel prices.

The Core Consumer Price Index, which excludes volatile food and energy sectors, fell by -0.10 percent in March as compared to 0.10 percent growth in February.

The year-over-year inflation rate fell to 1.50 percent growth as compared to February’s year-over-year inflation rate of 2.30 percent.

Products including toilet tissue and disinfectant supplies have disappeared from many store shelves; analysts said that manufacturers of household staples use a steady approach to production and were not prepared or able to meet skyrocketing demand caused by COVID-19.

Mortgage Rates, New Jobless Claims Little Changed

Freddie Mac reported no change in 30-year fixed mortgage rates that averaged 3.33 percent; the average rate for 15-year fixed-rate mortgages was five basis points lower at 2.77 percent. Rates for 5/1 adjustable rate mortgages were unchanged at 3.40 percent.

Discount points averaged 0.70 percent for 30-year fixed-rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Discount points averaged 0.30 percent for 5/1 adjustable-rate mortgages.

Initial jobless claims grew by 6.60 million claims last week; this was just shy of the previous week’s reading of 6.90 million claims filed. Before the COVID-19 outbreak, new jobless claims were typically reported in the mid-200,000 range.

The University of Michigan Consumer Sentiment Index reflected consumer concerns about the impacts of the COVID-19 outbreak. April’s index reading was 71.0 as compared to the March reading of 89.1.

What’s Ahead

This week’s scheduled economic reports include the NAHB Housing Market Index, Commerce Department readings on housing starts and building permits issued. Retail sales data will be released along with weekly reports on mortgage rates and new jobless claims.