Blog – CTeBockhorst's Blog

Shopping For Home Improvement Supplies Safely

September 29, 2020 by Coleen TeBockhorst

Shopping For Home Improvement Supplies Safely The coronavirus pandemic has impacted everyone and everyone is trying to go about their lives in a safe manner. With so many people spending time at home, now is the perfect time to conduct home improvement projects. At the same time, carrying out a home improvement project is going to require supplies.

While many people are trying to avoid going to the store to buy supplies right now, there are also no contact ways to shop for home improvement supplies. Take a look at the tips below and collect supplies for the home improvement project in a safe way.

Invest In Curbside Pickup

There are lots of home improvement stores that have curbside pickup options available. Even some of the biggest department stores in the country are offering the service. Therefore, take a look at the website of some of the local stores. Then, see if they do curbside pickup. If they do, then it might be possible to place an entire order online. Then, simply pull up to the curb and have it loaded into the trunk.

Have The Supplies Delivered

In some cases, it might even be possible to have these supplies delivered to the home. Even though this is going to come with an extra cost, there are some home improvement projects that are large enough to make this option worth it. That way, not only is this a no-contact way of shopping but it also prevents the supplies from being damaged on the way to the house.

Hire A Personal Shopper

There are lots of people who are looking for ways to avoid going to any store right now. This includes not only grocery stores but home improvement stores as well. Therefore, it might be possible to use an app to hire a personal shopper to do all of the shopping. This is a great way to not only have the supplies delivered to the home but also a boy having to take a trip to the store.

Shop For Home Improvement Supplies Safely

These are a few of the most important tips to keep in mind when it comes to shopping for home improvement supplies during the coronavirus pandemic. These no contact tips can help people pull off home improvement projects safely without having to set foot in a store.

What’s Ahead For Mortgage Rates This Week – September 28, 2020

September 28, 2020 by Coleen TeBockhorst

What's Ahead For Mortgage Rates This Week - September 28, 2020 Last week’s economic news included readings on new and existing home sales and Fed Chair Jerome Powell’s testimony on changing the Fed’s business loan policy. Weekly readings on mortgage rates and jobless claims were also released.

Sales of New and Pre-Owned Homes Rise In August

New homes sold at a seasonally-adjusted annual pace of 1.01 million sales; analysts expected the sales pace to fall to 900,000 sales from July’s reading of 965,000 new home sales. Homebuyers turned to new homes as the supply of pre-owned homes dwindled. Homeowners stayed put as fears over COVID-19 contagion limited sales.

Pre-owned homes sold at a seasonally-adjusted annual rate of six million homes as compared to the expected reading of 6.03 million sales and 5.86 million sales in July. Previously-owned home sales rose by 2.40 percent from July to August and were 10.50 percent higher year-over-year. The sales pace from July to August was the fastest since December 2006.

The median sales price of pre-owned homes rose to $310.600 in August and the average price for pre-owned homes was 11.40 percent higher year-over-year. Inventories of available pre-owned homes were lower than the six months supply considered average; there was a three months inventory of unsold pre-owned homes in August.

Mortgage Rates, Jobless Claims Mixed

Freddie Mac reported higher fixed mortgage rates last week as the average rate for 5/1 adjustable rate mortgages fell. 30-year fixed-rate mortgages rose three basis points on average to 2.90 percent. Rates for 15-year fixed-rate mortgages averaged 2.40 percent and were five basis points higher. The average rate for 5/1 adjustable rate mortgages was six basis points lower at 2.90 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages, 0.70 percent for 15-year fixed-rate mortgages, and 0.20 percent for 5/1 adjustable rate mortgages.

New jobless claims rose to 870,000 new claims filed from the prior week’s reading of 866.000 initial claims filed. Continuing jobless claims fell to 12.58 million ongoing claims from 12.78 million ongoing claims filed in the prior week

In other news, Fed Chair Jerome Powell testified before the House Financial Services Committee regarding the feasibility of the Federal Reserve offering smaller business loans for COVID-19 relief. The Fed’s current minimum loan amount is $250,000; Chairman Powell told the Committee that the Fed’s loan program had few requests for loans of less than $1 million. He also said that if the minimum loan amount was changed, the current lending program would have to be scrapped and restarted from scratch.

What’s Ahead

This week’s scheduled economic releases include Case-Shiller Home Price Indices, pending home sales and reports on public and private-sector jobs, and the national unemployment rate.

Last week’s economic news included readings on new and existing home sales and Fed Chair Jerome Powell’s

testimony on changing the Fed’s business loan policy. Weekly readings on mortgage rates and jobless claims were

also released.

Sales of New and Pre-Owned Homes Rise In August

New homes sold at a seasonally-adjusted annual pace of 1.01 million sales; analysts expected the sales pace to fall to

900,000 sales from July’s reading of 965,000 new home sales. Homebuyers turned to new homes as the supply of

pre-owned homes dwindled. Homeowners stayed put as fears over COVID-19 contagion limited sales.

Pre-owned homes sold at a seasonally-adjusted annual rate of six million homes as compared to the expected

reading of 6.03 million sales and 5.86 million sales in July. Previously-owned home sales rose by 2.40 percent from

July to August and were 10.50 percent higher year-over-year. The sales pace from July to August was the fastest

since December 2006.

The median sales price of pre-owned homes rose to $310.600 in August and the average price for pre-owned homes

was 11.40 percent higher year-over-year. Inventories of available pre-owned homes were lower than the six months

supply considered average; there was a three months inventory of unsold pre-owned homes in August.

Mortgage Rates, Jobless Claims Mixed

Freddie Mac reported higher fixed mortgage rates last week as the average rate for 5/1 adjustable rate mortgages

fell. 30-year fixed-rate mortgages rose three basis points on average to 2.90 percent. Rates for 15-year fixed-rate

mortgages averaged 2.40 percent and were five basis points higher. The average rate for 5/1 adjustable rate

mortgages was six basis points lower at 2.90 percent. Discount points averaged 0.80 percent for 30-year fixed-rate

mortgages, 0.70 percent for 15-year fixed-rate mortgages, and 0.20 percent for 5/1 adjustable rate mortgages.

New jobless claims rose to 870,000 new claims filed from the prior week’s reading of 866.000 initial claims filed.

Continuing jobless claims fell to 12.58 million ongoing claims from 12.78 million ongoing claims filed in the prior

week

In other news, Fed Chair Jerome Powell testified before the House Financial Services Committee regarding the

feasibility of the Federal Reserve offering smaller business loans for COVID-19 relief. The Fed’s current minimum

loan amount is $250,000; Chairman Powell told the Committee that the Fed’s loan program had few requests for

loans of less than $1 million. He also said that if the minimum loan amount was changed, the current lending

program would have to be scrapped and restarted from scratch.

What’s Ahead

This week’s scheduled economic releases include Case-Shiller Home Price Indices, pending home sales and reports

on public and private-sector jobs, and the national unemployment

How To Find The Right Color Combination For Your Home

September 25, 2020 by Coleen TeBockhorst

How To Find The Right Color Combination For Your Home There are lots of decisions that people have to make when it comes to the decorating scheme of their home. One of the key decisions that homeowners face involves the color scheme. Some people are afraid to talk about their color schemes for fear of making the wrong decision; however, the only way to make the right decision when it comes to the colors in the home is to discuss the situation. Have no fear because there are a few steps that all homeowners can take to make sure they nail their home’s color scheme.

Think About The Mood

The first step is to think about the mood of the home. Colors are used to reflect some sort of emotion and they are going to set the mood of the room. What type of mood should the space evoke? It might be helpful to think about the stories that could unfold in the room. For example, pinks and brighter colors are used to reflect both youth and vitality. Darker colors are used to create an earthy, warm vibe. Color should be a part of the design process from the first step.

Ease Into The Process

Next, it is a smart idea to ease into the process. Instead of trying to look at dozens of color tones at the same time, pick a few very different colors. Then, gradually narrow down the selection by looking at colors that are similar to the first one. By gradually moving to bolder colors, homeowners will have an easier time going through the process.

Consider The Saturation Of The Color

Finally, when looking at the possible variations, think about the brightness of the color as well, which is often referred to as the saturation. There are multiple hues in a single color and some hues might overwhelm the furniture or the carpets while others will work well in a synergistic manner. Think about the role the color is going to play in the room and how it might work well with different types of furniture.

Find The Right Color Scheme

These are a few of the most important points regarding home colors. With these tips, it is possible to enjoy the process of finding the right color scheme for the home.

Buying A Home With Cash Versus Low Interest Rate Mortgages

September 24, 2020 by Coleen TeBockhorst

Buying A Home With Cash Versus Low Interest Rate Mortgages The real estate market has been in flux during the past few months. As a result, this could be a great time to both buy and sell a home. This is because mortgage rates are attractive for borrowers right now. With so many people who are looking to buy a home, is likely the people selling a home are going to receive multiple offers. On the other hand, given what the mortgage market looks like right now, borrowers also have attractive options.

As a result, many people are wondering if they should buy a house with cash or take advantage of low interest rates. For homebuyers in this position, there are a few important points to keep in mind.

Consider What The Cash Can Do

Ultimately, a decision to buy a house with cash or taking advantage of low interest rates is going to be a personal decision. At the same time, there are several factors to consider. One of them involves what the cash is going to be used for. For example, many people have heard the saying that cash is king. Buying a house with cash might be right for some people.

On the other hand, there might be some individuals or families who can put this cash to better use elsewhere. For example, if this cash is needed to buy a new car, fun retirement, or pay for someone’s education, then the cash might be better spent in this area. It is important to think about how this cash will be spent when deciding whether or not to use it to buy a home.

The Competitiveness Of A Cash Offer

It is also important to consider the advantages of buying a house with cash. In addition to the obvious benefit of not having a mortgage payment, a cash offer is also going to be seen as more competitive. With so many people looking to buy a house right now, it is critical for homebuyers to appear competitive right off the bat.

A cash offer is always going to look better than someone who is trying to take out a loan because the transaction is simpler, faster, and provides the seller with an instant source of liquidity.

These are a few of the most important points that people should keep in mind when deciding how they are going to purchase a home.

A Step-by-Step Guide to Preparing Your Finances for the Mortgage Pre-Approval Process

September 23, 2020 by Coleen TeBockhorst

A Step-by-step Guide to Preparing Your Finances for the Mortgage Pre-approval Process Being pre-approved for a mortgage isn’t just a way to get a step ahead, in many cases it’s a necessity to buying a home. Many sellers don’t want to go through the negotiation process of selling their home only to have the buyer drop out when they can’t get approval for the mortgage they were relying on.

The Difference Between Pre-Qualification And Pre-Approval

Pre-qualification is a faster process than pre-approval and is usually a best estimate based on how the borrower answers certain questions about their financial history and status.

Pre-approval is way more valuable to a borrower than pre-qualification because it is a commitment from a lender for a decided amount after they have completed an in-depth verification process based on the submitted documentation.

Preparing For The Pre-Approval Process

The majority of lenders will require the same documentation in order to pre-approve anybody for a mortgage, but there is more information they will need in certain cases.

Anybody applying for a pre-approval will need to ready at least two years’ worth of financial information, including W-2s, Form 1099s and federal tax returns as well as current banking and financial records.

Here is where the pre-approval process gets more in-depth, not only will the lender need to see how much money the applicant has in their bank, but they will need proof as to where the money came from. The lender will need to know the difference between income, gifts or investment withdrawals to help them make their decision.

Having this information ready in advance will speed up the process significantly.

Prepare Proof Of Assets And Allow A Credit Check

Applicants will be required to prove ownership of all assets and will need a letter to prove that any cash gifts given to them to assist with the payment are not loans that need to be paid back. This is important information that will help a lender make a decision, so having the letter ready will save a lot of time.

The lender will also need to check the applicant’s credit to compare it to the applicant’s income. Many people refuse the credit check because they are afraid it will impact their credit score, but the impact is very low and the lender needs this information. It is also a good way to learn about any errors in the credit report early, before they can pose a problem down the line.

The process is not nearly as intimidating as it appears, and an experienced real estate agent can help you prepare everything you need well in advance of applying for pre-approval.

Understand Coronavirus Mortgage Relief Options

September 22, 2020 by Coleen TeBockhorst

Understand Coronavirus Mortgage Relief Options The coronavirus pandemic has impacted everyone. For homeowners, they might be wondering how they are able to keep up with their mortgage in light of shelter in place orders, financial difficulties, and unemployment problems.

Federal agencies and regulatory authorities are putting relief measures in place during the pandemic to help people who might have trouble keeping up with their mortgage. When it comes to coronavirus mortgage relief, there are a few tips that everyone should keep in mind.

Talk To The Lender First

The first step is always to talk to the lender directly and see if there are relief options. The last thing A lender wants us to have a bunch of loans go into default. When this happens, the lender might be forced to sell the property for a significantly reduced cost, meaning they will lose a significant amount of money. They do not want their borrowers to foreclose either. Therefore, as long as they are given enough notice, they should be able to help borrowers by adjusting their payment plans.

Understand The Options

Everyone has a different type of mortgage and every contract is different. Borrowers me to take a look at the details of their plans and make sure they understand what their options are. For example, borrowers with certain types of loans might have lenders who are obligated to offer deferred or reduce mortgage payments for a period of six months. This is called forbearance.

This means that borrowers do not have to pay their mortgage for a few months and will not be charged late fees or added interest. It is important to know that they will owe this money eventually. All borrowers need to read their contracts to see if they qualify for forbearance.

Foreclosures And Evictions Have Been Halted

Finally, during the pandemic, Federal officials have imposed a nationwide halt when it comes to foreclosures and evictions. This moratorium only affects borrowers with certain plans. Therefore, everyone needs to read their contracts closely to see if they’re playing qualifies. Furthermore, there are certain cities, counties, and states that have halted foreclosures for everybody.

The coronavirus pandemic has been difficult for everyone. It is important to keep these mortgage relief options in mind and ask for help from professionals. That way, everyone can understand all of your options.

What’s Ahead For Mortgage Rates This Week – September 21, 2020

September 21, 2020 by Coleen TeBockhorst

What's Ahead For Mortgage Rates This Week - September 21, 2020 Last week’s economic news included readings on housing market conditions, housing starts, building permits issued, and consumer sentiment. Weekly readings on mortgage rates and jobless claims were also released.

National Association of Home Builders Reports Record High Builder Confidence

The NAHB reported record high builder confidence in housing market conditions. The Housing Market Index had an index reading of 83 in September as compared to August’s reading of 78. Analysts said that this builder confidence reading was notable due to rising costs for building materials.

Component readings of the NAHB Housing Market Index also rose in September. Builder confidence in current single-family housing market conditions rose four points to an index reading of 88; builder confidence in housing market conditions in the next six months rose by six points to 84. Builder confidence in buyer traffic in single-family housing developments rose by nine points to a record index reading of 73.

Builder confidence readings over 50 reflect growing builder confidence in housing market conditions. March and April fell below 50 but rebounded as demand for larger suburban homes took hold as working from home increased. Record low mortgage rates are allowing home buyers to buy larger homes with more amenities. Robert Dietz, the chief economist for the NAHB, said that “Builders in other areas of the country have reported receiving calls from customers in high-density markets asking about relocating.”

Housing Starts and Building Permits Drop in August

The Commerce Department reported 1.42 million housing starts on a seasonally-adjusted basis in August as compared to July’s reading of 1.49 million housing starts. 1.47 million building permits were issued on a seasonally-adjusted annual basis;

Mortgage Rates Mixed, Jobless Claims Fall

Freddie Mac reported mixed changes in mortgage rates; rates for 30-year fixed-rate mortgages averaged 2.87 percent and rose by one basis point. Rates for 15-year fixed-rate mortgages were two basis points lower on average at 2.35 percent. Rates for 5/1 adjustable rate mortgages averaged 2.96 percent and were 15 basis points lower. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims fell to 860,000 from the prior week’s reading of 893,000 new claims filed. Ongoing jobless claims also fell; 12.63 million were filed as compared to the prior week’s reading of 29.67 continuing jobless claims filed.

The University of Michigan’s Consumer Sentiment Index also indicated economic growth with an index reading of 78.9 as compared to August’s reading of 74.1. Analysts expected am index reading of 75.9 for September.

What’s Ahead

This week’s scheduled economic readings include reports on new and existing home sales along with weekly reports on mortgage rates and jobless claims.

Restoring A Patio On A Budget: 3 Simple Tips

September 18, 2020 by Coleen TeBockhorst

Restoring A Patio On A Budget: 3 Simple Tips There are lots of homeowners who are looking at their patio and are not satisfied with what they see. This is where it is important to think about ways to bring that patio back to life. Whether this means entertaining friends or simply relaxing with a cocktail and a book, there are a few easy ways to bring a patio back to life.

1. Target The Pests

There are lots of pests that like to make their homes in the patio. This might include debris that is brought in by the wind, critters that like to dig underneath the patio, or even kids’ toys. There are ways to prevent critters from making their homes in the patio. Simply place pine cones in the nearby area. This is far easier than using mulch. As for the kids’ toys, that sounds more like a parenting issue!

2. Add A Splash Of Color

One of the easiest tips that can bring a patio back to life is adding a splash of color. Instead of going with the boring brown patio, add some plants to bring some green to the porch. Then, throw in some colored furniture. Finish it off with a colorful umbrella and the patio will look like new!

3. Build A Fire Pit

Finally, those who want to host a party need to have a fire pit. A fire pit is one of the best ways to draw attention away from the patio itself. A mini fire pit acts as the focal point of the room while adding a bit more fun (and function) to the patio itself. This is a great place to roast a few hot dogs, make some smores, and host a party! Adding a fire pit to the patio is one of the top ways to take a sad patio and bring it back to life once again.

Restore An Old Patio With These Tips

A patio is meant to be a place where family members and friends come together to enjoy each other’s company. In order to bring a patio back to life, think about putting these tips to use. This will make the patio functional once again, making the porch the place to be.

Buying A New Car Impacts The Ability To Buy A New Home

September 17, 2020 by Coleen TeBockhorst

Buying A New Car Impacts The Ability To Buy A New Home Those who are in the process of buying a new home need to be aware of some of the factors that might influence their ability to do so. Even though credit score, income, and assets will play major roles in whether or not someone might be approved for a loan, there are other factors that will play a role as well.

Buying a new car might even have an impact on the homebuying process.

Why is this the case?

The Debt Payments On The Car Will Play A Role

There are multiple ways to buy a car. Some people elect to pay cash for the entire vehicle. While this is a challenge for most families, this will prevent any new debt from being added to the family’s finances. At the same time, this could also reduce the amount of cash the family has on hand to put toward the new home.

Most families end up putting a down payment on a car and taking out a loan for the rest. While this is a financially responsible decision, this can also make it harder to purchase a new home. This is because the payments on the car are going to be added to the family’s existing debt. A potential lender is going to see these debt payments and reduce the amount of money they are willing to provide. This could make it hard for a family to purchase their dream home.

Factor In The Cost Of The Car

Those who need a new car need to factor the monthly cost of the car into the home buying equation. For example, if the monthly payments on the car are going to be $200, then this is $200 less that the family can afford for the mortgage payment. The same math has to be done by removing the down payment for the car from the potential down payment on the house.

Do The Math Carefully

People need cars to get around in most parts of the country. At the same time, the financially responsible decision is to take the cost of the car and deduct this from the assets that are available to pay for the home to avoid any surprises. The lender is going to do the same thing.

4 Ways COVID-19 Has Had An Impact On The Home Lending Process

September 16, 2020 by Coleen TeBockhorst

4 Ways COVID-19 Has Had An Impact On The Home Lending Process The COVID-19 pandemic has impacted everyone and this includes the real estate industry. One of the biggest impacts that this pandemic has had involves the home lending process. Because many people are looking for ways to buy a home while engaging in proper social distancing measures, the industry has had to adapt. Learn more about some of the changes the COVID-19 pandemic has forced on the home lending process.

Homes Are Getting More Affordable

The demand for homes right now is high; however, homes are still more affordable than they have been in the past. Lenders are trying to find ways to encourage people to purchase homes because they have seen a drop in their business as well. As a result, many lenders are willing to provide potential homeowners with great offers and opportunities to purchase a dream home.

Online Applications Are Becoming More Common

Next, online applications are becoming more common as well. In order to help people buy a home while still engaging in social distancing, it is possible to complete the home application process online. This is usually provided through an intuitive system that provides clear instructions on what has to be submitted for the application process.

Buying Power Is Going Up

Because many homeowners and potential home buyers are realizing that now is a great time to buy, they are learning that they have a lot more power. They might be able to afford a larger home or carry out a home improvement project after buying their home. This provides more flexibility for homeowners.

Refinancing Is Becoming More Common

In addition to changes in the home buying process, there are changes taking place in refinancing as well. Many current homeowners are realizing that they have a unique opportunity right now as well. As a result, they are taking advantage of the opportunity to complete a refinancing deal to save money.

Home Lending Is Changing

These are just a few of the major changes that have taken place in the home lending process due to the COVID-19 pandemic. Anyone who owns a home or is thinking about buying a home should consider looking at their available options as well. There could be opportunities to save money.

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