Shopping for the Right Mortgage
The list of available mortgages has grown significantly over the years, leaving you to sift through all the information on all the different options before finally finding the one that works best for you. There are ways, however, to make this process easier. Seek advice from an experienced mortgage professional and have them help you to consider these questions:
- How long do you anticipate living in this home?
- Do you expect any changes in the next few years such as expanding your family or having your children go to college and/or move out?
- Do you expect any major changes in income due to promotions, relocations, retirement, pensions, or inheritance?
- Are you expecting any changes in your investments?
- Are you conservative, aggressive, or somewhere in between when it comes to investment strategies?
These questions are important because they help determine which loan program will best fit the stage of life you’re in. Each loan has different aspects that appeal to and benefit different kinds of households. They’ll also help you determine whether or not you’re working with the right mortgage professional. If they don’t ask these questions, they may not be your most helpful choice.
Ultimately though, the most important factor you have to consider is cost. Make sure you’re given a complete picture of how much your mortgage will cost you over the period of time you intend to have the loan. This will illustrate the greater picture of your financial goals and allow for adjustments should changes occur sooner than anticipated. The recommended time frame for this projection is anywhere from three to seven years.
Call Homestead Funding Corp. today to find out what mortgage is right for you!
Getting ready to move? Make the process a little less stressful by using this checklist to keep yourself organized!
4 WEEKS PRIOR TO MOVE:
|__||Set up a "move" calendar|
|__||Have a garage sale or set up sales on Facebook sites or Craigslist|
|__||Donate old books to your local library|
|__||Donate un-needed furniture to charity|
|__||Donate old towels and blankets that are still in good condition to your local vet|
|__||Discard all aerosols, paint, oils, and other flammable or toxic chemicals (many times this needs to be set up months in advance as each community has their own specific drop stations for these items)|
|__||Contact insurance company to transfer policies (life, auto, homeowners)|
|__||Contact doctors, dentists for copies of medical records if you are changing practices|
|__||Contact schools for copies of student records if moving to a new school district|
3 WEEKS PRIOR TO MOVE:
|__||Review tax deductions on moving expenses|
|__||Arrange cut-off date for utility companies (telephone, gas, electricity, water, garbage, cable)|
|__||Request change of address kit from post office|
|__||Check out voter registration information for the new area|
|__||Call friends and relatives to let them know you are moving|
2 WEEKS PRIOR TO MOVE:
|__||Transfer stocks, bonds, bank accounts and contents of safe deposit boxes|
|__||Prepare a list of clothing that will not be packed with household goods|
|__||Take time to check off previous listed items while you still have time|
1 WEEK PRIOR TO MOVE:
|__||Label items you will need to access easily and place them in separate room or closet|
|__||Clean out your refrigerator and let it air out at least 24 hours before moving|
|__||Drain outdoor equipment: Water hoses, propane tank from BBQ grill, gas and oil from lawnmowers|
|__||Schedule with utility companies to have utilities turned on at your new home|
MOVING OUT DAY:
|__||Remember, items packed last will be unloaded first|
|__||Conduct a final review of the house, including attic, stairwells, closets, cupboards, storage, garage, and behind doors|
MOVING IN DAY:
|__||Have the house ready for delivery prior to the truck's arrival|
|__||Take a break, sit back, relax and ENJOY YOUR NEW HOME!!|
First time home buyers are not the same as years gone by. They generally play the same role, but their primary characteristics have evolved. By understanding these characteristics, we can better recognize what drives their decisions and be more prepared to connect with them to meet their unique needs.
Delaying their home purchase — In the early 1980s, the median age for a first time home buyer was 29.6. Now, it’s 32.5. It’s assumed that buyers are working to pay off their student loan debt before buying a home. They are then able to save more and afford a better home in a nicer neighborhood later on. They may also wait until they have an established career and a more reliable income, making them less of a risk for larger loans.
Renting Longer — Today’s first time home buyers have been renting longer, approximately six years total, before purchasing a home. As a result, they may not know the extra costs that exist in owning a home. Be sure to help them understand how the loan repayment process works and of any and all additional costs.
Buying on their own — Fewer people are getting married lately, or they are waiting longer to do so. First time home buyers who fall into this category are less likely to co-borrow and typically take out smaller loans to purchase smaller houses.
Experiencing less wage growth — A first time home buyer has probably had a flat income the past few years while home values have increased. This makes buyers more likely to wait to find the home they want at a price they can better afford.
Buying more expensive homes — Fist time home buyers were once known for buying “starter” homes—typically older homes with only one or two bedrooms. However, in recent years they have been purchasing more expensive homes. This may be due to fluctuating inventory, saving more money for down payment, or changing lender standards. Regardless of the reason why, you can help these clients by exploring products that accommodate larger loan amounts.
The factors and characteristics that drive today’s first time home buyer also affect their borrowing needs. Here at Homestead Funding Corp., we are able to adapt to these needs in order to understand and respond to each client’s thought process to create the relationship necessary for a positive mortgage experience. ecessary for a positive mortgage experience.
Now that the kids are back in school and the fall sports season has begun, many of us find ourselves wondering how we’re going to get everything done. It can be difficult to juggle daily tasks when we work two jobs – the one that pays the bills, and the one that we love (at least most of the time): raising our kids.
If you feel like you are running ragged trying to keep up, these tips can help you balance work and family life:
Get up before the rest of the family. Getting an extra 15 minutes of sleep is nothing compared to how relaxed you’ll feel if you get up and get ready before the craziness of the morning hits. Whether it’s your morning workout, taking a shower, or drinking that much needed cup of coffee, when your act is together it makes it easier to get their act together.
Prepare for the day ahead of time. From picking out their outfits for the next day or even week, to making lunches the night before, to keeping frozen meals at the ready for fast and easy dinners, taking a few minutes to prep ahead can make the day run smoothly.
Come up with a routine and stick to it. Having a set schedule for the day will ensure your kids know what to expect when, and what's expected of them. Schedule conflicts and melt-downs can be avoided when everyone knows the plan.
Stay involved in your kids’ day. Working during the day doesn't mean you can't be an active participant in your kids' daycare or school. Visiting on your lunch may not be an option for you, but you can always bring in an activity or a snack for the kids. You could also use your skills to help with a class project. You’ll feel more involved with your kids and they, as well as the school, will know you care.
Make time for some R&R. At the end of the day, make sure you plan some time for you and your partner to rest and recuperate together and just be adults. Try to plan a lunch date, dinner, or movie night once a week without the kids. Having a bit of “you” time in your schedule can help you manage the rest of the demands on your time.
We all have what it takes to keep going even when we feel there’s too much happening at once. Working even just one of these things into your daily or weekly routine can make a difference in your work/life balancing act.
A Brief History of Labor Day
Created during the height of the Industrial Revolution, Labor Day was meant to pay tribute to American workers. The holiday was first recognized on September 5, 1882 when 10,000 blue collar workers took unpaid time off to march from City Hall to Union Square in New York City in protest, creating the first Labor Day parade. This idea for a “workingman’s holiday” began to gain precedence in other states, being recognized each year on the first Monday of September. However, the congressional act that officially named Labor Day as a national holiday wasn’t passed until 1894. Now Labor Day is celebrated nationally, giving workers a well-deserved day to relax, and marking the end of summer for most children who are starting back at school.
Fun Things to do for Labor Day
The first Labor Day was celebrated much like it still is today, with a parade, picnics, and fireworks, but there are so many more options on how to spend the long weekend.
Host a Barbeque — Labor Day marks the end of summer, which doesn’t just mean it’s time to put away the white pants. Have a nice outdoor meal while the weather’s still agreeable and spend the day surrounded by good company and delicious food. Whether you invite some friends to join you or just stick together as a family, a barbeque is a great way to get together and enjoy some time in the yard before life gets out of hand.
Go Camping — Nature is calling! Go for a camping trip before it’s too cold and enjoy some time where you can see all the stars in the sky while telling stories around a campfire. Bring your family or a handful of friends and delight in some peace and quiet away from the hustle and bustle of everyday life. You will create wonderful memories and hopefully brighten your mood towards the coming work week.
Go for a Hike — Don’t have the full weekend free? You can still spend a day appreciating nature while also getting a good amount of exercise. Hike a mountain or walk a park trail. Bring a picnic lunch and sit for a while in the great outdoors. Remember, never hike alone. It’s dangerous and not nearly as fun as when you bring along other people.
Shopping Spree! — It’s impossible not to notice the amount of sales happening for Labor Day weekend, and with back to school and the changing of the season, it’s a great time to take advantage of them. Change up your wardrobe, prepare the kids for the new school year, or even look into bigger purchases while prices are in your favor. Make a day of it, treat yourself a little, and get ready for the new season.
Take a Trip — It’s your last real vacation option until Columbus Day weekend, so take advantage of it. Visit a family member who lives out of town or just go to a small tourist location. You could go away for the weekend or just take a day trip or two. Find a beach and spend a day in the sand before summer officially ends. It’s a great time to explore somewhere new.
Festival Fever — Just because it’s suddenly September doesn’t mean it’s the end of fair and festival season. Yes, many fairs will be reaching their last weekend, but many will still be open through the holiday, and others might just be starting. There are sure to be events filled with carnival rides, games, crafts, music, or bizarre and definitely fried foods. What reason is there not to go?
Relax — Most people have a day off, so why not just treat it as such? Try to have a you day. Read a book, watch a movie with your family, maybe play a board game or two, and just chill. Soon there’ll be projects and sports practices and holidays to prepare for, so why not take this time to breathe and rest easy before the busy insanity of life comes to knock on your door.
However you choose to spend your day, have fun, be safe, and remember that the holiday exists to appreciate a year of hard work and to pay tribute toward the laborers who built America up to what it is today.