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Frosty Fixups: 10 Ways to Winterize Your Home

Wed, 26 Jan 2022 19:38:16 GMT

‘Tis the season for cold weather maintenance.

Winter is right around the corner! For some, this is simply a cooler time of year. For others, a blanket of snow and freezing temperatures are in the forecast. Whatever your local climate during the colder months, taking time to prepare your home now will be beneficial throughout the season.

If you want to reduce heating costs and protect your home, this list of winterization tips will keep you warm and safe all winter long.

Easy Ways to Save Energy.

Install a programmable thermostat . Did you know the Department of Energy recommends keeping the heater at 68°F during the day in the winter? To keep energy costs down, a programmable thermostat is ideal. This gadget lets you customize your heating system to reduce the temperature where possible and warm things up when it’s time to get comfortable.

Keep drafts out of your home . Weather stripping, door sweeps, storm doors, and storm windows are a few simple additions to reduce heat loss during the winter months. These add-ons can be inexpensive and easy, especially when you consider the savings you’ll see on your monthly heating bill.

Clean or replace your furnace filter . Before you turn your furnace on, take time to check the filter. A dirty filter clogged with lint, pollen, dust, and other gunk can spread allergens throughout the house, obstruct airflow, and lead to expensive repairs. Stocking up on your filter of choice early will further simplify this easy task!

Reverse ceiling fans . Most ceiling fans allow you to change the direction and speed of the rotation. By simply reversing your fans and slowing them down, warm air will be pushed gently down to floor level, creating a more comfortable environment without upping your heating bill.

Get an energy audit . Your local power company may offer energy assessments. This service is often free, and will help you identify changes to make your home more energy efficient and save on your energy bill.

Safety Tips for Winter.

Protect your pipes . For much of the United States, the coldest months bring the risk of frozen pipes that can burst and cause water damage. You can winterize indoor pipes with insulation, drain exterior pipes, and turn off and insulate exterior faucets. Be sure to take time to check for leaks.

Inspect the attic . Attic importance is twofold. First, it is where roof problems show themselves, with water damage and mold as two common indicators. Second, proper attic insulation is key for keeping heating costs down and the cold out. If your inspection reveals drips or cold spots, it’s probably time for roof repairs or insulation improvements.

Clean your fireplace and chimney . With over 20,000 fires caused by chimneys each year, servicing your fireplace is critical to keeping your house safe. Start by hiring a professional chimney sweep to thoroughly clean soot and other debris before winter use. Continue to keep your fires safe by cleaning out any ash that accumulates in the firebox.

Trim branches . Snow and ice buildup can cause branches to snap, leading to property damage or downed power lines. Trimming foliage near your house and calling in professionals for larger branches will keep your home safe.

Prepare for winter weather conditions . Taking the time to put fall tools away, prep your winter maintenance gear, and store or protect patio furniture from the elements will leave you ready for the season.

A good move as we enter the new year is to contact one of our dedicated loan officers! They can direct you to local professionals, review financing options, and help you secure a renovation loan to fund projects big and small. Your loan officer will take the time to discuss your mortgage and how we can meet your home financing needs now, and for years to come.

Silence is Scary: Why Communication is Necessary During the Mortgage Process

Wed, 01 Apr 2020 22:22:38 GMT

Communication is one of the most important aspects of the home loan experience. Learn why regular contact with your loan officer is imperative to homebuying success.

During one of the most important financial decisions of your life, you want to be informed and reassured every step of the way. You may encounter roadblocks during your homebuying experience, but what’s worse is not even knowing about them. It’s understandably scary to put all your trust into one person, especially if you don’t hear from them as often as you’d like.

At CrossCountry Mortgage, we understand that. That’s why we put communication first throughout the entire loan process, especially at these four important stages.

Application

Think about when you’re first submitting your loan application. It’s one of the most exciting moments during the mortgage process. It’s the first step and you’re finally taking it! Imagine if you never received confirmation that your application was received. You’d think your application was floating around, lost and unread.

A simple call or email confirming that we’ve received it and will review it is all you need to ease your homebuying jitters.

Loan Submitted to Underwriting

After you’ve completed your loan application, it will go to our underwriters, who will verify all the information you submitted. If there is anything amiss, you should get notified about it in order to move forward with your loan.

Communication is crucial during this stage. If you’re missing a document or we need further clarification on anything, this is when your loan officer absolutely needs to communicate with you.

Clear to Close

This is it – the moment you’ve been waiting for: those three magic words when your loan can be funded and has met all the requirements! The time leading up to this announcement can be anxiety-inducing but now, you’re almost at the finish line.

Not only is it important for your loan officer to communicate with you during this time, the steps that follow should be something they want to speak with you about in detail. It is an exciting stage after all!

Loan Funded

Finally, you’re ready to close on your new home and move in. It’s the final step – of course, you’ll want to hear about it! We make sure you know when and where to need to be to sign your closing documents, and even better, when you can take the next leap in your life with a new home.

I am committed to providing the advice you deserve and the most thorough communication possible throughout your mortgage experience. It’s all about you after all! Ready to experience the difference?

Home Renovations

Tue, 31 Mar 2020 22:22:38 GMT

Maybe it started as a little daydream after you flipped through the latest issue of your favorite home décor magazine. The thought of those gorgeous green soapstone countertops in your kitchen just wouldn’t go away. Then you found yourself showing the spread to your spouse with a wistful sigh, saying, “Wouldn’t that look amazing?” Before you know it, you’re both talking excitedly about new ideas for a dream kitchen.

This is the moment of conception for your home renovation, and it’s full of possibility and promise. But this conversation of the future has to return to the present day before spinning out of reality’s orbit. As with any big life decision, it’s important that you first undergo a thorough reality check to make sure it’s the right big life decision. When it comes to home renovations, the reality check takes the form of a sensible budget.

While it’s always fun to dream about your home remodeling project, there are any number of situational and financial considerations you have to make before the visions of future bliss are fully formed.

There are certain times in life when a home renovation isn’t wise. For instance, if you’re between jobs, providing full-time care for a loved one, or expecting to pay college tuition in the near future, the timing probably isn’t right to absorb the life disruption and dent in the bank account. Further, you must honestly assess your financial picture, because taking out home improvement loans when $50,000 of high-interest credit card debt is staring you in the face might not be a good idea.

But if the timing and money are right for a home renovation, the next step is to write out your ‘musts’ and ‘maybes’. This two-column list captures the elements of the house remodeling that you have to have, as well as those things that you’d like but could do without. Once the list is complete, it’s time to do the math.

When is the right time for home remodeling?

The scale of your house renovation should be dictated by the scale of the home itself. According to Home Advisor, the typical cost for a home remodel is anywhere from $18,439 to $75,850, a rough reflection of differences in square footage among surveyed properties.

There are standard remodeling rules of thumb regarding how much to spend on each room. In general, you never want to spend more money improving a room than the room’s value as a percentage of the total home value. For example, consider the two most popular target sites of home improvement:

Kitchen: A kitchen usually represents anywhere from 5%–15% of the home’s total value. Therefore, if you own a $400,000 home, look to spend between $20,000 and $60,000 on the upgrade.

Bathroom: To revamp the throne room, your budget should be 3%–7% of total home value. Spend between $12,000 to $28,000 on the bathroom renovation in a home valued at $400,000.

Once you know your home’s current value, contact at least three contractors to get bids on your project, including both ‘musts’ and ‘maybes’ in your request. If the number is on the high side, get out the red pen and slash away at the ‘maybes.’ If the total falls in the sensible range go with the contractor you feel most comfortable with and set your renovation schedule.

What else is there to know about house renovations?

Another rule of thumb when it comes to home renovations is to simply be prepared. Projects can go over budget for any number of reasons, so you’ll want to incorporate a contingency fund. Set up your budget with 10%–20% extra to absorb unforeseen costs.

Also, you need to have a general understanding of your neighborhood and your home’s relative value within it. In general, if your home is more valuable than most nearby homes, a remodel has the potential to be a bad investment. The upgrade won’t have a significant impact on your home’s value because appraisers rely on sale prices of surrounding properties (called comparables, or ‘comps’) to determine the dollar figure, and not so much the quality of your new soapstone countertops.

Are home improvement loans a good option?

If you don’t have all the cash you need to cover expenses, we offer a number of renovation loan products and strategies to make it work. They include the FHA 203k loan (rehab loan), cash-out refinancing, home equity line of credit (HELOC) and home equity loan.

The Power of Choice When Buying a Home or Refinancing a Mortgage

Tue, 31 Mar 2020 22:22:37 GMT

Mortgages are not one size fits all. Several home financing programs are available to suit your specific situation

Decisions, decisions. Whether you’re adding items to your Amazon cart or mulling over what you want delivered for dinner from DoorDash, it’s good to have choices. It’s even better to have them when you’re considering a much more significant expenditure like a mortgage (not that tech gadgets and tacos aren’t important—especially tacos).

Buying a home is generally considered to be one of the best investments you can make. Not only does it give you and your family a sense of security and pride of ownership, but it allows you to build equity and bolster your financial standing. The mortgage itself also gives you some flexibility in terms of what you can afford at the outset and what options are available to you down the road.

The trick is to educate yourself on those options and pick the best one for you. At CrossCountry Mortgage, we’re all about helping you do exactly that. Here’s a quick overview of our home loan programs for the two main mortgage scenarios: buying and refinancing.

You’re buying a home.

So, this is it—you’ve decided to take the plunge and purchase a place of your own! Maybe you’ve been renting for years and are ready for the next step in life. Maybe you’ve worked hard over a long career and can now afford that large, beautiful home you’ve always dreamed of owning. Or maybe you’ve decided that rental income should be part of your retirement strategy and you want to invest in real estate.

Clearly, there are many motivations for purchasing a home. To support those various goals, CrossCountry Mortgage offers a broad portfolio of purchase programs:

Choose a fixed or adjustable interest rate with a conventional mortgage.

Put only 3.5% down with an FHA home loan.
Turn that fixer-upper into your dream home with an FHA 203(k) rehab loan.
Buy that luxury or high-cost home with a jumbo loan.
Buy a rural country home with no down payment required with a USDA home loan.
Get 100% financing for military veterans with a VA home loan.
You’re refinancing an existing mortgage.

Already own a home? You may be surprised at what you can do with your existing mortgage. From refinancing to lower your rate and monthly payment to consolidating debt into one loan, refinancing gives you a wealth of options to put yourself in a more beneficial situation, including:

Lowering your rate and monthly payment with a conventional refinance.
Lowering your mortgage insurance premiums with an FHA Streamline Refinance.
Addressing a situation where you owe more than your home is worth with a HARP refinance loan.
Accessing funds for repairs or special purchases with a home equity loan.
Supplementing your retirement income if you’re 62 years or older with a reverse mortgage.
Lowering the interest rate on your existing Veterans Administration mortgage with a VA Interest Rate Reduction Refinance Loan.

Refinancing can reduce your monthly payment initially, but that doesn’t always mean it will save you money in the long run. Fees and interest rates need to be considered when calculating if your new mortgage will save you money over the entire life of the loan. A licensed loan officer will be able to help you decide if refinancing is right for you. We’ll help you calculate at which point you will break even and begin to save.

You’re not alone!

Even with all of this information at your disposal, chances are you’ll still need help identifying the right loan program for your specific situation and personal financial goals. That’s what I am here for! I will guide you toward the right decision by helping you understand the available options and will walk you through the home financing process from start to finish so you know exactly what to expect.

When you’re ready, start the conversation. I am here to make the mortgage process easier for you!

Federal Reserve Cuts Interest Rates to Near Zero

Mon, 16 Mar 2020 21:28:37 GMT

Does that mean mortgage rates are almost zero as well? Should you lock in a rate today?

HousingWire reported on Sunday that the Federal Reserve made its second emergency cut in two weeks, slashing 1% off its benchmark rate. The Fed also renewed a program to buy Treasuries and mortgage bonds in an effort to bolster the economy as the coronavirus that causes COVID-19 spreads in the U.S.

Many consumers assume mortgage rates mirror the Fed rate. In an extensive article posted soon after Sunday’s cut, Mortgage News Daily’s Chief Operating Officer Matthew Graham explained why this is NOT the case. I encourage you to read the entire article for the complete details, but here are the primary takeaways:

The Fed did not just cut mortgage rates.
Mortgage rates often move in the opposite direction as a Fed rate cut/hike and did exactly that at the end of last week.
You may be able to get a lower rate at some point in the coming weeks, thanks to the Fed’s reinvigorated mortgage bond buying efforts.
Make sure your originator has what they need from you in order to lock when and if your desired rate becomes available.

Speaking to that last point, the best approach for now is to make a game plan. Let's connect today so you’re ready to seize the moment and get the lowest rate possible on a new home purchase or refinance. Just know that rate is NOT near zero right now, even though the Fed’s rate is.