Sign up for the Self-Publishing Success Summit for FREE!

July 7, 2015 | Crystal Paine

FavoriteLoadingAdd to my favorites

Sign up for the Self-Publishing Success Summit for FREE!

Have you ever considered writing a book? If so, you’ll want to sign up for the FREE Self-Publishing Success Online Summit being held July 12-23.

This Summit features interviews from 37 different authors and entrepreneurs and will give you lots of valuable information to help you write, market, and publish your book.

Here are the three main topics this online event covers:

Step 1 – Writing You Book – You’ll learn how to easily & effortlessly write your first book and how to overcome the doubts and fears that keep you from writing.

Step 2 – Marketing & Publishing – Learn how to successfully launch your book once it’s written…including revolutionary “outside of the box” tactics today’s top authors are using to sell more books.

Step 3 – Monetizing (Making Money) – Take your book to the bank. Speakers share their top strategies to build passive income, even a business, from your first book… including how to use a book to drive 1,000’s of leads & customers.

Sign up for this event for FREE here.

Subscribe for free email updates from Money Saving Mom® and get my Guide to Freezer Cooking for free!

Read Newer Post
« 48-Hour Giveaway: 1-Year Adopt-an-Olive-Tree Subscription (1 Winner)
Read Older Post
IHOP: Get a Short Stack of Buttermilk Pancakes for just $0.57 on July 7, 2015! »

Source: moneysavingmom.com

Borrowers With Fannie Mae, Freddie Mac Mortgages Can Receive Up to 18 Months of Forbearance, Regulator Says

The Federal Housing Finance Agency will allow homeowners to receive an additional three months of forbearance as it extends the COVID-19 relief options available.

The agency announced Thursday that homeowners with loans backed by Fannie Mae and Freddie Mac  can receive up to 18 months of payment relief. To be eligible for the extended forbearance, homeowners must already be signed up for a forbearance plan by the end of February.

The FHFA also amended its separate payment deferral option for homeowners so they can now miss up to 18 months of payments. Those missed payments can be repaid when the mortgage reaches maturity, when the home is sold or when the mortgage is refinanced.

Originally, Fannie Mae and Freddie Mac instructed loan servicers that mortgage borrowers could request up to 12 months of forbearance on their mortgages as a result of the coronavirus pandemic. But earlier this month, the FHFA extended the forbearance period by an additional three months, for up to 15 months’ forbearance.

The new changes announced Thursday were made to bring the agency’s policies in line with the policies set forth by the Biden administration for loans backed by the federal government, including Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) mortgages.

Beyond extending forbearance, the FHFA also announced that it was extending its moratoriums on single-family foreclosures and real estate owned (REO) evictions until June 30. The moratoriums were previously set to expire at the end of March.

Source: realtor.com

Pending Home Sales Fall in January as Inventory Constrains Buyers

The numbers: The index of pending home sales fell 2.8% in January after four consecutive months of declines, the National Association of Realtors said Thursday. The index captures real-estate transactions where a contract was signed but the sale has not yet closed, making it an indicator of where existing-home sales will go in the months ahead.

The median forecast of economists polled by MarketWatch had called for a 0.5% decline in pending sales on a monthly basis.

“Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” Lawrence Yun, the chief economist for the National Association of Realtors, said in the report. “That said, there has been an increase in permits and requests to build new homes.”

Compared to 2019, pending sales were up 13%, indicating that the housing market remains strong despite the weakness that has crept in during the winter months.

What happened: Pending sales didn’t fall across all regions, as contract signings increased slightly in the South. The largest decline in pending sales occurred in the West, where the index dropped 7.8%, closely followed by the Northeast (-7.4%).

The big picture: A record-low inventory of homes is leaving buyers with few options to choose from, and builders have even begun selling a vast array of properties that haven’t been built yet to meet this demand.

But there’s evidence that demand could begin to suffer as affordability concerns grow. “The timely weekly mortgage purchase applications index is signaling a slowing in activity,” said Rubeela Farooqi, the chief U.S. economist at High Frequency Economics, while citing mortgage application data from the Mortgage Bankers Association. The latest reading signified the lowest level for mortgage applications since mid-May of last year, Farooqi noted.

Some of the decline in the volume of mortgage applications was a reflection of the disruption in Texas caused by recent winter storms. But generally speaking, rising mortgage rates are reducing interest from home buyers to an extent. With prices also quickly rising, buying a home is becoming less and less affordable, which could hinder home sales in the months to come.

What they’re saying: “Home buyers are staying surprisingly active during the colder months. However, buyer demand is getting squeezed by a scarcity of ‘For Sale’ signs and rising mortgage rates,” said Realtor.com senior economist George Ratiu.

Source: realtor.com

Rising Rates Damp Mortgage Applications Ahead of Spring Selling Season

Mortgage rates reached their highest level since November last week, cooling off home purchase and refinance applications ahead of the all-important spring selling season.

The average rate on the 30-year fixed-rate mortgage rose to 2.81% in the week ended Feb. 18, the highest since the second week of November, according to mortgage-finance giant Freddie Mac. A measure of mortgage applications fell 11.4% over the same week, according to the Mortgage Bankers Association.

Improving Covid-19 vaccination rates in the U.S. and expectations of a large federal stimulus package in the coming weeks drove benchmark 10-year Treasury note yields, which are closely tied to mortgage rates, to their largest weekly gains in more than a month last week. Demand in safe-haven assets such as government bonds weakens when investors feel optimistic about the economy.

“Higher rates are a signal of expectations of faster growth and a stronger job market ahead,” said Mike Fratantoni, the MBA’s chief economist. “This last week, rates have turned faster than many people had anticipated.”

Rising rates sometimes prompt borrowers to put their mortgage plans on hold for a few weeks, Mr. Fratantoni said. Measures of purchase and refinance activity fell 11.6% and 11.3%, respectively, in the week ended Feb. 19, according to MBA data.

If mortgage rates begin to increase at a faster pace, some borrowers could be discouraged from attempting to buy a home during the crucial home-selling months of March through June. In a typical year, more than 40% of annual home sales are made during this period, according to the National Association of Realtors.

Still, rates remain historically low, and more people are applying for purchase mortgages and refinances than at the same time in 2020. Last year was a banner one for the housing market, thanks in large part to mortgage rates, which fell below 3% for the first time last summer.

Mortgage lenders originated a record $3.6 trillion worth of mortgages last year, according to the Mortgage Bankers Association, an increase of more than 50% from 2019. Refinances accounted for about 59% of that volume. With the 30-year rate near 2.81%, between 16.7 million and 18.1 million Americans could lower their monthly mortgage payments through a refinance, according to mortgage-data firm Black Knight Inc.

Lissette Gomez will close this week on a new loan that lowers the mortgage rate on her Cleveland-area condo to 2.75% from 4.125%. Ms. Gomez, a special-education teacher, said she decided to refinance after she watched her boyfriend get a much lower rate on his mortgage.

“Everybody was getting the word, especially in the second half of 2020, that the rates were super low,” Ms. Gomez said. “I wanted to refinance when people were jumping on it, and the numbers were as low as they’ve ever been.”

Source: realtor.com

U.S. Existing Home Sales Rise in January as Buyers ‘Snatch Up’ Any New Listings

The numbers: U.S. existing home sales inched up 0.6% to a seasonally-adjusted annual rate of 6.69 million, the National Association of Realtors said Friday. Compared with a year ago, home sales were up 23.7%.

Economists polled by The Wall Street Journal had forecast that existing home sales would fall to a median rate of 6.66 million.

What happened: The median existing-home price rose to $303,900 in January, up 14.1% from a year ago.

The inventory of homes for sale fell to a record low 1.04 million units by the end of January. That’s a 25.7% decline year-over-year. The market had a 1.9-month supply of homes for sales. A 6-month supply is considered a sign of a balanced market.

The South and the Midwest showed an increase in sales in January.

Big picture: Sales have been moving sideways since setting a cycle high in October. Economists think that low mortgage rates will continue to boost housing demand in coming months. Buyers are also looking for more room and more remote locations in the wake of the pandemic.

What the NAR said: “Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market. Sales easily could have been even 20% higher if there had been more inventory and more choices,” said said Lawrence Yun, NAR’s chief economist.

What economists are saying? “In general, record low mortgage rates and families fleeing more crowded living situations are fueling demand for single family homes in spite of ongoing turmoil in the labor market and higher home prices. Indeed, this is one sector which is coming out of the crisis stronger than it went into it,” said Josh Shapiro, chief U.S. economist at MFR Inc.

Market reaction: U.S. stocks opened higher Friday with the S&P 500 index up 12.48 points in mid-day trading after declining in the past three trading sessions.

Source: realtor.com

Home Builder Confidence Improves, but High Construction Costs Remain a Concern

The numbers: The construction industry’s outlook improved in February amid better foot traffic from home buyers, even as the cost of building homes increased.

The National Association of Home Builders’ monthly confidence index rose one point to a reading of 84 in February, the trade group said this week. The modest increase comes after two consecutive months where the index has dropped.

Index readings over 50 are a sign of improving confidence. Last spring, the index dropped below 50 as concerns regarding the coronavirus pandemic grew, but the index rebounded and later hit a series of record highs in the fall.

What happened: The index that measures sentiment traffic of prospective buyers increased four points to 72. Comparatively, the outlook regarding current sales activity held steady between January and February, while the index of expectations for future sales over the next six months declined by three points to 80.

On a regional basis, builders’ confidence regarding the housing market in the Northeast improved dramatically, rising from 68 in January to 89 in February. Builders also grew more confident about the state of the market in the Midwest and maintained their positive outlook on the South. Confidence worsened slightly in the West, however.

The big picture: Demand for new homes remains extremely high. The lack of existing homes for sale, plus renewed interest in suburban living amid the pandemic, is pushing buyers further out from major cities and toward newly-constructed developments. But price pressures could begin to affect builders and buyers alike in the coming months.

“Lumber prices have been steadily rising this year and hit a record high in mid-February, adding thousands of dollars to the cost of a new home and causing some builders to abruptly halt projects at a time when inventories are already at all-time lows,” Chuck Fowke, who is the current chairman of the National Association of Home Builders and a custom home builder from Tampa, Fla., said in the report.

“Builders remain very focused on regulatory and other policy issues that could price out households seeking new homes in a tight market this year,” Fowke added.

What they’re saying: “Housing starts and permits should moderate, but from the highest levels since 2006, as building activity continues to be supported by strong demand for homes — especially single-family construction — and low inventories,” Rubeela Farooqi, chief U.S. economist at High Frequency Economics, wrote in a research note.

Market reaction: The Dow Jones Industrial Average and the S&P 500 index were both down slightly Wednesday morning.

Source: realtor.com

We Paid Cash: Our Boys’ Bathroom Renovation

We paid cash!A testimony from Jennifer who blogs at A Healthy Mix

My husband and I purchased our home in July, 2012.

We paid $21,000 for an 1800 square foot home and 2-acres of land. It needed a lot of work, but we made the decision to remodel our home debt-free. It has been a work in progress ever since.

At the beginning of the year my husband received a $1,000 bonus and we knew we wanted to use that money for our latest renovation project — our boys’ bathroom.

We weren’t sure how we were going to remodel an entire bathroom on less than $1,000, because normally, bathroom remodels are expensive. We began by searching Pinterest for a look we desired and set out to achieve it on a small budget.

Getting Started

We knew we would have to refurbish as many items as we could.

We were able to salvage:

  • the shower
  • the toilet
  • a large mirror
  • the shower fixtures
  • other bathroom fixtures

We searched the internet for hidden treasures. We found a brand new pedestal sink ($25) on a yard sale page. Then we went to Lowe’s to match our wants with the right price.

Transformation

Shower:

We were able to totally transform the old shower by using CLR and a lot of elbow grease. We decided to change the look of the shower by adding sheets of galvanized tin ($12 each) for the walls.

We used wood trim ($3 each) to finish the look. We soaked the old shower fixtures in bleach overnight, and they looked brand new. We did purchase a replacement shower faucet ($10).

Floors and Walls:

We installed the tile floors ($0.62 each). We painted the walls ($25). We used floor molding for both the floor and ceiling. We purchased the contractor pack ($72) since it actually cost less per unit and the leftover pieces could be used elsewhere in our home. 

Accessories:

We purchased a glass cutter and cut the large mirror in half. We used left over pieces of the shower trim to trim out the mirror that was placed over the pedestal sink.

We splurged on a curved shower curtain rod ($42) since our kids were not getting a new shower. This was an inexpensive way to make their shower feel larger. We also purchased a new shower curtain ($30).

Since our boys had a pedestal sink instead of a vanity, we made holders that attached to the walls out of wood and mason jars that would hold their toothbrushes, hand soap, etc. We used jars we already had and scrap wood so it only cost $2 to create extra storage.

We changed the light fixture in the bathroom by screwing in a Mason jar into the old fixture. It completed the country look and cost us nothing.

We were actually able to complete the project for less than $500! It was amazing to see what was once the worst room in our home be transformed into a nice space on such a small amount of money.

bathroom reno

Jennifer is a wife, mother to three handsome boys, a lover of homesteading on a smaller scale, and an aspiring writer. She loves sharing what she learns with each passing day and encouraging others to chase their dreams while she is busy chasing her own. You are invited to come along on this journey with her at A Healthy Mix.

Have you saved up and paid cash for something — large or small? Submit your story for possible publication here.

Source: moneysavingmom.com