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The pandemic has caused millions of Americans to file unemployment claims over the last few months. Those who have been laid off or furloughed may be concerned about how this will affect their opportunities to buy a home in the future. Rest assured, unemployment will not derail your plans of homeownership. However, there are some things you should keep in mind as you prepare to buy a home down the road.

Short-term challenges when buying a home

Losing your job in the middle of buying a home can mean that you’ll need to hold off on closing. Unfortunately, lenders take into account that lost income when determining your eligibility for a loan. Unless you’re purchasing the home with someone else, such as a spouse, who can offset that lost income, the lender will probably not approve your loan. But what if you’re collecting unemployment? In most cases, lenders consider that temporary income, and it won’t be used to help you qualify for the loan. If your company is short on staffing and recruiting this article has the information you need to solve your problem.

Long term affects of unemployment when buying a home

The good news is, once you are again employed, you won’t have to wait too long before shopping for a house. Most lenders do like to see a steady employment history. That means six months at your current job and two years of being employed. Anything older than two years should have no affect on your ability to qualify for a home loan.

How unemployment affects your credit

Your credit score is a big factor when it comes to getting qualified for a home loan. And unemployment can certainly have an affect on your credit score, depending on how you handle your financial stresses. If you fall behind on your bills, then you may be reported to the credit bureaus. This could have a negative effect on your credit score. Unemployment also affects your debt-to-income ratio. This is the ratio of how much money you make versus how much you owe. If your income takes a hit, you may rely more on your credit cards, which will increase your ratio.

How to minimize financial issues during unemployment

As a future homebuyer, it’s important to take on as little debt as possible while you’re unemployed. Limit your spending and try to stay current on your payments. Always make your minimum monthly payments, and reach out to your creditors to see if you can arrange for lower payments, deferment, or even forbearance. Look closely at your bills to see where you can make some adjustments in the short term to save money during this time. Fixed natural gas prices Alberta help to keep bills low.

Recovering from unemployment

While unemployment is a scary and daunting time, you can recover. If your credit score takes a hit, then there are ways that you can repair it. In as little as six months, your credit score can bounce back to a level that is acceptable by many lenders. The bottom line is, while unemployment may put your dreams of homeownership on hold for the time being, it doesn’t mean it will forever. And there are steps you can take during your unemployment period to mitigate damage and be prepared more quickly for your future home purchase, but instead of waiting around for that to happen you should take a look at some Online Employment Seeking Platform options so you can find a job that can help your financial needs.

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As if living through a pandemic weren’t tough enough, now we’re headed into the middle of hurricane season. Hurricanes can wreak havoc on property, so it’s important to assess the risk if you’re buying in a hurricane-prone area. Have you found a home you love that’s in an area that experiences hurricanes and flooding? Then here are the questions you need to ask yourself.

What is a hurricane zone?

First of all, let’s define what a hurricane zone is. A hurricane zone is an area where hurricanes most often make landfall. Millions of homes in America are located in hurricane zones, especially those along the East Coast and the Gulf of Mexico. Hurricanes are most likely to happen between June 1 and November 30 each year and have wind speeds between 74 to 157 mph. It’s common for power to go out during stormy weather, especially when hurricanes occur. To avoid being left in the dark and cold during this time, you can rent a generator at https://expertgeneratorhire.co.uk/

What kind of damage do hurricanes cause?

Wind damage is one of the most common kinds of damage that a hurricane will cause, especially to the roof. But hurricanes also cause storm surge where water rises to an abnormal level causing flood damage. They can also cause downed trees and power lines that can damage a home’s structure.

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What kind of house should I purchase?

Some types of homes are better at withstanding hurricanes and floods than others. Homes designed with a dome shape tend to fare better against wind damage. In addition, homes that are built on stilts will be better prepared for the storm surge.

What is the cost of homeowners insurance?

Where you live within a hurricane zone can have a drastic effect on how much you pay for homeowners insurance. In some cases, you may even need a different policy to cover losses from the wind. Call around to get quotes from different companies for homes you’re interested in. You will find that those homes closer to the water or flood zones will have higher premiums. You can save money on your insurance costs by buying just outside of this zone.

Should I purchase flood insurance?

Flood insurance is not included with a typical homeowners insurance policy. Flood damage can be extremely costly. The only way to be protected from those expenses is to purchase flood insurance. Make sure the ones that will restore the property after the damage are professionals like the ones from Minneapolis water damage restoration. In fact, if the property is located within a flood zone, you may be required to carry flood insurance.

Is the home up to code?

It’s also important to find out when the home was built. In many hurricane zones, building codes have gotten stricter over the years to help protect homeowners from damage. But if the home is older, it may not be up to code. Your home inspector can tell you whether or not the home meets current building standards.

Do I have the money for safety upgrades?

Finally, having all the proper equipment to mitigate damage during a hurricane is extremely important for homeowners. This could include installing impact windows, storm shutters, and a garage door brace and torsion spring. Get the help of garage door installation services for this upgrade. Some of these safety upgrades can be costly, so factor this into your budget when making an offer. Be aware you may also qualify for discounts on your insurance if you implement these safety upgrades.

If you follow the news at all, then you’re no doubt aware that mortgage interest rates are at all time lows. You’ve probably also heard about refinancing your mortgage or even asking for mortgage forbearance because of the pandemic. With so many news stories swirling around about mortgages today, it’s tough to know what’s real and what is fiction. Here are some of the most common mortgage myths you’re likely to hear.

Anyone can get a mortgage

While we would love to tell you that everyone today would qualify for a mortgage, it just isn’t true. Since mortgage rates are at record lows, many Americans are applying for them. But because our economy is also in turmoil, lenders have tightened their loan requirements. Some borrowers may need higher credit scores or a larger down payment to qualify. And some lenders are scaling back the kinds of loans that are available, including jumbo loans.

You’re guaranteed a low interest rate

Just because interest rates on home loans at are record lows doesn’t mean everyone qualifies for those rates. Only borrowers with the best credit scores get those extremely low rates (as little as just under three percent these days). Many factors influence your rate including your credit score, the size of your down payment, the kind of loan you’re applying for, and the type of home you are buying.

You don’t need to apply for a loan until you’ve found a home

We’re not sure how this myth gets perpetuated because it’s never true. It’s important that you get pre-approved for a mortgage before you begin your home search. This is even more critical today than it was before the pandemic. With so many buyers in the market, a seller will not take your offer seriously unless you are pre-approved. Getting pre-approved shows you’re a motivated buyer and that you’re likely to qualify for the loan and make it to the closing table.

All current homeowners should refinance

With interest rates so low it makes sense for all homeowners to refinance, right? Unfortunately, that’s not true. Homeowners need to take a look at their own unique circumstances. Those not planning to live in their homes for the next several years shouldn’t refinance, as they won’t see any savings. Remember – you still need to pay fees and closing costs with a refinance. You can expect to pay up to six percent of the loan amount. A refinance may also not make financial sense to those who already have a low rate.

Mortgage forbearance is the same as mortgage forgiveness

Wouldn’t it be great if we could have our home loans forgiven during times of crisis? Sadly, that is not the case. While the CARES Act does allow homeowners to take a break with payments by asking for forbearance, it doesn’t mean the loan is forgiven. It just gives you the opportunity to not make a few payments without having any negative consequences. You won’t be charged any fees nor will you get reported to the credit bureaus for missed payments. But you will need to pay that money sometime in the future, either as a lump sum when your forbearance ends or at the back end of you loan.

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The pandemic has changed the way we shop for homes. While it’s still customary for homebuyers to view homes in person, it has also become normal to shop virtually. Out of an abundance of caution, many house hunters are asking to see a home via a video tour. However, the experience of seeing a property for the first time on a screen is different than seeing it in person. For this reason, you should be prepared to ask the following questions.

Ask to see the floor plan

Sometimes it can be difficult to get your bearings in a video tour. It can be helpful to ask your agent for a copy of the floor plan before you being your tour. This will help you to visual where you are in the home and how big or small the rooms are in relation to each other.

Ask about a Plan B

We have all become aware of how temperamental technology can be. We’ve been on video calls that don’t have a great connection or that get dropped entirely. Prepare for this scenario by asking your agent to record a video tour to send to you later should your signal get cut off.

Ask to see more

An important thing to remember is that you’re in charge of your video tour. If you want to see more of something, then don’t be afraid to ask. Are you curious about the views outside each window? Then ask to see them. Do you want an up close look at the furnace? Then ask your agent to zoom in.

Ask about things you can’t experience on the video

While a virtual tour is a great stand-in for an in-person visit, there are some limitations. For example, you can’t smell the home when you’re viewing it on a screen. Odors can provide clues about the condition of the home, such as whether or not there’s a mold problem or a strange smell coming from outside. Ask your agent if they notice any unusual smells when they’re walking around.

Ask about damages

Assessing the condition of the home is an important part of viewing it. After all, you want to be aware of any issues you will inherit should you buy the house. Ask your agent to be on the lookout for damages or any other issues. This could include malfunctioning lights, leaky faucets, holes in the walls, roof leaks that may require roofing replacement or extensive repair, weak spots in the floor, or evidence of damage to the foundation.

Ask to see the neighborhood

Let’s face it – when you’re buying a home, you’re not just purchasing the house and the land around it. You’re also becoming part of a community. It’s important to know more about the neighborhood where the home is located. The area around the home will certainly influence your quality of life and the home’s resale value down the line. Ask your agent to take you on a tour of the neighborhood so you can get a sense of the look and feel.

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While the pandemic has been challenging on many fronts, there is one good thing that has come out of it – pet adoptions have skyrocketed. Many animal shelters around the country have reported that their cages are empty as more Americans decide to adopt a pet while we’re staying at home. And while pet adoption can be a wonderful thing, it is important to make sure you – and your home – are prepared. If you are planning to bring home a new pet, you may consider getting a teacup Pomeranian from sites like https://www.americanlisted.com/texas_43/pets_and_animals_47/teacup+pomeranian/.

Here’s what you need to do when you’re bringing home a new pet.

Have your supplies ready

Don’t wait until you’ve brought your new pet home to get the supplies you need. You should have everything you need for the first few weeks before introducing your new furry friend to your household. You should also plan ahead and think about where you want to take your pet for check ups, vaccinations and pet dental care. The types of supplies will vary by pet, of course, but some common necessities include:

• Food as well as food and water dishes
• Toys and treats
• Collar and leash
• Bed and Bedding (when shopping for dog best I found the best picks from HouseholdPets.co.uk useful)
• Crate
• Gates
• Cleaning supplies that are safe for your new pet

Create rules

Adopting a pet is a big commitment. Everyone in your family should be on board with welcoming a new pet. Have a family meeting before bringing your pet home to discuss who will be in charge of what. Determine who is responsible for feeding the pet every day and who will take the dog for walks. Discuss where the pet will sleep and if there are any rooms in the house that are off limits. If everyone is on the same page before your new pet comes home, then the transition will be much easier.

Prepare your home

For dogs and cats, you shouldn’t give them full reign of the entire home on the first day – especially if you have other pets. Give your new pet a chance to explore its surroundings before introducing other pets. In the beginning, restrict your new pet to a small area of your home. You can simply keep them in one room, such as a bedroom. Or you can create a smaller space by using baby gates. If you adopt a cat similar to a bobtail cat, make sure your cat knows where the litter box is, and show any new pets where their food and water dishes are located.

Know what will happen on “coming home day”

Create a plan for the first days that your new pet will be with you. If possible, try to schedule your pet’s “coming home day” when you will be home as much as possible. It’s good to bring a new pet home on the weekend or when you’re on vacation. You want to spend a lot of time with your new pet when they first arrive. And don’t neglect your other pets! Make sure to spread the love around, or you current pets may get a little jealous and act out.

Have patience

Finally, it’s important to remember to have patience. Try to imagine things from your pet’s perspective. It must be very scary to be in a new environment with all these new people! Give them time to adjust and come out of their shell. Be prepared to deal with “accidents” as your pet adjusts to their new home. You’ll be rewarded with many happy years together. And I am also going to get a Teacup Pomeranian dog after reading this, so you should too!

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The lockdown has caused many Americans to reconsider how much living space they need. With students once again attending virtual classes and many employees working from home, you may have decided its time for a bigger house. And while moving into a bigger space can be exciting, it can also present a few challenges. Here are some important tips from the Top Removals website to help you make the transition.

Stick to your budget

Once you begin looking at homes, it can be tempting to extend your search to homes that are outside your budget range. It’s easy to get swept up in the excitement of your new home, dreaming about all the things you’ll do there. But one of the biggest mistakes you can make is to buy a home you can’t afford. You don’t want to stress out every month when it’s time to pay the mortgage. Instead, find out how much house you can afford before you begin your search. And keep your search limited to that price range. You may check out these homes for sale in south carolina if they’re in your budget range. You can continue reading more about this on this site.

Resist the temptation to go shopping

When you move into a bigger home, you’re probably going to need more things to fill it. While it can be tempting to go shopping for new furniture after you’ve put in an offer, you should wait until you’ve closed on the home. Deals can fall through, and you don’t want to be stuck with items you can no longer use.

Don’t spend too much

In addition to postponing your shopping spree, you should also reign in your spending on new items for your home. When you purchase a home, you’re spending a good deal of money upfront on your down payment, closing costs, and other fees. Plus you’ve taken on the responsibility of a large home loan. You don’t want to plunge further into debt by decking out your new house. While it’s fine to create endless Pinterest boards about how you’d like to decorate your home, don’t spend too much in the process.

Focus on important rooms first

If you can’t tackle every room right away, then you should focus on the ones where you’ll be spending most of your time. Did you buy a bigger house so that you could have a dedicated home office? Then get that room set up first. Do your kids need a quiet place to attend virtual classes and do homework? Then get those homeschool spaces squared away. Focus on your needs first. When you have the extra time and money, you can begin to turn your attention to other areas of your home.

Use things in new ways

Just because you’ve always used that side table in the bedroom doesn’t mean it might not work in another room, too. Moving into a new space gives you the opportunity to see things from a new perspective. You don’t have to use items the way they’ve always been used before. It’s OK to move that comfortable chair from the living room to your new home office. Don’t be afraid to move lamps and decorations from one room to another. By changing up where you put things in your new home, you’ll see them with fresh eyes and gain a new appreciation about what they mean to you. Most importantly, when in the process of moving, don’t forget to hire professional house removals services such as a liftgate delivery to help you move efficiently.

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Buying a home can be stressful in the best of times. But when you’re house hunting during a pandemic and economic recession it can be downright debilitating. It’s normal to experience anxiety when you’re making one of the biggest purchases of your life. But you don’t have to let the stress get to you, d8 cbd gummies by fresh bros can help alleviate symptoms of stress and anxiety. Make sure to buy the one with strong full spectrum CBD extract. And to keep you always in good mood and condition, there are good products like 110mg CBD Gummies Apple Rings that you can buy for yourself!

We also have proven strategies that can help you calm your home-buying nerves.

Know what you want

If you’re buying a home right now, then you’re entering into a competitive market. You’ll likely be competing against other buyers for the same house. One way to calm your nerves is to know exactly what you’re looking for in a home and you can even try products like weed gummies as these will calm your nerves as well. When you’re buying in a sellers’ market, you have to be decisive and act fast. When you know what you want, you’ll know when you’ve found it. You won’t have to agonize over whether you’re making the right decision, and you’ll be able to put in a competitive offer quickly.

Know when to give

Knowing what you want also means knowing what you can be flexible about. It’s unlikely that you’ll find a home that checks every box on your list. So you need to know which items are deal-breakers and which items you can be flexible about. That way when a home that fits all of your needs and some of your wants comes around, you can feel confident putting in an offer. You could always take a break, www.nonukcasinos.uk and find the best online casinos that do not hold a UKGC gambling license.

Get your finances squared away

Buying a home is both an emotional and a financial transaction. While it’s easy to get swept up in your feelings during the process, it’s important to remember that this is also a business deal. Make sure your finances are in good shape before you begin. This includes saving enough money for a down payment and getting pre-approved for a mortgage. You’ll also need enough cash on hand for other expenses related to buying a home. This includes application fees, earnest money deposit, inspection fees, appraisal fees, and other closing costs. You don’t want to worry about running out of money before the deal is closed.

Understand the process

Fear of the unknown can cause major stress for most people. That’s why educating yourself about the home buying process is key to eliminating anxiety. Become familiar with each of the steps that you’ll take to close on your home. Know the lingo. Look over all the documents so you know exactly what you’re agreeing to. And don’t be afraid to ask questions. Lean on the experience of your agent and loved ones who have gone through the process before you.

Work with a professional

Finally, the best way to help ease home buying anxiety is to work with a trusted real estate professional. An expert agent has been through the process countless times. They know the hurdles that need to be jumped and obstacles that may cross your path during the way. They can offer invaluable practical advice when you’re feeling conflicted or overly emotional. In the end, a good agent will make sure that you cross the finish line and feel good about the life-changing purchase you just made.

What strange times we live in. Even though we’re still in the midst of a global pandemic and an economic downturn, our housing market is strong. This has come as a surprise to many – especially those who want to sell their homes. Many home sellers have been understandably hesitant to put their homes on the market during these conditions. But the reality is that there’s never been a better time to sell your home and you can now do it easily with the help from Bonnie Buys Houses Fast. Here’s why.

Demand is high

Since lockdown restrictions have eased in many locations, demand for housing has picked up. In fact, you could say that homebuyers are flooding the market – especially in smaller cities and the suburbs. While many homebuyers put off their home searches in the early spring during the beginning of the pandemic, they are now back. And those whose needs have changed are also entering the market. The lockdown showed us just how important our homes are to our safety and well-being. Many new buyers have decided that it’s time for a change.

There’s a shortage of homes for sale

With all the pent-up demand, there is also a shortage of inventory. There are more buyers in the market than there are homes for sale. In 2019, inventory was already down. A year later, and the shortage of inventory is even more pronounced. Obviously, some sellers have been reticent to list because of the pandemic. But we’re also seeing fewer distressed homes on the market because of the federal economic stimulus support including mortgage forbearance and additional unemployment benefits. Some sellers have even experienced bidding wars, helping to ensure that they’ll get the best possible price for their homes.

Home prices have increased

The combination of high demand and low inventory means that home prices have held steady and even increased this year. Sellers have discovered that they can get top dollar today. According to the National Association of Realtors, median home prices have increased 7.7 percent. Home prices are actually higher today than they were before the coronavirus pandemic. This is excellent news for sellers who may have been worried that they wouldn’t get a good price on their homes.

Mortgage rates are at all-time lows

Feeding into the demand for homes are current interest rates, which have hit all-time lows. According to Freddie Mac, average interest rates have hit a record low of just over three percent. Buyers with excellent credit may even qualify for interest rates just under three percent. This means that buyers could potentially save thousands of dollars over the life of the loan. As a result, buyers continue to be attracted to the market.

The economy is picking back up

While it’s true that the U.S. has experienced high rates of unemployment because of the pandemic, recent data suggests that the economy is picking back up. Businesses are beginning to reopen and adding back jobs. Consumers are starting to spend again. And many companies are working hard to keep up with new demand. Even though it will take time for the country to completely recover from the economic downturn, it is heading in the right direction.

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In case you haven’t heard, mortgage rates are at an all-time low. But scoring the best deal requires more than just shopping around. If you want to take advantage of these historically low rates, then it’s important to understand what factors into the calculations. Here’s what you need to know in order to get the best rate for your unique situation.

Improve your credit score

If you want to qualify for the best rates, then you need to have an excellent credit score. When you have a good credit score, you could save thousands of dollars on your home over the life of the loan. You want to aim to have a score of at least 760. If your score is less than 760, there are ways you can improve it before you apply for a mortgage. Make all your monthly payments on time and pay down your debts like credit cards. Avoid taking out new lines of credit, which can lower your score. And be sure to get a copy of your credit report so you can check for errors. If you find any mistakes, then take the necessary steps to have them removed.

Buy a home that is affordable for you

Buying a home is one of the biggest financial commitments you will make in your lifetime. It’s important to limit your search to homes that fit comfortably in your price range. But the price of a home can also affect your interest rate. Loans that are $424,000 or less will have lower rates than those that are above that amount. These are known as “conforming” loans. If you live in an expensive area, then you may need to opt for a “super conforming” loan, which are loans that are $636,150 or less. The highest rates are charged to “jumbo” loans, which exceed the amounts of conforming or super conforming loans.

Make a large down payment

You can qualify for a home loan that requires you pay as little as three percent down (other loans, like VA loans, may require no down payment at all). But the more money you put down for a down payment, the better your interest rate will be. This is because mortgage lenders assume less risk when you pay more upfront. Lenders will charge higher rates when they have to take on more risk. Aim to pay at least 20 percent of the purchase price for your down payment.

Choose the appropriate loan product

The length of your loan can also affect your interest rate. You will pay a lower interest rate for a 15-year loan than you will for a 30-year loan. Again, this comes down to how much risk the lender will need to assume. You also have the option of choosing a fixed rate or a variable rate mortgage. While a variable rate mortgage will most likely have a lower rate to begin with, that number could go up significantly over the life of the loan. In addition, each type of loan product, such as an FHA, VA, or USDA loan, has different interest rates. You may score a great interest rate on these loans, but you must also meet strict income requirements.

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The real estate market can be stressful during normal times. Throw in a pandemic and an economic recession and it can be even more challenging. That’s why working with a real estate professional is more important than ever. Read on to find out how a real estate pro can help you whether you’re buying or selling a home right now.

They know the process inside and out

Buying or selling a home is a multi-step process that can test the nerves of even the calmest person. That’s why working with an expert can be such a relief. A professional real estate agent knows all the forms to fill out and disclosures to make. They know the lingo and can help explain things to you in a way that is easy to understand. And now during the pandemic, much of the real estate process has shifted online. An agent can help you navigate the process so that it’s as smooth and stress-free as possible.

They have a wealth of information

Working with a pro can help you learn about all the details of a neighborhood or community. This can be especially helpful if you’re moving in from out of town. Your agent can supply you with information about schools, local organizations, utilities, zoning, places of interest and much more. They also have a wealth of information about the local market including comparable homes that have recently sold. They understand and can communicate to you other factors that may influence the local market such as unemployment rates, median sales prices, average cost per square foot, and ratios of list-to-sold prices.

They know how to negotiate

Not everyone has negotiating skills, which is why a professional real estate agent can be invaluable. Negotiating is part of the job, and a good agent will know how to negotiate on your behalf so that you get the best deal possible.

They’re a good sounding board

Buying or selling a home can be a very emotional process. And as much as we may try to distance ourselves from those emotions, it can be difficult. After all, your home is where you make some of your most precious memories. An agent can help you navigate those tricky moments by helping you look at things more objectively. They can provide sound business advice for what is ultimately a huge financial decision, while also there are other services like payment services with the use paystub online. If you own a selling business, you can ensure a seamless integration process and reap the benefits of efficient payment processing with help of these efficient and reliable compare card machines.

They have marketing power

Selling a home requires more than just putting up a few ads as noted by an enterprise SEO company. Professional agents have a wealth of contacts that they can network with when it comes time for you to buy or sell a home. They also have an array of tools at their disposal from open houses to virtual tours that can help you get to the closing table more quickly.

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They can be counted on for years to come

Finally, your relationship with your agent doesn’t end when you reach the closing table. Your agent can be a good contact for years to come. Agents generally keep all records of their deals should you need any paperwork down the line. And they’ll be there in the future if you need to buy or sell again, or if you want to refer a loved one to them.

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