What is happening to mortgage interest rates?
MORTGAGE RATES: The Federal Reserve announced on Monday that it will buy unlimited amounts of Treasuries and agency mortgages, including multifamily, to grease the wheels of the credit markets. The purchases are attempts to avoid the type of credit crunch seen after the collapse of the financial system in 2008. Read more here.
What if I am not able to pay my mortgage payment due to Covid-19?
MORTGAGE FORBEARANCE: The Department of Housing and Urban Development, Fannie Mae, and Freddie Mac announced Wednesday that they are suspending foreclosures and evictions for at least 60 days to keep people in their homes as the coronavirus spreads and layoffs mount. Last week, FHFA Director Mark Calabria issued a statement urging servicers to offer struggling borrowers up to a year of forbearance. Read more here.
Also, the mortgage industry’s biggest trade and lobbying groups are banding together to push the federal government for widespread relief for all borrowers affected by the coronavirus outbreak in the U.S. The plan calls for mortgage servicers to be able to provide affected borrowers with a 90-day break from their mortgage payments. But the groups note that forbearance period could very well be extended to a full year. The groups also call for payment forbearance protections including no negative credit reporting, no collection calls or letters, and no late fees. Additionally, the groups ask that payment forbearance be made available to all affected borrowers, including those who were delinquent on the payments prior to the March 13 declaration of a national emergency. Read more here.
What happens if my home purchase is pending an appraisal?
APPRAISALS: The Federal Housing Finance Agency announced Monday that it is directing Fannie Mae and Freddie Mac to ease their standards for property appraisals. The FHFA has directed the GSEs to begin using both drive-by appraisals and desktop appraisals in certain circumstances to ensure that the mortgage process is not held up due to appraisal issues. Read more here.
March 2020 Newsletter
Links for March Activities!
One World Cafe Salsa Night; http://www.owc-moscow.com/
Heritage Arts Academy Children's Painting Class:
Kids' Science and Engineering Day; https://www.eventbrite.com/e/kids-science-and-engineering-day-tickets-54503757205
Kamiak Butte; http://www.whitmancounty.org/ssi.aspx?ssid=81
Whether you're buying a home, selling your home or relocating to The Palouse, the following information, resources and tools will help to guide your decision.
Simple Sprucing Tips For Your Home
November 24, 2018
CLEAN + DECLUTTER
Throw out all of the junk taking up space! You'd be surprised by how much more you'll fall back in love with your home when you take out the collection of accumulated stuff that has piled up over the years and finally get to see your home's features for what they are. Store what you don't need/use in either the attic, basement, or in a storage unit. After you've decluttered, be sure to finish it off by cleaning your home. Clean windows, walls, and the floors for the best results.
BRING IN NATURAL LIGHT
Do you have heavy curtains covering your windows? Bring them down! Not only will this make your space feel bigger by removing stuff off the walls, it'll also feel alive again with all of the natural light that pours in.
ADD FRESH PAINT
Nothing refreshes a home like a new coat of paint. If you have dark dull colors, opt for lighter tones. Covering up stains on the walls, or drab old paint, can help your house feel brand new all over again.
Consider adding a tile backsplash in your kitchen or bathroom. You don't have to spend a lot of money to get beautiful results. Be sure you get tiles that compliment the colors in the space, so it doesn't clash and look unappealing.
Although neutral colors are always recommended as the base of any home decor, don't be afraid to compliment your neutrals with a pop of color. You can add it throughout the home by using flowers, pillows, decor, or even light curtains that are staged on the sides of your windows.
CHANGE OUT FIXTURES + HARDWARE
You'd be surprised by how much more a kitchen can look different just by replacing the hardware on the cabinets. A bathroom or living room can come alive again by installing a brand new light fixture. If you moved into a place that still has the same stock hardware or fixtures, replace them and add a little creativity with the new pieces you have installed.
Head to Pinterest and get inspired for new living room, bedroom, or dining room arrangements. Most homeowners decorate "incorrectly" when it comes to standard staging rules. View a variety of furniture set-ups on social media and let it motivate you to rearrange your space. You don't have to buy a bunch of new furniture to make a drastic change.