Recent News:
Source: RCAC.org
Amidst the pandemic, millions of Americans’ utilities are at risk. While many are already struggling financially under the strain caused by the global health crisis, the need to cover the rising cost of utilities has only grown more challenging. According to the National Energy Assistance Directors’ Association (NEADA), utility debt jumped up from $12 billion pre-pandemic to an estimated $32 billion by the end of 2020.
Source: BankRate.com
Many borrowers whose mortgages went into forbearance when the CARES Act passed are now seeing that protection expire. According to Black Knight, about 1.14 million borrowers were still in forbearance at the start of November. That’s down from a pandemic peak of 1.7 million homeowners.
If you’re soon to be required to start making mortgage payments again, it’s important to know what your options are. The most important thing is to communicate with your mortgage servicer. Being upfront about your situation allows them to work with you to find the best solution. You’re much more likely to face an unpleasant situation — possibly even foreclosure — if you try to dodge the lender.
Source: Forbes Advisor
Most people experience big purchases such as a vehicle or house at some point in their life. On top of that, most will also have these purchases financed. While you may be approved, it is not necessarily advantageous to move forward with the loan if you have a low credit score because you may be given a high loan rate. The overall cost, or finance charges, could have been much smaller if time was taken beforehand to do a credit prep. Today, we discuss some steps that should be done weeks and even months prior to these large purchases.
Source: RCAC.org
It is a national problem, building material costs are skyrocketing. And it isn’t getting better anytime soon. The Building Contractors Association stated that in the United States the total lumber package price for the average home right now is up 208 percent. That is, if you can even get all the lumber you need. In many states (including here in Idaho) rationing has begun, furnaces and furnace coils are altogether unavailable through at least this summer. Builders are closing new builds without them, hoping they will be available before winter. Wait times on everything has gone from weeks to months. Self-Help homes are being held up everywhere because they can’t get windows, siding, trusses, OSB, cabinets, etc.
