How to Get the Best Mortgage Refinance Rates

If you can find a lower mortgage rate than the one you already have, then refinancing a mortgage can make sense. Here are some of the best ways to get a low rate:

Raise Your Credit Score
For a conventional loan, borrowers with a credit score of 740 or more will usually get the best interest rates. Having a minimum credit score of 620 will often lead to a higher rate. Raising your credit score can help. Some methods take longer than others, but improving your score is one of the best moves to make when refinancing a mortgage.

Start by paying your bills on time, which has the biggest impact on a credit score. You can also improve your credit utilization, meaning using less of the credit available to you on your credit cards.

For example, if you have three credit cards with a total credit limit of $10,000, but all of the card balances add up to $5,000, your credit utilization rate is 50 percent. Ideally, it should be under 20 percent to get the best mortgage rate. The credit utilization rate can be dropped by paying down the credit card balance, using less of the credit available or getting a higher credit limit.

Lower Debt
Reducing your debt-to-income ratio, or DTI, by paying down your credit card balance is another big way to improve a credit score. A DTI of 36 percent or lower is preferable. To lower your debt, put off big purchases, such as a new car or appliances, until after you’ve refinanced your mortgage.

Shop Around
Don’t refinance with the first lender you find, or even with your current lender. There are many loan products available, and many lenders that offer them.

Research what national banks, credit unions, community banks and your current lender offers for mortgage refinances before choosing one that’s right for you. Some lenders may have in-house loans that they don’t sell on the open market that are more flexible and have better rates and terms than other lenders.

Be sure to pick a lender that you’re comfortable with and trust, and don’t just focus on the interest rate. The lender you choose will be helping you with one of the biggest financial transactions of your life, and you want to work with someone who has your best interests in mind.

Real Estate Buyers and Sellers 2020 Have Your Agent Protect You With a Covid 19 Clause

What Are "Corona Virus Clauses?"

The corona virus has caused businesses across the United States and around the world to close and has made it difficult or impossible for many financial transactions to be completed. Real estate closings are complex and some of the parties involved may be unable to perform their duties on schedule or at all due to COVID-19. Agents are therefore including corona virus clauses in contracts. 

How Can a Corona Virus Clause Protect Buyers and Sellers?
A force majeure clause is a provision in a contract that excuses one or both parties’ failure to meet their obligations if they were unable to do so because of circumstances beyond their control. It allows the parties to delay a transaction or to cancel it without facing a penalty. Force majeure clauses may apply to acts of God (earthquakes, floods, hurricanes, etc.), war, epidemics, government actions and other circumstances. 

The wording in force majeure clauses varies. It may not apply to COVID-19, or standard language may be open to interpretation. To prevent legal challenges later, real estate agents are adding language specifically addressing the corona virus to purchase contracts.

Different states have drafted their own corona virus clauses to include in real estate contracts. Though the specific language differs, the clauses generally allow the parties to delay the closing or to cancel a purchase contract without a penalty.

How Could COVID-19 Affect a Real Estate Closing?
A buyer who has been laid off or furloughed may not be able to return to work anytime soon, or at all, and therefore, may be unable to get a mortgage. That uncertainty can make both buyers and sellers nervous. Corona virus clauses allow the parties to delay the closing or to cancel the contract if a job loss or reduction in income has left the buyer unable to obtain financing. 

Some parts of the home-buying process, such as an inspection and appraisal, require a worker to physically go to a house. Many inspectors and appraisers are reluctant to do so due to fear of contracting the corona virus, especially if the house is still occupied. 

Government and business offices across the country have closed or cut their hours. That means that title searches, mortgage applications and other critical parts of the process may be delayed.

Although some jurisdictions allow virtual closings, others do not. Due to travel restrictions and social distancing, it may be impossible to get the parties together to close as they typically would in the past. 

Discuss a Corona Virus Clause With Your Real Estate Agent
COVID-19 has created widespread uncertainty and anxiety. If you were planning to close on a house, the process may be held up for weeks or longer. You may be concerned about your job security and income, leaving you unsure about whether you can or should proceed. Talk to your real estate agent about any concerns you have and how a corona virus clause could protect you.

Self-Employed? 3 Ways to Get Ahead of Next Year's Taxes

Tax time is, for many, one of the most stressful times of the year. But if you sit back and relax completely after filing your annuals, this may be part of the problem. In order to reduce stress at tax time, it’s important to prep ahead – especially if you spent the two weeks leading up to your filing date scrounging through receipts, guessing at your driving miles and crossing your fingers for the right deductions. If this accurately depicts you, it may be time to update your finance management. In addition to relieving stress, you will also reduce your audit rate, and open up more free time to spend with clients.

Below are a handful of suggestions to help you prep for next year’s tax season.

Go digital with receipts. Gone are the days of paper receipts – or, at least, they should be gone. If you’re keeping hard copies of your expenses and manually logging them into a spreadsheet, you’re wasting time, and leaving room for error. Like most things nowadays, there’s an app for that. Using QuickBooks Self-Employed, you can connect your bank account or credit card and auto file all your expenses in one place. You can also snap a photo of receipts to match with a correlating expense.

Automate those miles. Every single turn of the wheel that you make for your business is tax-deductible, but you need to properly record it in order for the miles to be eligible. Writing down miles manually only to enter them into a spreadsheet later is a waste of time, and a call for errors. Instead, get an app that will automatically track your trips for you. Many of these apps will auto start when you begin driving. When your drive is over, the app will prompt you to categorize the trip as personal or business, and some will show how much money in deductions you’ll get per trip.

Do your quarterlies. To stay on top of your annual taxes, you should also stay on top of your quarterlies. The easiest way to do this is to keep your income and expenses up-to-date in your accounting software, which will estimate your quarterly taxes for you.

By staying financially organized year-round, taxes should be a breeze next year.

Breaking Down the Pool Building Process

Having a pool can be one of the most enjoyable things about being a homeowner. It offers exercise for the family, a great place for entertaining and added value to your property.

But be prepared to open your wallet, as the average cost of building an in-ground pool is around $40,000. Before you get ready to hire a contractor and build, consider these tips from industry experts to help ensure you get exactly what you want and save a few bucks in the process:

Think about timing. The desire to build a pool may hit you when the weather is hot, but you’ll save big if you start construction at the end of the season when builders are looking for work. You’ll get a better price, and maybe a better-built pool, because the builder is much less busy.

Get several bids. Get referrals from friends and neighbors, and at least three bids from competing companies—even if they are referrals—before deciding who’s going to build your pool.

Think long-term. Experience shows that concrete or gunite pools are about the same in cost as fiberglass pools. But about a decade after installation, the concrete or gunite may need to be re-shot, and salt chlorinators may hasten that need as they are more abrasive than regular chlorine. If you do choose concrete, spending a little more upfront for a Pebble Tech surface may be more cost-efficient in the long run.

Stay with a simple design. The more curves, steps, shelves and other design add-ons you choose, the higher the cost will be—and that’s before you add the cost of glamorous options such as a spa, a waterfall or an infinity edge. The same is true for exotic tiles and finishes, as well as upscale decking materials. The more you add, the higher your final bill will be.

Wait on the heater. Some experts advise not putting in a pool heater until a year after construction. Your first season as a pool owner will let you know what your pool’s average temperature will be, and whether or not you need a heater at all.

Kitchen Trends That Are Going Out of Fashion

Most of us spend a lot of time in the kitchen, preparing meals and cleaning up. In many cases, we spend so much time in our familiar kitchen space that we don’t pay much attention to what it looks like.

But the trends, they are a-changin’. Today’s kitchens are sleek and practical. Design experts list seven kitchen looks that are quickly going out of style:

Short backsplashes. Backsplashes that reach up to six to eight inches above the countertop are sorely outdated. If you’re up for a remodel, take the backsplash all the way up to the upper cabinets to make your kitchen feel bigger and cleaner. 

Distressed wood cabinets. Once the darling of country-style kitchens, the clunky distressed wood of yesteryear is giving way to natural wood or white finishes.

Over the stove microwaves. When microwaves came into fashion, homeowners put them over the stove to save counter space. But today’s families want necessities accessible for the entire family. Some are redesigning cabinets to move the microwave into an under-counter nook where smaller family members can reach it. 

Top-of-cabinet décor. Gone are the days of filling the space between the tops of your cabinets and the ceiling with dusty accessories like artificial flowers or greenery. Removing them from above the cabinets gives the room a more open feel.

Hanging pots and pans. Once, every kitchen shown in a magazine had a big, beautiful, hanging rack filled with copper or stainless-steel pots and pans. Kitchen designers today are making room for them in drawers or cabinet, trading in that outdated country look for cleaner, minimalist lines. 

Anything but stainless steel. Over the years, kitchen appliances have gone from white to copper to avocado green and back again. But the desired look today is the cool, sleek look of stainless steel.

Kitchen desks. At one point in time, every upscale kitchen featured desk space—a little nook where you could scan the mail, pay bills, etc. But those mess-collectors are now yesterday’s news. Moving desk chores to another room can give your kitchen extra space and alternative storage options.

Getting Creative With Your Wall Space

Do you have a blank wall with no idea what to put on it? Rethink the boring family photo with these interesting ideas.

Get wordy. Whether you’re a logophile or are just looking to amp up the playful vibe of your space, adding large text to your wall can be innovative and inspirational. You can purchase a variety of word hangings online, or create your own with stencils for a literal conversation starter right on your own wall.

Create a mirror collage. We all know a mirror on the wall can open up a room and throw lots of luscious light. But by using many smaller mirrors to create a pattern or design, you can add the benefit of a unique, boho vibe. Choose mirrors in various shapes or with different frames.

Hang a rug. Remember the old tapestries of your dorm room? Hanging a nice, well-made floor rug on the wall is the adult version of this decorating phenomenon. Whether you want a bold color pop or a bright design, pick a blank wall and go wild.

Vertical plants. Snag some aesthetically pleasing wall planters or sconces and create a botanical masterpiece by popping in your favorite succulents or hanging plants.

Affordable Upgrades for Your Starter Home

You’ve just moved into your starter home—congratulations! But spare cash is limited, and you are eager to show your new home off.

Start with a few cosmetic changes, advise the money editors at Bankrate.com, who offer five easy upgrade projects that can help spruce up a tired living space for a few hundred dollars or less:

1. Start with a power wash. It won’t cost much, but having your home’s exterior professionally power-washed will give it a fresh, bright look—and since curb appeal counts, make sure the lawn is edged, hedges are trimmed and weeds are pulled.
2. Freshen the front door. A new fiberglass door can cost $1,000 or more, but you can get a snazzy new look by simply painting the old door and/or replacing any worn-looking hardware. (While you’re at it, you might replace a tired-looking mailbox.)
3. Paint the interior. For a minimal investment, fresh paint makes any room look cleaner and brighter. It’s your space now, so cover those interior walls with the neutral shades or bolder colors that appeal to you.
4. Improve the lighting. Replace old ceiling fixtures with inexpensive new designs from the home store that may cost less than you imagined. While you’re there, check out modestly priced DIY track lighting, spotlights and accent lights that can brighten and modernize any room.
5. Spruce up the kitchen. Short of replacing cabinets or countertops, you can give your kitchen a new look on a limited budget by painting the existing woodwork and/or changing outdated door and drawer pulls. If your kitchen appliances don’t match, check with the manufacturer about ordering new doors or face panels.
6. Buff up the bath. Adding a pedestal sink can radically and economically change the look of an older bathroom. While you’re thinking economically, you can install a new toilet for less than $200. It will not only look good, but today’s low-flush models will save you money on the water bill.
7. Expand your storage space. Older homes are notoriously short on closet space. A quick trip to the home store can net you a variety of inexpensive closet organizers that may not add much to the look of your home, but will save you from crying over too-cramped closets.

Smart Money Moves to Start New Year

The holiday rush is over, and reality sets in. It’s a New Year with new possibilities. For those who’ve resolved to improve their financial health, Forbes Magazine suggests starting the year with five simple but critical strategies:

Take stock of holiday spending – If you went over budget, take a good, hard look at the damage and make concrete plans to correct it. Will you spend your holiday bonus to pay down debt instead of buying that new set of golf clubs? Can you rein in current spending and free up dollars to pay off a credit card balance?

Assess what you did right – Maybe you paid off a student loan or your largest credit card balance in 2016. Perhaps you managed to set aside some money toward a down payment on a home. Take a moment to pat yourself on the back for what you did right last year financially.  

Make a plan – Now that you feel good about what you accomplished, take the time to plan for 2017. Start by setting realistic new goals and mapping out a plan. Then take steps to achieve your goals, such as setting up an automatic savings deposit or opening a vacation account. If you didn’t accomplish all you wanted last year, this is the time to figure out why and make plans to turn that around.

File necessary quarterly taxes – It’s easy to get distracted while boxing up ornaments and exchanging Christmas sweaters. But if you’re self-employed or own a small business, remember that quarterly taxes need to be paid on or before the IRS deadline of Jan. 17.

Have a family financial chat – It can be tough to achieve financial harmony unless the whole family is onboard. Make sure everyone knows what the goals are this year, and toss around suggestions on the best ways to save, spend, and enjoy.

Start the New Year With a 'First Day' Hike

If you’re looking for a healthy, inspiring way to kick off 2020, trade in your New Year’s Eve dancing shoes for a good pair of hiking boots and participate in a First Day Hike.

On Jan. 1, 2020, state parks in all 50 states—from Maine to California—will be offering free guided hikes. First Day Hikes, which began more than 25 years ago at the Blue Hills Reservation in Massachusetts, are led by park staff members and volunteers who have expert knowledge of their respective locales.

While the distance and difficulty of the trails vary from park to park, First Day Hikes are designed to benefit the entire family, so the activity is something your entire household and friends can participate in—perfect for starting the new year with a strong sense of togetherness and community. Hikers can choose guided hikes that fit their comfort levels, including mountain and hill climbing, walks along lakes, exploring trails that wind through forests and wildlife expeditions.

A First Day Hike also allows you to begin the new year by spending time in nature and tapping into the many health benefits of the outdoors.
 
According to Lewis Ledford, executive director of the National Association of State Park Directors, "Recent research is confirming the benefits of spending just 30 minutes a week in nature, and what better way to start a new healthy habit for 2020 than taking advantage of hikes being offered in state parks across the nation. Our hope is that this event will stimulate a passion for the outdoors and a desire to explore our local treasures throughout the entire year."

No matter where you live or what your climate, whether it be snow in the North and across the Rockies, or mild temperatures across the South and Southwest, First Day Hikes offer you the chance to appreciate the unique beauty of your region.

5 Sneaky Ways to Organize Your Home

There are days when clutter seems to grow of its own accord, and you can’t seem to keep up with it. At some point, every little cache of stuff will have to be attended to. But, say the clutter-busters at Good Housekeeping Magazine, there are lots of sneaky things you can do to make your home look neat and organized even on its worst days:

Mail, receipts and miscellaneous papers. Set up a pretty inbox—an attractive, decorated box with a lid—on your kitchen counter to hold the mail, receipts and other paperwork you intend to get to within the week. If guests turn up, just pop the lid on the box to hide the clutter.

Recipes. If you’re a recipe collector who is slow to file those gems away, buy a few self-adhesive pocketed organizers to stick onto the inside of cabinet doors. Tucking recipes (or whatever) into the organizers will help keep countertops clear. You can also stick an erasable bulletin board inside a kitchen cabinet for posting appointment reminders, phone numbers, and more.

Kitchen Tools. If you can never find the zester or potato peeler when you need them, a set of expandable drawer organizers will allow you to put things in order in a matter of minutes.

Under the Sink. As with most homeowners, you likely have a stash of boxes, bottles, cleaners and other stuff under the kitchen sink and a tangle of paper goods and beauty supplies under the bathroom sink. Maximize the space under any sink with double-decker storage racks and bins.

Playroom. Is the playroom floor always full of small toys and puzzle pieces? Throw a couple hula hoops around a few of them and challenge the kids to stow away the stuff within ‘their’ hula hoop, continuing until everything is stored away. Alternatively, buy a steamer trunk or a lidded ottoman so that you can quickly and easily hide toys and games.

5 Home Improvements You Can Do for Less Than $250

While you might have some-day plans for redoing the kitchen or finishing the basement, while you’re waiting, you can chip away at smaller improvements around the house that are well within your budget, yet will make a big difference in your daily life. Plus, these projects can be done in a weekend and won’t cause a lot of mess and disruption. Try one of the following:

1. Paint a room. Nothing makes a dramatic change more quickly than painting a room...or two. A couple gallons of paint, rollers, tape and drop cloths will be well within your $250 budget.
2. Install new cabinet hardware. When it comes to interior design, it’s all in the details. Shop around for new knobs and drawer pulls for your kitchen cabinets. Depending upon your taste and the size of your kitchen, this project can fall within your price range.
3. Plant a tree or some shrubs. Improving your home happens on the outside, as well. Invest $250 in drought-tolerant evergreen shrubs or bushes to beautify your landscaping for the long-term.
4. Tile a bathroom floor. You can take care of a small bathroom floor if you have some DIY skills. Most natural stone tiles cost between $5 - $10 per square foot, so you should be able to stay within your budget.
5. Install a water filtration system. This feature will add a little low-cost luxury to your kitchen and save you from buying all that bottled water. It’s also a nice touch when it comes to resale value. 

Remember, when it comes to working on your home, every improvement matters, even the small ones.