Industry News March 17 2020

The Coronavirus & Your Finances

At Eagle Home Mortgage, we know that the effect of the Coronavirus is an unprecedented situation. Among the areas of concern caused by the COVID-19 virus, financial security is front-of-mind for many. In fact, Americans are more worried about finances than their health amid coronavirus outbreak, according to a USA Today poll. It’s important in these times to remember that history repeats itself- this is not the first market dip we’ve experienced, we will recover. In the meantime, here are a few best practices to protect your finances amidst the uncertainty.

Buy What You Need

We understand paychecks might be few and far between for some. That’s why it’s important to stock up on what you need, without going overboard. At this point, most of us have heard of or witnessed grocery store-goers fighting over rolls of toilet paper. While stocking up is smart, ask yourself what you will really need for up to a month. If you won’t use 48 rolls of toilet paper in that time, refrain from throwing an excess of groceries on a credit card, only to have to deal with that debt later.

Trim What You Don’t Need

As long as social distancing is being recommended, try to use some of the money you’d be spending on traveling or dining out to build up your emergency fund. Four in 10 Americans say they’d struggle to come up with $400 in a pinch. If you don’t feel you’ve saved up a comfortable amount, see where you can cut costs now. If you are able, start putting away a little extra so you can begin to feel more secure about your savings.

Take Advantage of Low Interest Rates

Mortgage rates have plunged during the coronavirus outbreak, resulting in some of the lowest borrowing costs in history. If we look for a silver lining, now is the time for homeowners to jump at the chance to refinance their homes. The Mortgage Bankers Association forecasts total mortgage originations to come in around $2.61 trillion this year - a 20.3 percent gain from 2019's volume.

Talk to EagleHM about refinancing your home today. Our cutting-edge Digital Mortgage process will help support social distancing.

Watch out for Scammers

The Federal Trade Commission says  scammers are on the rise. This includes emails claiming that companies have developed cures or treatments for coronavirus, asking you to invest in these phony cures. “Fake charities” are contacting people and soliciting to provide “relief” to coronavirus victims. We support giving! Just make sure you give to charities you know during these trying times.

Don’t Panic, America is Stepping Up

A lot of companies are stepping up and offering free services, take advantage of them! This isn’t the first financial crisis the country has seen. It’s best not to panic and instead, have a financial plan to help you navigate an uncertain economy. Stay healthy- practice social distancing and wash your hands. We will all get through this together! Don’t go it alone- Eagle Home Mortgage is your homebuying partner during and after challenging times.

 

Search Results for query

January 22 2021

Budget Hacks: 4 Easy Ways to Free up Money to Help You Save

You've already cut and sacrificed, but saving seems out of reach? Here's where to find that extra money to sock away.

Read More

January 14 2021

3 Easy Interior DIY Projects to Increase Your Home Value

With a small amount of money and a little elbow grease, you can create a home that buyers bid for.

Read More

January 08 2021

FHA Loan Limits for 2021

Read More

December 23 2020

4 Easy Ways to Clear Clutter for the New Year

Here’s how to get past the failed resolutions and good intentions with some fool-proof, actionable steps to clear clutter for the new year.

Read More

December 17 2020

How Much Down Payment for a House is Enough?

The typical down payment on a home depends on your income, eligibility, and goals—and finding the mortgage that fits best. All too often, the excitement of finding a home you want to buy comes first, followed by the bubble-bursting question of “can I...

Read More

December 09 2020

Eagle Home Mortgage is Now Lennar Mortgage

What’s in a name? A smoother, more efficient home-buying experience. What’s in a name? A smoother, more efficient home-buying experience.

Read More

November 17 2020

How to Get Pre-qualified for a New Home Loan

These easy steps will help you find out what you can afford to be ready to buy.

Read More

November 06 2020

Surprising Facts About VA Loans

A VA loan can help eligible veterans purchase the home of their dreams, but they come with a few conditions a buyer should understand.

Read More

October 21 2020

What is an FHA Loan?

For borrowers with tight cash or tricky credit, an FHA loan can be the answer. But not every situation is a good fit for these mortgage loans. Find out if one is right for you.

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?