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.