Blog - Wendy M. Doerzbacher

Greenify Your Home with Our Guide to Conducting a DIY Energy Audit

December 7, 2021 by Wendy Doerzbacher

Greenify Your Home with Our Guide to Conducting a DIY Energy Audit The idea of conducting an energy audit on your home might seem like something complicated that should be left to the experts, but there are ways for you to make your home a little greener without consulting anybody. Instead of having someone else do the work, here are a few simple ways for you to inspect your home and green up its energy use.

Do A Candle Test Of Exterior Walls

Since cold air coming in from outside your home can impact your energy use significantly, do the simple test of taking a candle on a tour of your home to determine if there are any drafts. Ensure that you check all of the windows, doors and exterior areas where outside air can gain access; if your candle blows out or wavers, this is a surefire sign that a fix-up is needed. If you’ve located an area where air is getting in, you may need to caulk it or add insulation to remedy the problem.

Carefully Inspect The Attic

Since we rarely venture up to the attic, it can be one of the last places that we would look for a draft, but it can be one of the most vulnerable areas when it comes to insulation. Before heading up, put on a mask and some work gloves to protect yourself from the dusty surfaces, and lift up the insulation to inspect for any spaces where air could be accessing your home. If you’ve noticed gaps or places that lack coverage, fill them with additional insulation and seal it with expanding insulation for added coverage.

Don’t Take Ducts For Granted

Since ducts are made of thin metal and can easily lose heat if they are damaged or unclean, it’s important to inspect them for holes and make sure they are joined sufficiently so air is not escaping. If you’ve found an issue, you will want to replace or insulate them more effectively so that energy loss can be prevented and does not impact energy use throughout your entire home.

There are plenty of ways that your home can lose energy – from the ducts through to the exterior walls – but there are simple things you can do to test its efficiency and improve your energy use. If you happen to be doing some minor renovations so you can put your home on the market soon, you may want to contact your trusted real estate agent for more information.

What’s Ahead For Mortgage Rates This Week – December 6, 2021

December 6, 2021 by Wendy Doerzbacher

What's Ahead For Mortgage Rates This Week - December 6, 2021 Last week’s economic reports included readings on home price trends, pending home sales, labor-sector readings on public and private-sector job growth. Weekly readings on mortgage rates and jobless claims were also released.

S&P Case-Shiller: Home Price Growth Slows in September

The pace of national home price growth slowed for the first time since May 2020 in September according to S&P Case-Shiller’s National Home Price Index. Year-over-year home price growth slowed by 0.30 percent to 19.50 percent from August’s year-over-year home price growth reading of 19.80 percent. Demand for homes typically slows during fall and winter; some buyers were also sidelined by affordability concerns.

The 20-City Home Price Index for September showed some changes as Phoenix, Arizona continued to hold its top spot in the index and reported a 33.10 percent gain in home prices year-over-year. Tampa, Florida held second place with a year-over-year home price growth rate of 27.70 percent. Miami, Florida reported a year-over-year home price growth rate of 25.20 percent. Western states have recently dominated home price growth rates, but Florida cities have surpassed former second and third-place cities San Diego, California, and Seattle, Washington.

Pending home sales of previously owned homes rose by 7.50 percent in October as compared to the expected pace of 0.70 percent and September’s reading of 2.40 percent fewer sales of homes for which purchase contracts were signed but sales were not yet completed. The surge in pending home sales was attributed to homebuyers’ haste to avoid expected higher mortgage rates and rapidly rising rents. The National Association of Realtors® noted that sales activity was higher than usual for fall, but also cautioned that the emergence of a new variation of the covid-19 virus could slow sales activity.

Mortgage Rates Little Changed as New Jobless Claims Rise

Freddie Mac reported minimal activity for mortgage rates last week as the average rate for 30-year fixed-rate mortgages rose by one basis point to 3.11 percent. Rates for 15-year fixed-rate mortgages averaged 2.39 percent and were three basis points lower. Interest rates for 5/1 adjustable rate mortgages rose by two basis points to 2.40 percent on average. Discount points averaged 0.60 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Initial jobless claims rose to 222,000 claims filed and fell short of the expected reading of 240,000 new claims filed. 194,000 initial jobless claims were filed during the prior week. Continuing jobless claims fell to 1.96 million ongoing claims from the prior week’s reading of 2.06 million ongoing jobless claims filed.

What’s Ahead

This week’s scheduled economic reporting includes readings on job openings and quits and the University of Michigan’s preliminary Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims will also be released.

An Overview Of A Deed Of Reconveyance

December 3, 2021 by Wendy Doerzbacher

An Overview Of A Deed Of Reconveyance When someone purchases a house, they might have to take out a loan. Because a house is expensive, most people end up with a mortgage. Some people decide to go with a 15-year mortgage while other people decide to go with a 30-year mortgage. Eventually, after all these years, someone might receive a deed of reconveyance. What does this mean, and how does it work?

Homeowners Own The House, But With a Lien

After purchasing a house, homeowners legally own the house, even if they have financing tied to a mortgage. Even if someone purchases a home with only 3.5 percent down, they own that house, but there might be a mortgage lien to it. What this means is that the mortgage has to be paid off when the house is sold. Or, the lender has to agree to a short sale. Once the loan is paid off, that mortgage lien is removed. To remove the lien, the lender will issue something called a deed of reconveyance.

How Does This Deed Work?

Laws can vary from state to state, most jurisdictions require the lender to submit a deed of reconveyance to the borrower within 30 or 60 days of the mortgage being paid off. In some cases, the lender will send the notice directly to the homeowner. Then, the homeowner has to contact the county to record it. Homeowners might be required to work with the county to get the deed of reconveyance recorded. Otherwise, they could face a penalty.

What Happens When Selling a Home?

If the mortgage has not yet been paid off and the home is sold, the proceeds from the buyer need to be used to pay off the mortgage. Then, the seller collects the money left over. Once the mortgage is paid off at closing, the title company usually handles the deed of reconveyance.

It is important for homeowners to have a deed of reconveyance if they pay off the mortgage before they sell the house. Sometimes, if the home is owned by the homeowner outright, it can make for an easier sale. This is another reason why homeowners should work with a real estate agent when they go to sell their homes.

Greenify Your Home with Our Guide to Conducting a DIY Energy Audit

What’s Ahead For Mortgage Rates This Week – December 6, 2021

An Overview Of A Deed Of Reconveyance

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