Blog - Michael Inkman

What’s Ahead For Mortgage Rates This Week – August 5th, 2024

August 5, 2024 by Michael Inkman

The Federal Reserve’s decision to maintain the current interest rates has paved the way for a potential rate cut in September. While this news has been met enthusiastically by lending partners, the broader markets have indicated a slightly less warm reception despite both the data and Federal Reserve’s intentions being a match. Until September, we can expect a lull in significant data releases, with more substantial decisions anticipated then.

FOMC Rate Decision

Powell stated that the Federal Reserve seeks “a little more confidence” that inflation is consistently trending downward before taking action. The Federal Reserve’s benchmark short-term interest rate now stands at 5.25% to 5.5%. Although consumer prices spiked briefly in the first few months of the year, causing the Federal Reserve to hesitate, inflation has since calmed.

Consumer Confidence

The index of consumer confidence rose to 100.3 in July from a revised 97.8 in the prior month, the Conference Board said Tuesday. Economists polled by the Wall Street Journal had forecast the index would slip to 99.5 in July.

U.S. Hourly Wages

Wages rose a mild 0.2% last month. The increase in pay over the past year slowed to 3.6% from 3.8% in the prior month and is returning close to pre-pandemic levels.

Primary Mortgage Market Survey Index

15-Yr FRM rates are seeing a decrease by -0.08% with the current rate at 5.99%
30-Yr FRM rates are seeing a decrease by -0.05% with the current rate at 6.73%

MND Rate Index

30-Yr FHA rates saw a -0.22% decrease for this week. Current rates at 6.10%
30-Yr VA rates saw a -0.22% decrease for this week. Current rates at 6.12%

Jobless Claims

Initial Claims were reported to be 249,000 compared to the expected claims of 235,000. The prior week landed at 235,000.

What’s Ahead

Last week was tense as everyone anticipated the Federal Reserve’s decision to maintain interest rates. This week, apart from the usual unemployment data, there are only minor releases like the US Services PMI and Consumer Credit Reports, which aren’t expected to have a significant impact.

How to Upkeep Your Home with a Year-Round Maintenance Checklist

August 2, 2024 by Michael Inkman

Your home is more than just a building; it’s the setting for your life story. As you plan your monthly calendar, why not include enhancing and maintaining your home? Here, we provide a thorough guide of home maintenance tasks organized into monthly, seasonal, and year-round tips.

Monthly Home Maintenance Tips

Appliance Check – Regularly inspect and clean appliances such as refrigerator coils, dishwasher filters, and range hood filters. This not only keeps them running smoothly but also extends their lifespan.

Inspect Plumbing – Check for water pressure issues, dripping faucets, and running toilets. Tackling these promptly can conserve water and prevent costly repairs.

Outdoor Landscape Inspection – Examine gutters for debris and blockages. Clear them to ensure proper water flow and prevent potential water damage. Also, check your yard for drainage issues and make necessary adjustments to avoid water pooling around your home.

Pest Control – Look for signs of pests like rodents, insects, or termites. If you notice any issues, take steps to address them by sealing entry points, setting traps, or calling a pest control professional.

Seasonal Home Maintenance Tips

Spring

Exterior Inspection – Check for any winter damage on your home’s exterior, including roof shingles, siding, and foundation cracks.

Landscaping – Cut back trees and shrubs, clear debris from gutters, and check irrigation systems.

Summer

Swimming Pool Care – If you have a pool, perform regular maintenance like cleaning filters, checking water chemistry, and skimming for debris.

Deck and Patio Maintenance – Clean and reseal your deck or patio to protect it from the elements.

Water Usage Assessment – Reassess your water usage to ensure efficiency during the hot and dry months while maintaining your landscape.

Fall

Gutter Cleaning – Clean gutters at least two times a year to prevent clogs and ensure proper drainage.

Heating System Maintenance – Schedule a professional inspection of your heating system to ensure it’s ready for winter.

Lawn and Garden Watering Schedule – Adjust watering to early morning or late evening when temperatures are lower to reduce water evaporation.

Winter

Weatherproofing – Seal gaps in windows and doors to improve energy efficiency and reduce heating costs.

Insulation Check – Inspect caulking and weatherstripping around windows and doors, resealing any gaps to improve insulation.

Emergency Kits – Prepare kits with essential supplies in case of winter storms or power outages.

Year-Round Home Maintenance Tips

Leak Inspections – Regularly check for signs of water leaks or damage. Fixing them promptly can prevent costly repairs.

HVAC System Maintenance – Change air filters regularly and schedule annual professional maintenance for your heating and cooling systems.

Chimney Inspection and Cleaning – If you have a fireplace, have your chimney inspected and cleaned by a professional to remove creosote buildup, a potential fire hazard.

Roof Inspection – Examine your roof for loose, damaged, or missing shingles. Address issues promptly to prevent leaks and extend the roof’s life.

Safety Device Checks
Test smoke and carbon monoxide detectors monthly to ensure they work properly. Replace or service fire extinguishers as needed.

Maintaining Home Value on a Budget

DIY Repairs – Many maintenance tasks can be tackled with basic tools and knowledge. Save money by handling smaller repairs yourself.

Regular Cleaning – Keeping your home clean not only makes it more appealing but also prevents wear and tear.

Energy Efficiency – Invest in energy-efficient appliances and lighting to lower utility bills and increase your home’s value.

Plan and Prioritize – Create a maintenance schedule and budget. Prioritize essential repairs and upgrades.

Mastering home maintenance is about more than keeping your property in good condition; it’s about ensuring its value appreciates over time. A well-maintained home becomes a foundation for cherished memories and an investment that grows.

By following this comprehensive checklist of monthly, seasonal, and year-round tips, along with cost-effective strategies, you can maintain your home’s value without breaking the bank. Start your home maintenance journey today and enjoy a safe, comfortable, and valuable living space for years to come.

Managing Your Debt During the Homebuying Process: A Guide for Homebuyers

August 1, 2024 by Michael Inkman

Embarking on the journey to homeownership is an exciting milestone, but it also requires careful financial planning. One crucial aspect is managing your debt effectively. I want to ensure you have the tools and knowledge to navigate this process smoothly. Let’s discuss some essential strategies for managing your debt while purchasing a home.

Understand Your Debt-to-Income Ratio

Firstly, it’s essential to understand your debt-to-income (DTI) ratio. This ratio compares your monthly debt payments to your gross monthly income and is a critical factor lenders consider when approving a mortgage. A lower DTI ratio indicates you have a healthy balance between debt and income, making you a more attractive borrower.

Prioritize High-Interest Debt

Next, prioritize paying off high-interest debt. Credit cards typically have higher interest rates than other types of debt. By focusing on reducing or eliminating these balances, you’ll not only save on interest but also improve your credit score. Consequently, this can lead to better mortgage terms.

Avoid New Debt

Additionally, avoid taking on new debt during the home-buying process. New loans or credit card accounts can increase your DTI ratio and negatively impact your credit score. Instead, focus on maintaining your current financial status until your mortgage is finalized.

Create a Budget

Moreover, creating a budget is crucial. A well-planned budget will help you allocate funds for debt payments, savings, and other expenses. Tracking your spending ensures you stay on top of your financial obligations and avoid unnecessary expenditures.

Save for a Down Payment

Simultaneously, save for a substantial down payment. A larger down payment reduces the loan amount you’ll need and can lead to lower monthly payments. It also shows lenders that you have financial discipline and are less risky.

Communicate with Your Lender

Furthermore, maintain open communication with your lender. If you have any concerns or anticipate changes in your financial situation, inform them promptly. They can provide guidance and may offer solutions to help you manage your debt more effectively.

Seek Professional Advice

Finally, don’t hesitate to seek professional advice. Financial advisors and mortgage professionals can offer personalized strategies tailored to your situation. Their expertise can be invaluable in helping you manage debt and achieve homeownership successfully.

Managing your debt during the home-buying process requires careful planning and discipline. By understanding your DTI ratio, prioritizing high-interest debt, avoiding new debt, creating a budget, saving for a down payment, communicating with your lender, and seeking professional advice, you’ll be well-prepared to navigate this exciting journey.

#HomebuyingTips #DebtManagement #RealEstateAdvice #FinancialPlanning

Lee Vanvolkenburg

15:43 23 Nov 23

Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!

williams lovos

22:54 16 Nov 23

We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!

Mario Silvestri III

16:45 16 Nov 23

Rex Perkins

16:56 15 Nov 23

Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.

To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.

One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.

To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.

Samer Fallouh

15:01 15 Nov 23

Debbie Salas

21:47 03 Oct 23

This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.
Thanks

Eric Kieffer

22:46 16 Aug 23

Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

What’s Ahead For Mortgage Rates This Week – August 5th, 2024

How to Upkeep Your Home with a Year-Round Maintenance Checklist

Managing Your Debt During the Homebuying Process: A Guide for Homebuyers

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