Estate Planning with Crista Hermance

Mortgage Mom Radio airs weekly focusing on topics that will educate our listeners around mortgage lending. Crista Hermance from Hermance Law joins us this week to educate us on wills vs trusts, power of attorney, community property vs joint tenants, taking property out of a trust for a refinance, and more. Plus we answer listener questions throughout the show. In This Issue "Never hope for it more than you work for it." -- Sonya Teclai Despite the pandemic hitting the country during the summer, low mortgage rates and evolving housing needs caused the housing market to thrive. We'll dive into these factors and more, including: What to Watch - 2020 is Coming to an End: Right now it's all about stimulus and vaccine hopes. Housing News - Summer 2020 Was a Selling Frenzy: Low mortgage rates and changing home needs fueled the summertime housing boom. Home Improvement - Painting Over Textured Materials: When wanting a change to your home's interior, what is the best way to paint over brick, stone, and wood? Q&A - Why Is the Market Thriving During a Pandemic? Learn why people are grabbing homes at record numbers. Please feel free to forward this newsletter to friends, family or co-workers who may find it helpful. 2020 is Coming to an End As 2020 comes to an end, with many saying bring on 2021, it's all about stimulus and vaccine hopes right now. The U.S. financial markets continue to await any headlines from D.C. and there is political pressure on both sides of Congress to get something done. Mortgage rates were unchanged last week at 2.92% and remain near record lows, but what could the near-term future hold as we head into the new year where rates are concerned? Even with the recent rise in the U.S.10-year yield, home loan rates have continued to improve thanks to the Federal Reserve's (the Fed) asset purchase program. There is some concern that upward pressure in rates exists, and in addition to the market looking forward at vaccines and more stimulus, there is real asset inflation everywhere: materials, commodities, Stocks, and housing. With the Fed and incoming president looking to add even more stimulus, there could be more asset inflation and potentially some upward pressure on mortgage rates. The good news is that should rates creep higher, the Fed will likely do even more to pin down long-term rates like measures such as QE and some sort of yield curve control. Source: Mortgage Market Guide Summer 2020 Was a Selling Frenzy Traditionally, September is a slow month for sales as families are already settled into the school year. However, the U.S. housing market saw a tremendous rally this September as low mortgage rates and buyers' demand for additional space during COVID-19 created the need for a change. The U.S. Census Bureau/HUD announced in October that new single-family home sales in September 2020 were at a seasonally adjusted annual rate of 959,000, which is 3.5% below the revised August rate of 994,000 but 32.1% higher than September 2019's estimate of 726,000. Of these new homes sold in September 2020, the median sales price was $326,800, while the average sale price was $405,400. Some of the shifts in the real state industry are due to low interest rates and changes in demographics. Demand for new housing in some parts of the country has overwhelmed home builders, making supplies an ongoing challenge. Analysts report that the high demand is due to the lack of existing home inventory available for purchase. Sources: Mansionglobal.com, Housing Wire, deseret.com Painting Over Textured Materials When you move into a new-to-you home, the previous homeowners might have had different decorating tastes than you. If you just plunked down a bunch of money for your new home, you might not have room in your budget for a complete remodel. Luckily, with a little elbow grease and a few tools, you can paint over certain materials yourself.