How to Protect Yourself and Your Home in the Winter

As we prepare for more snow and cold weather, how do we protect ourselves and our homes? CF Funding has put together a few tips to keep you safe.

A great way to keep cold air from entering the home is to weatherstrip your doors, or keep a towel or rug along the bottom of the doors and/or windows.

When extremely low temperatures are expected, make sure your home is heated to a minimum of 65 degrees. Although the cost of heating your home may seem out of budget this winter, put your safety first to prevent walls and pipes from freezing.We suggest that you wrap pipes with foam insulation or heat tape to prevent freezing and bursting. Keep cabinets open under the sink to keep the area ventilated. Be sure to run the water periodically in all sinks in your home.

An easy tip that could save your family’s life is to prepare an emergency kit. Make sure you have extra blankets, candles and lighters in case the power goes out. Keep your phones charged or purchase a backup battery to make sure you stay alerted, and can call for help if needed. You can also purchase a battery operated radio for as low as $15. Keep canned foods, cereals, and water stocked in case you are snowed in for an extended period of time.

An emergency kit is also a great idea for the car. Make sure you have a blanket, gloves, handwarmers, a shovel, flashlight, and a distress flag and/or emergency triangles. 

According to the Weather Channel, flooding from melting snow can pose a large risk to you and your home. One precaution you may take is to ventilate your attic well, so the warm temperatures do not melt snow on the roof.  The water can refreeze at the edge of your roof, and “If ice builds up and blocks water from draining, water is forced under the roof covering and into your attic or down the inside walls of your house.” There are also heated gutter guards made for this purpose, but they can be expensive.

If you feel that your home may be at risk for flooding, make sure electrical devices are raised off of the ground or kept out the basement, especially near windows. You may want to use plastic sheeting to cover cracks in walls or roofs. If flooding does occur from melting snow or a pipe burst, be sure to initiate cleanup as soon as it is safe to do so, to prevent rust and mold from forming. Ventilate the area with fans.

The American Society for the Prevention of Cruelty to Animals recommends bringing pets indoors when it's cold outside, according to KETV Omaha. They shared the following tips:

• Never let your dog off the leash on snow or ice, especially during a snowstorm, as dogs can easily become lost.

• Thoroughly wipe off your dog's legs and stomach when coming inside from the sleet, snow or ice. Dogs could ingest salt, antifreeze or other dangerous chemicals while licking paws. Paw pads could also bleed from snow or encrusted ice.

• Never leave your cat or dog alone in a car during cold weather.

• Make sure your pet has a warm place to sleep, off the floor and away from all drafts

CF Funding asks that you do not underestimate the dangers of winter weather. Please bundle up and take the necessary precautions to protect yourself and your family.

Warm Weather Brings Out Homebuyers

According to the Mortgage Bankers Association, purchase applications have risen 3 percent last week in comparison to the previous week on a seasonally adjusted basis. CF Funding is happy to see applications rise as the weather has improved, allowing for more homebuyers to shop around and meet with lending specialists.  The increase was mainly seen in conventional loans, which saw a 4.0 percent increase in purchase applications.

Unfortunately, home purchase applications are still down 17 percent on an unadjusted basis from one year ago. Overall mortgage application activity saw a 3.5 percent decrease from one week earlier. According to CNBC, “some [are] still blaming the weak home sales market on rough weather in much of the nation” and “All-cash buyers continue to represent an outsized share of the housing market at over one- third of all sales.”

Refinances have seen a drop as interest rates rise, with an 8 percent decrease last week in comparison to the previous week. Refinances currently cover about 54 percent of mortgage activity, which is down about 68% from last year (when interest rates were lower).  This is the lowest amount seen since April 2010. Experts predict that refinances will continue to decrease in 2014 as rates continue to rise. According to the MBA, an increase in purchases will make up for some of this loss, but will not completely level out the decrease. There are many homeowners who could still benefit from a refinance this year before rates rise, and CF Funding loan specialists can offer a free consultation for those considering a refinance.

Average contract interest rates for a 30-year fixed mortgage with loan balances $417,000 or less were at 4.56 percent (highest since January), an increase from the previous week’s 4.5 percent.  Average contract interest rates for a 30-year with jumbo loan balances were at 4.45, an increase from the previous week’s 4.39 percent. Adjustable-rate mortgages saw no change last week, covering 8 percent of total applications.

Although interest rate increases may be discouraging to some homebuyers, CF Funding urges readers to stay optimistic, as a rise in rates is a sign of economic improvement, and allows homeowners to gain positive equity in their homes. CF Funding hopes to see a continued increase in purchase applications as the weather continues to improve. Those who are considering buying a home and would like to compare loan options from multiple lenders should contact a CF Funding loan specialist today by visiting www.cffunding.com or calling (630)328-8900.