New Year, New Goals for Homeowners and Homebuyers

Are you struggling to find a great New Year’s Resolution? As a homeowner, you may be wondering what you can do to improve your finances or keep your home safe. As a homebuyer, you may wonder what you can do to prepare yourself mentally and financially. Not to worry—CF Funding has a few ideas!

New Years Resolutions for Homeowners

One great resolution to kick off the new year is to improve and maintain your safe home habits. Check your alarm system and smoke detectors to make sure they are running properly. Reduce the risk of fire by checking for damaged appliance cords and “[Keep] clothes, curtains and other potentially combustible items at least three feet from all heaters,” according to the National Association of Home Builders. You can also implement a family emergency plan if you don’t already have one. For example, make sure contact information is easily accessible for children and an escape route is planned in case of a fire.

Another way to protect your family from disasters is to check up on your homeowners insurance. You may have purchased a great plan when you first bought a home, but if you have remodeled your home or purchased new items, you might need to expand your coverage. If your goal is to spend more time with family this year, consider taking on a home improvement project. Visit our new pinterest page at www.pinterest.com/cffunding/ for some fresh ideas.

A simple New Year’s resolution that many people overlook is to understand your credit history and credit score. Checking your credit history regularly can reduce the risk of errors, and knowing what affects your credit score both positively and negatively can help you to maintain a good score. A good score can lead to better rates on credit cards or a home refinance. If you are considering refinancing your home in the New Year, talk to a CF Funding loan specialist first. You may be able to reduce your interest rate or consolidate your debt.

Another way to save on your mortgage in the new year is to make extra mortgage payments. You could potentially cut years off your mortgage by making an extra payment each year.

New Years Resolutions for Homebuyers

One very important step in the homebuying process is to save for a substantial down payment on a home. If you have done your research or have purchased a home before, you know that down payments range from 5 to 20 percent, possibly lower if you are a veteran or qualify for an FHA loan. Saving up for a higher down payment can help to lower your interest rate and put more equity into your home from the start.

You may also want to check your credit report for inaccurate information before applying for a home loan. Understanding your credit is important for everyone, but especially for potential homebuyers. An error on your report could lead to a higher rate or denial of your application. One way to keep your credit in line is to watch your holiday spending. The holidays may be over, but the after-holiday sales are still in full swing. Opening store credit cards and raising your amount of debt for holiday spending can cause your credit score to go down and your loan rates to go up.

Attend a homeownership education course to learn more about the process of buying and maintaining your new home. There are plenty of classes available across the U.S. including seminars and online education. CF Funding also hosts classes for first-time homebuyers at local libraries. Check our

Facebook page or call 630-328-8900 for more info.

Build a great home-buying team to help you along the way. Your support team can make all the difference in the home buying process. That may include lawyers, agents, and of course our team of Loan Specialists here at CF Funding.

And finally, after moving in, Keep safety in mind by ensuring that your new home has working smoke detectors, locks, & alarm systems. Check to see that your homeowners insurance properly covers you in case of an emergency. If you don’t already have a family disaster plan, make one! You can find tools to help you at http://www.ready.gov/make-a-plan.

Do you have new years resolution ideas you would like to share with CF Funding? Visit us on Facebook at ww.facebook.com/cffundingcorp and leave us a comment!

Has the American Dream Evolved?

CF Funding has helped many families achieve the dream of homeownership over the past 14 years. As the Independence Day holiday weekend has come and gone, CF Funding  evaluates what other factors are considered to be a part of “ the American Dream.” Does the dream refer to a shiny car, a large family, or a 3-figure salary? According to James Adams, who coined the term, “The American Dream is that of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement… It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are immediately capable, and be recognized by others for what they are.”

A glance at recent economic news may indicate that the American Dream is out of reach in present day. College graduates are having trouble finding jobs and are often living at home with parents. Recovery from the recession is slower than expected in many markets.  However, a majority of Americans have achieved the American Dream, in regards to the dream of homeownership, education, and job opportunities, says the DDB of North America. The study revealed that 66 percent of US adult respondents have been able to own a home in their lifetime, 78 percent were able to obtain a good education, and 74 percent were able to find a decent job in their lifetime , yet only 40 percent described themselves as living the American Dream. The reason Many Americans remain pessimistic may be that the American Dream has evolved.

Factors such as “buying the car of one’s dreams” at 35 percent and “making a lot of money” at 25 percent were rated less easy to attain by respondents. However, factors that are less related to wealth such as “decent health and medical care,” “feeling relatively safe, “ being treated fairly,” and “having enough food to eat” rated closer to the 80-90 percent ranges. Are Americans less grateful than in previous decades, or has something else changed? According to Mosche Cohen, achieving and maintaining the American dream “have become so difficult that people are not enjoying it.” People are trying to “shoehorn themselves into this concept of the American dream, and they are losing the freedoms it’s supposed to provide… you take a step back and you say things are getting better. Are they enough? Never, because life is about growing higher and higher, but things are getting better.”

CF Funding agrees that the economy is improving, and will continue to improve in the coming years. The dream of homeownership is becoming more easy to attain, especially for first-time homebuyers and veterans who can receive up to $10,000 in down payment assistance from programs like IHDA’s Welcome Home Illinois. For more information on these programs, contact CF Funding at 888-344-4080 or www.cffunding.com.