4 Signs Refinancing Is The Wrong Move

4 Signs Refinancing Is the Wrong Move

Refinancing your mortgage can bring your interest rate down, lower your monthly payments and generally save you some money. With rates still low, you may be pondering whether now’s the right time to try for a better deal on your home loan. But you don’t want to pull the trigger too soon. If any of the following apply to you, you may want to think twice before jumping on the refinancing bandwagon.

Compare refinance mortgage rates. 

1. Your Credit’s Not in Great Shape

Refinancing when you’ve got a few blemishes on your credit report isn’t impossible, but it’s not necessarily going to work in your favor either. Even though lenders have relaxed certain restrictions on borrowing over the last year, qualifying for the best rates on a loan can still be tough if your score is stuck somewhere in the middle range.

If you took out an FHA loan the first time around, you might be able to get around your less-than-spotless credit with a streamline refinance, but approval isn’t guaranteed. Interest rates are expected to rise toward the end of the year, but that still gives you some time to work on improving your score.

Getting rid of debt, limiting the number of new accounts you apply for and paying your bills on time will go a long way toward improving your number so that when you do refinance, you’ll be eligible for the lowest interest rates.

Related Article: refinance closing costs.

3. A No-Closing Cost Loan Is Your Only Option

4 Signs Refinancing Is The Wrong Move

If you don’t have a few thousand dollars to spare to cover the closing costs, you can always look into a no-closing cost loan. With this type of refinance, the lender folds the costs into the loan itself so you don’t have to pay anything extra out of pocket. While that’s a plus if you’re short on cash, you may be really putting yourself at a disadvantage in the long run. Increasing your mortgage (even if it’s just by a few thousand dollars) means you’re going to pay more interest over the life of the loan.

For example, let’s say you refinance a $200,000 mortgage at 4 percent for 30 years. Altogether, you’d pay $143,000 in interest if you don’t pay anything extra. Your closing costs come to 3 percent but you roll them into the loan so you’re refinancing about $206,000 instead. That extra $6,000 would cost you another $11,000 in interest so you have to ask yourself whether the monthly savings from refinancing justify the overall added expense.

4. Compare Your Refinance Loan Options

Once you’re ready to refinance, it’s important to take the time to compare what’s available from different lenders carefully. Checking out the rates and fees each lender charges ensures that you won’t spend any more money on a refinance loan than you need to.

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Tips to Help You Fund (and Keep) Your Emergency Fund

Everyone who’s ever had an emergency will tell you money is key to making good decisions. We make bad financial decisions when we’re broke and desperate. That’s why having an emergency fund is vital to starting any personal finance journey.…

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9 Simple Steps: How to Stop Living Paycheck to Paycheck for Good

Well, that was fast! I just got my check and it’s all going to bills! Sound familiar? If so, you’re might be living paycheck to paycheck. If you’re struggling to make ends meet with your income, you’re not alone.  In fact, 74% of Americans are living paycheck to paycheck according to a survey from the […]

The post 9 Simple Steps: How to Stop Living Paycheck to Paycheck for Good appeared first on Incomist.

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How to Transfer Your Credit Card Balance in 5 Simple Steps

  Are you struggling to pay your credit card debt?  Perhaps you’re considering a balance transfer credit card to help you pay off your debt faster? If so, you’re not alone. In fact, the average American household owes $6,194 in credit card debt and many are seeking strategies to reduce that number. It may be […]

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Game Changing Mom Life Must Haves!

As busy moms, we need to cut the time, trim the cost, and lessen the mental load, and here are the mom life must haves to help you do it!

Ugh! You just crossed off two items on your to-do list (yaaa!), and then you immediately added four more on to it! #momlife Seriously, you feel like you’re bailing out a sinking battleship with a sippy cup, and there’s no end in sight. Or so it seems…

Every good General knows you need the right tools & resources to win the war, so it’s time to fill your arsenal with the best mom life must haves! These are the things that will help you triumph over errands, chores, and mealtime! All while helping you feel calmer and happier, settling your racing mind, giving you the space to do what’s most important!  

Yes, snuggling your kiddos, kissing on your honey, or maybe hiding in the bathtub for 2.5 hours reading a good book and eating chocolate. Hey, self-care is in, right? So sit tight, and get ready to rock your to-do list!

game changing mom life must haves

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How to be a better mom (by having the right support)

Whoa, that’s a loaded statement! I mean, “be a better mom” implies that you’re doing a bad job now, right? NO! We are all doing the best job we can in the life we have right now. No one wakes up and says, “I want to be mediocre today”! No, we want to do a great job every day. Yet, sometimes, at least for me, I fall short.  

Some days I’m exhausted, have too much on my schedule, or run out of brown sugar, so no cookie baking today (true story, huge tears ensued from my 5-year-old). When these days happen more than I would like, I know that I need to sit down and recalibrate. Take stock of the common themes, look for overlapping reasons why the $hit keeps hitting the fan, and then figure out what I need to do to get back on track.

Usually, either I need a mini-vacation (sigh), or I need to check out my tools and see where I need more support and even some tools that I may have forgotten about. I call these my mom life must haves! I’ve rounded up my best tips, tools, and resources on the items that help me be a better mom!

When I say “better mom,” I mean…

  • less frazzled, more calm
  • less scatterbrained, more organized
  • less tired, more energized
  • less scroungy, more stylish
  • less last minute, more prepared
  • less mediocre, more badass!

Being a better mom can mean anything that you want it to mean! Don’t let my own definition put restrictions on your best version of you! You can use my ideas to be a jumping-off point, and then tailor them to your own personality and goals!

Take advantage of Amazon Prime Day for huge savings!

I know that spending money on ourselves is hard. I will convince myself that I don’t really need something, or that the money would be better spent on a new thingamajig for my little one. I don’t know why I feel guilty spending money on myself, I just do sometimes.

One thing that always helps me feel better about spending money on myself is if I get it at a good deal! I love saving money! (yes, I’d save a whole lot more if I didn’t buy “it” at all but sometimes we need something! Especially when that something makes our life better or easier! So that’s why I am super excited about Amazon Prime Day!

What is Amazon Prime Day?

It’s a two day event where Amazon offers up steep discounts on millions of products across all categories! People use this time to stock up for holiday gifting, or to splurge on normally expensive items. If you’re a Prime Member you get early access to some of their deals so if you have been thinking about getting a membership, then now is the time! Don’t forget to snag your free 30 day trial!

When is Prime Day this year?

It’s October 13th & 14th this year, but if you’re a Prime Member you’ll get early access!

I am so happy to say that Amazon will be supporting small businesses this year too (sounds counterintuitive but hear me out). Small Businesses can be a partner shop on their platform, and if you purchase starting now through October 12th, if you purchase $10 worth of items from a participating small business you will get $10 credit to use on Prime Day! Check out all the small business partners here!

Amazon Prime Day Deals

Now the following items aren’t a part of my own person list of mom life must haves, yet so many people swear by these. Starting today, Prime members can shop early offers and deals everyday leading up to Prime Day on October 13 & 14.

  • Amazon Devices: 
    • Get two Echo Dot devices for $39.98 
    • Fire TV Recast for $129.99 to store up to 75 hours of HD programming.
    • Save up to $100 on Toshiba 43-inch Smart HD Fire TV Edition TV for $179.99.
    • Insignia 43-inch Smart 4K UHD Fire TV Edition TV for $199.99;
    • Save $40 on Echo Show 5
  • Amazon Music: For just $0.99, Prime members who haven’t yet tried Amazon Music Unlimited can get four months of the premium streaming tier with unlimited access to more than 60 million songs ad-free, and now a wide selection of popular podcasts.
  • Audible: Prime members can save $50 on a year of Audible Premium Plus. Audible members will also get access to the Plus catalog, featuring more than 10K Audible Originals, audiobooks and podcasts, all at no additional cost.
  • Kindle Unlimited: New customers to Kindle Unlimited save 50% off a 6-month subscription.

The main question with Prime Day Deals, is did you want this item before you heard about it on Prime Day? Or did you simply see it and think “ohhhh, shiny!” Remember, it’s only a deal, if you were going to buy it anyway!

Mom life must haves for the home

1. Family charging station

mom life must have #1 - family charging station
4 1/2 stars with 4,300 ratings

Hercules Tuff Charging Station

  • charges up to 80% faster!
  • charge six devices at once
  • gift-ready packaging
  • includes 4 Lightning Cables, 1 Type-C Cable, and 1 Micro-USB cable perfectly sized to keep your space organized

This is honestly one of my favorite things, and I’m not usually a gadget person. If my phone isn’t in my hand, I always know where it is, the family charging station is the natural place to put it down, so it’s an easy habit to start. There’s no worrying about your hubby or kiddo walking off with your charging cables! Plus, it makes mealtimes more family-friendly.

We can sit down to a meal without having our phones on the table or in our pockets, where it’s so easy to start scrolling or get sidetracked by notifications!

Time Saved by less distractions and mindless scrolling!

2. A great handheld vacuum

mom life must have #2 - a great handheld vacuum

Black & Decker Max Pivot Handheld Vacuum

  • Lithium battery for strong suction that never fades
  • cordless
  • 4 stars with over 12,000 ratings!

I’m not a Roomba vacuum kind of person, even though the concept sounds great. I don’t trust them 🙂 I don’t think they’ll do a great job, and I’ve heard the horror stories of them eating cords & carpets. So that means a handheld vacuum, which sounds lame as they don’t usually have a lot of power. Until I found this one, the Black & Decker Pivot! He’s lightweight and super fast to pull out of the pantry for a quick clean up!

Honestly, this vacuum is amazing! I got mine for Christmas 2015. Yes, 5 years ago, and I can still say it’s amazing! It has so much power to it; it vacuums up everything! I’ve only had the battery run out one time; it was when we were moving, and I cleaned the whole house for the entire day. So I don’t blame it 🙂

I hate to admit this, but I didn’t know that there was a removable filter that you had to take and shake out for the first two years. Yes, I emptied the chamber, but I didn’t know about the filter. I didn’t notice it, and it still worked great!  Shhh… don’t tell anyone how dumb I was!

Besides, you cant lift a Roomba up and vacuum huge spiders off the ceiling like you can with this handheld vacuum! (Just this past week, it was two mornings in a row that I had to climb on the bathroom counter and get ’em!)

Both time & money saved, as it’s very convient for a quick clean and money saved as this is a quality vacuum, and I expect it to last a long time!

3. An Amazon prime membership

This sounds so silly, as everyone must have it by now, right? Nope, they don’t, but it’s such a lifesaver! Every one should find a way to fit this into their budget. It’s $119 a year for an annual subscription or $12.99 a month. But the main question busy mom’s ask is, “Is it worth it?”

“The actual value of Amazon Prime is estimated to be around $784 annually after all of its individual perks and benefits are considered, according to a recent analysis by JPMorgan”, says Business Insider. So the resounding answer is yes! Click here for your 30 day free trial to Prime.

You get free shipping, two-day shipping, movies, free ebooks, music, file storage, and more! Prime members also get extra discounts to Whole Foods and member-only deals.  

Plus, there’s Prime Reload, which gives you 2% by linking up your debit card and reloading your “available shopping balance” from there! Saving money without the lure of a credit card is a great option!

Their Subscribe & Save program also offers great perks! You pick out which items you order all the time, like bar soap or diaper pail liners, and you signup to get them regularly delivered to your door; with this you can save up to 15% on these purchases!  Amazon Prime Family also offers 20% off diapers and special baby registry benefits!

Don’t forget to look for available Prime Membership discounts:

  • Prime Discounted Monthly offering is just $5.99/month for qualifying customers with an EBT or Medicaid card
  • Prime Student has a 6-month trial and then $6.49 a month 

Amazon also has their Signature Visa, where you get 3% back at Whole Foods, 2% back at gas stations, restaurants, and drugstores. 1% back on utilities and all other purchases (see terms & conditions for current details).  

Don’t forget you can get a 30-day free trial on all Amazon Prime!

Money saved! You will find great deals on Amazon, but you might need to spend some time digging through reviews and products.

4. Easy & fast dinners

Meal kits certainly aren’t new anymore, so the novelty has worn off. They’re not just for “fun” anymore, but they are a lifesaver! And there are so many different companies you can choose from, meal kits for any diet and lifestyle!

We like EveryPlate, as it’s one of the cheapest out there at $4.99 a serving! Meal kits save me so much time and brain angst (is that even a thing?). But you get me, I mean I would waste so much time trying to figure out what to make for dinners for the week. Then I have to go buy it all, and the prep it. Ugh! My brain hurts just thinking about it!

With EveryPlate, it takes me 12 minutes every month to go into their dashboard and pick my meals. That’s it. The recipes are easy to make, tasty, and I feel good about not serving up a frozen pizza or take out every night.

We have also started trying Dinnerly too. I’m not into blindly following brands, I like to be sure that I am getting the best deal for the best value out there! So of course I am going to try the competition! Dinnerly and Everyplate are similar in cost, program, and quality.

YET, Dinnerly just started offering extra protein portions (in case you want to make a little more). AND, they just started offering desserts too! This next week I signed up to get a caramel apple spice cake and the following week pumpkin pie cheesecake bars! (fall flavored treats are my weakness). Click the here to start making meal time easy (finally!) and treating your family!

Don’t get me wrong, meal kits have their drawbacks, sometimes the cucumber arrives soft, or it’s not enough for my hubs, but overall it’s a great option, and it totally works for us!

We also use our trusty old slow cooker! It’s still great for making a good amount of food that we can use as quick leftover meals throughout the week. Things like chicken fajitas, or three-bean chili, or mac & cheese are great options.

This slow cooker is great as it’s programable for temp & time. Then when it’s done cooking, it switches to warm mode, so you don’t overcook your dinner! It also comes with a temperature probe, so if you’re cooking meats you can be doubly sure it’s fully cooked!

On my wish list is this Instant Pot; I mean, it has 4 1/2 stars with over 100,000 reviews! That’s crazy, right! Besides, any gadget that says it’s perfect for beginners is for me!

Time & money saved! But more so, my sanity as I hated trying to decide what to make for dinner!

Mom life must haves for our kids

So we wouldn’t be busy moms if it wasn’t for our kiddos, right? These things are ones that I love, and have made this crazy journey a lot easier!

5. Honest Company products 

mom life must have #5 - safe products for our kiddos - The Honest Company
4 1/2 stars with 4,000 ratings
mom life must have #5 - safe products for our kiddos - The Honest Company
4 1/2 stars with 3,500 ratings
mom life must have #5 - safe products for our kiddos - The Honest Company
4 1/2 stars with 7,000 ratings

So this sounds corny, but I honestly love Honest Products! Actress Jessica Alba started the brand. Honest’s bio page says, “When she couldn’t find one brand to trust for all her everyday needs, she had to create it. And she knew that there had to be others out there looking for safe products, simple solutions, and clear information about their choices, just like her.”

Did I ever tell you that I am a natural skeptic? When someone says their product is safe and uses only the best ingredients, I look to the experts to tell the truth. I use the Environmental Working Groups Skin Deep app on my phone all the time for this! I scan the barcode of an item, and it tells me if it’s considered safe by their 3rd party unbiased testing. EWG is a “non-profit, non-partisan organization dedicated to protecting human health and the environment.” Their app doesn’t have every product in its database, but they have a lot (mostly in the beauty and cleaning area). 

When I am standing in Target and looking for something for my kiddo, I scan all the brands to find the one that is the least toxic, and then I go to Amazon to check out the reviews on that item. If people love it, then I buy it!

I just used it this past month, we stayed at my mom’s house for a few days, and my daughter used their bubble bath; she loved all the bubbles. But a few days later, she broke out in a rash, sure enough, I found it was rated an 8 (on a scale of 1-10, with 10 being the worst). Whoops!

So I went to target and scanned a few and settled on The Honest Company’s lavender bubble bath, and it was rated a 1! I bought it, and it worked great (as much as a bubble bath works), the bubbles lasted forever, smelled great, and she loved every second of it! (oh and no rash!)

I bought…

  • The Honest Company Truly Calming Lavender Shampoo & Body Wash
  • The Honest Company Truly Calming Conditioner
  • The Honest Company Truly Calming Bubble Bath

I feel great about these products as I know they’re safe (peace of mind is priceless), work great, and don’t cost a fortune!

Mental space & time saved! As I don’t wonder anymore (or feel guilty) about knowing that the products I use on her are safe!

6. The best safety in the industry

mom life must have #6 - the best in car seat safety
Britax B-Safe Infant Car Seat
5 stars with 1,800 ratings
mom life must have #6 - the best in car seat safety
Britax Boulevard ClickTight convertible
4 1/2 stars with 3,300 ratings

Along the same vein of keeping our kiddos safe, I researched a lot of items when I was pregnant, and one of the most researched items is a car seat! I finally chose the Britax B-Safe 35 (funny story here), and then when she got older, the Britax Boulevard ClickTight convertible car seat.

I honestly spent way too much time agonizing over the car seat choices. I wanted the best for her without spending a fortune. Yes, Britax is a teeny tiny bit expensive, but a car seat is so important, as a bad car seat can have horrible repercussions!

Anyway, funny story, so I was agonizing over which to choose for weeks. One day, as I watched TV, a clip about Prince William & Kate came on, as they just had their first baby. The TV shot was of them standing at the top of some stairs, walking down and outside to their car. Prince William was holding the car seat, and I recognized the colors (black & red) of the car seat.  

I paused it, screenshot it, and zoomed in; sure enough, it was a Britax B-Safe! Within two minutes, I was on Amazon and ordered it! If this was the brand & model that the Royal Family trusted, then this was the one for me! Problem solved, no more worries!

All of their models’ rates very high for safety, their quality is great, and they are easy to use!

Peace of mind! Knowing that I have done everything I can to protect my daughter, while in the car, is important to me!

7. Car Snacks

mom life must have #7 car snacks - packaged nuts
4 1/2 stars with 2,000 ratings
mom life must have #7 car snacks - whole grain fig bar
5 stars with 76 ratings

A busy mom’s best friend is without a doubt her car snacks! Car snacks for the kiddo and absolutely car snacks for us!

Car snacks keep everyone happy, and they keep you out of the drive-through! Oh, and did I mention that when your kiddos are eating the snacks they’re not asking you 459 questions!

I have two go-to’s for this.  

  • Emerald nut mix, variety pack 100 calories packs. Right now, it’s $9.44 for the box of 18 small individual packs. That’s $.52 a pack.
  • Nature’s Bakery Whole Grain Fig Bar – these are the best, as they don’t harden into rocks when your car has been sitting out in the freezing cold. They don’t melt in the summer, and they don’t crumble and get a mess everywhere! Plus, they’re tasty and not total garbage nutritionally speaking! 

Time & money saved, as you’re not stopping for fast food! More importantly, I can say that the magic of car snacks has saved my own personal sanity!

Mom life must haves for ourselves

8. An organized life

If I had to get married again (and not to my husband), I would marry Trello! Seriously, I feel that strongly about this app! If you’re not familiar with Trello, it’s basically a place where you can put your entire life & brain to help keep you organized!

Picture this; it’s like a giant whiteboard with lists and sticky notes, links, files, and images. It’s sharable so you can work with people on projects too! It gives you the big picture and zero’s in on the tiny details. It’s for desktop and mobile, and it’s free! Yup, FREE!

If you have a daily planner or 489 sticky notes, then you have to check out Trello!

If you absolutely love your pen & paper style organizing, then check out my Brain Dump printables! It’s for when you’ve got way too much swirling around in your brain. You lay it all out in formatted sections, and it helps you plan, prioritize & delegate your to-do list!

Time & sanity saved! I don’t forget things nearly as much (but I’m not perfect).

9. A delicious nutritional home run

mom life must have #9 - a good protein powder
4 1/2 stars with 800+ ratings

Garden of Life Sport Certified Grass Fed Clean Whey Protein

  • vanilla or chocolate flavor
  • 24 grams of protein
  • no added hormones, sugars, or rbst free, and gluten free
  • delicious! (truth!)

As busy mom’s we’re run ragged sometimes. So much to do, and it’s easy to forget about taking care of ourselves. Or we push it to the back burner, always meaning to get to it later, but never actually doing it.

Ugh. Fail.  

We know we feel better when we take care of ourselves, yet it’s hard to prioritize yourself over your to-do list (at least I do). So make a promise to yourself to start taking better care of you! For me, that looks like having a healthy smoothie! For you, it could look totally different, and that’s fine!

My favorite protein powder is Garden of Life Whey Protein Powder, I don’t need anything crazy with 78 grams of protein, I just need something to feed my body, without a ton of crazy chemicals. (Yes, I do realize that protein powders are processed, but this is a very well respected brand, and it was recommended to me by super knowledgeable staff at a natural grocery store.)

“We start with what goes IN our products—true, whole food ingredients. But we don’t stop there. We also pay very close attention to what we keep OUT of them.  And once again, we look at food—real nutrition food. When is the last time you picked up an apple, turned to read the ingredients, and saw a list of chemicals?  If it’s not in your food, then we don’t want it in our supplements.  We use third-party (never self-affirmed) certifications to prove we are clean!” (source).

My base recipe…

  • 1 scoop of protein powder
  • 1 frozen banana
  • 1/2 can full-fat coconut milk
  • 2 Tbs chia seeds

Then either…

  • 1/3 can pumpkin puree with 1 tsp of pumpkin pie seasoning

Or

  • a handful of frozen mixed berries with 1 tsp of vanilla

These smoothies are a part of 21 Day Sugar Detox Daily Guide, which I did last year! I felt so good about focusing on my health and I plan to do the program again (as life happens, right).

For those of you a little wary of the can of coconut milk, I want you to try it at least once. It’s delicious, and it fills me up all day long! Yes, it has a lot of fat in it, but so many vitamins and nutrients. I’m not a food or weight loss blogger, so I won’t try and convince you of the scientific health benefits.  

It’s delicious (truly, I’m not exaggerating), and it makes me feel great, and it’s healthy! That’s good enough for me. Besides, when I make it in my Vitamix, cleaning up is super easy! I just give it a quick rinse in the sink, pour some dish soap in it, fill it with hot water, put it back on the base, and turn it on for 40 seconds! No taking apart pieces and scrubbing it! (of course, if I use dairy, then I do put it through the dishwasher)

Time saved! Smoothies are quick and easy, plus I feel good knowing that I am taking care of myself so that I can have the energy to take care of my daughter and answer her 45,871 questions!

10. Chug Chug Glug

mom life must have #10 - a good water bottle
5 stars with 16,500 ratings for standard mouth
mom life must have #10 - a good water bottle
5 stars with 225 ratings for wide mouth

That’s code for drink more water! We all know this; it’s been drummed into our head with 1000 hammers. Yet, it’s still true; we all need to drink more water!

I love my Hydro Flask! It keeps my water cold for FO-EV-ER! It never sweats, I have dropped it a billion times, and it only has one dent (haha). I love the lid with the loop, as I can hang it from my mommy hook on my little one’s stroller. (Mommy hooks are great too, you can hang anything with it!)  

My current one I’ve had for two years, and the only reason I needed a new one is I lost my older one, which was at least three years old (my Amazon order history only goes back so many years, I guess). So that ‘a good sign; they last forever! Well worth the price! Plus, they come in super cute colors!

Oh, and did I mention Hydro Flask makes a wine tumbler too! Ha! This might absolutely help me be a better mom!

Money saved, as this water bottle lasts forever! Probably money saved too, as I eat less snacks and less at meal time as I’m well hydrated.

11. A simple cute & comfy style

mom life must have #11 - comfy yoga pants
4 1/2 stars with 25,000+ ratings
mom life must have #11 - comfy yoga pants

This is a hard one, as I’m a little bit ashamed of my path to this product. I got to a point where I was getting a bit scroungy; you know sloppy. My sweatpants were old, and the t-shirts were stained. Sexy huh!?!

It was time for a mini mommy wardrobe makeover! I have been reading a lot about minimalism and especially capsule wardrobes, and am in love with the nice, basic simplicity of it! It appeals to me on all levels! Find pieces that fit & flatter, that all go together and stick to it!

So I went through, purged my closet (I got rid of 75% of my clothes), and focused on an inexpensive capsule wardrobe! The base of the collection is these amazing IUGA high waist yoga pants! I got a pair in black, and I love them! With 4 1/2 stars with over 25,000 reviews, they have to be amazing, right? They are! An absolute staple for this mom life must have list!

And they don’t cost a fortune either! Just $25 for this pair! I did buy some nice yoga pants at Target before finding these, but they didn’t come in black). These IUGA pants…

  • come in 26 colors
  • inside waistband pocket for keys
  • hip pocket for phone
  • aren’t see through (whew!)
  • 30 day money back love it guarantee

Time & sanity saved! As I don’t stare blankly at my closet for 12 minutes every am, wondering what to wear, of if it will look okay! It’s a quick scan the closet, grab the pants and it’s go time!

12. Survival in a can

mom life must have #12 - canned wine
4 1/2 stars with 50 ratings

If I didn’t mention my absolute favorite must have for moms, I would be doing you a disservice. I would also be hiding the real me. I don’t want to do that, as that’s lame. So my favorite mom life must have is canned wine.

…cricket cricket…

Let me explain. I love canned wine. I really do. I like wine, but I don’t like opening a whole bottle of it. If I drank a whole bottle, that’s bad news. Yes, I could put a stopper in a bottle and save it. But my favorite one is The Bubbles, a sparkling white wine (kind of like a Pinot Gris). So if I used a stopper, the bubbles wouldn’t be as amazing a few days later.

A can size is perfect, usually consumed over two nights. And then I don’t have to worry about it going bad, or feeling like I need to drink more than I should, just because I don’t want to “waste” a bottle.

Besides, canned wine is coming up in quality and popularity! It’s not like those jugs you see at discount grocery stores for $4.99. Trust me; it’s delicious!

The Bubbles is my favorite, and you can get it from Whole Foods through Amazon Prime delivery! Plus, add a snack tray and a heavenly chocolate bar from WF, and you’re set! This is my perfect meal for a relaxing evening on my own!

I wish that I could say that this saved me time or money. But this is just something that makes me happy!

At the end of the day

As busy moms, we have our hands full, not to mention our brains! We need all the help we can get, and I am not too proud to accept help from great tools and resources! These mom life must haves help me be a better mom by taking away the unnecessary, automating what can be, and making me feel better in my skin, my mind, and in my heart!

Posts related to mom life must haves:

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  • Mamas Talk Money Goals!

What’s your mom life must have item? Let me know in the comments below!

The post Game Changing Mom Life Must Haves! appeared first on Money for the Mamas.

Source: moneyforthemamas.com

Mortgage rates remain at record-low levels

After falling to the lowest rate in Freddie Mac’s Primary Mortgage Market Survey’s near 50-year-history last week, the average U.S. mortgage rate for a 30-year fixed loan remained at a survey-low 2.67% this week.

Last week’s announcement of a 2.67% rate broke the previous record set on Dec. 3, and was the first time the survey reported rates below 2.7%.

The average fixed rate for a 15-year mortgage also fell this week to 2.17% from 2.19%. One year ago, 15-year average fixed rates were reported at 3.16%.

“All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than one percentage point over the last twelve months, driving housing market activity in 2020,” said Sam Khater, Freddie Mac’s chief economist. “Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.”

Freddie Mac has reported survey-low rates 16 times in 2020, proving beneficial to borrowers looking to buy or refinance a home amid economic turmoil outside of the industry.

Mortgage spreads continue to compress, per Freddie Mac officials, with the 10-year Treasury yield remaining at or above 90 basis points through the beginning of December.

This week’s 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.71%, down from last week when it averaged 2.79%. That’s another sharp drop-off from this time last year, when the 5-year ARM averaged 3.46%.

The Federal Open Market Committee revealed earlier this month that the Federal Reserve plans to keep interest rates low until labor market conditions and inflation meet the committee’s standards. Overall, Fed purchases have helped to drive mortgage rates and other loan interest rates to the lowest level on record by boosting competition for bonds.

Higher rates may be around the corner, as the calendar flips to 2021 and the promise of a second COVID-19 stimulus check along with a vaccine reaches consumers. The Mortgage Bankers Association has forecasted rates for 30-year fixed-rate loans rising to an average of 3.2% by the end of 2021.

But if the virus is not controlled in the new year, investors may remain cautious and consumer confidence could wane – keeping rates low, according to the MBA.

The post Mortgage rates remain at record-low levels appeared first on HousingWire.

Source: housingwire.com

New-year optimism reflected in mortgage applications jump

Mortgage applications jumped 16.7% after a 4.2% drop last week, according to the Mortgage Bankers Association.

The jump underlines the seasonality behind last week’s decrease in mortgage rates, as well as the expectation of additional fiscal stimulus from the incoming administration, per MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

“Booming refinance activity in the first full week of 2021 caused mortgage applications to surge to their highest level since March 2020, despite most mortgage rates in the survey rising last week,” Kan said.

The 30-year fixed mortgage rate climbed two basis points to 2.88%, but the 15-year fixed rate fell to 2.39% — a survey low. The refinance index increased 20% from the previous week and was 93% higher than the same week one year ago.

“Even with the rise in mortgage rates, refinancing did not slow to begin the year, with the index hitting its highest level since last March,” said Kan. “Both conventional and government refinance applications increased, with applications for government loans having their strongest week since June 2012.”

The seasonally adjusted purchase index increased 8% after a 0.8% decrease from last week.

The FHA share of total applications decreased to 9.6% from 10.1% the week prior. The VA share of total applications increased to 15.8% from 13.6% the week prior.

“This is a positive sign of more lower-income and first-time buyers returning to the market,” Kan said.

Here is a more detailed breakdown of this week’s mortgage application data:

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased to 2.88% from 2.86%
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) increased to 3.17% from 3.08%
  • The average contract interest rate for 30-year fixed-rate mortgages increased to 2.93% from 2.90%
  • The average contract interest rate for 15-year fixed-rate mortgages decreased to a survey-low 2.39% from 2.40%
  • The average contract interest rate for 5/1 ARMs increased to 2.66% from 2.63%

The post New-year optimism reflected in mortgage applications jump appeared first on HousingWire.

Source: housingwire.com

What Should My Mortgage Credit Score Be?

You don’t have a separate rating called a mortgage credit score, but lenders do look at your score, credit history and several other factors when deciding whether to approve you for a home loan. Contrary to what some people think, though, you don’t necessarily need an excellent or good credit score to get a home loan. How high your score is depends on your current financial situation, down payment and other factors.

What Does My Credit Score Need to Be for a Mortgage?

The short answer is that it depends. Mortgage lenders will do a hard inquiry on your credit to see the score and the details behind it. Your credit score is typically a good first impression on how risky of an investment you are. Mortgage lenders don’t want to be left holding the keys to your home if you don’t or can’t make regular monthly payments, or if you make late payments, on your home loan.

Factors that can impact whether your credit score is high enough to be approved for a mortgage include:

  • What type of home loan you’re seeking
  • How much other debt you have
  • The details of your credit history, such as positive and negative items reported to the credit bureaus
  • The size of your down payment

FHA mortgage loans may be among the easiest loans to get in terms of credit score requirements. Individuals who qualify as first-time home buyers under FHA (Federal Housing Administration) backed lending programs may be able to qualify for mortgage approval with a credit score as low as 580 and a low down payment of only 3.5%. In cases where buyers can put forward 10% or more for a down payment, some lenders may approve individuals with FICO scores as low as 500.

For more conventional loans—those that meet the underwriting standards put forth by Freddie Mac or Fannie Mac—approval usually requires a good credit score. At minimum, these types of loans usually require a FICO score of around 620, but that assumes other factors are in your favor. A lower down payment or higher credit utilization, among other things, could mean you need a higher credit score to secure mortgage approval.

What Is a Decent Credit Score for a Mortgage?

The answer is probably 620 or higher. You do want to minimize any surprises during the mortgage application and home buying process. Take the following steps to avoid this risk.

  • Get a look at your credit score and report. If you have bad credit, consider taking steps to improve your credit score.
  • Dispute or work with a credit repair company to fix any inaccuracies on the report before you apply for a mortgage.
  • Evaluate whether your credit history and score positions you to achieve your homeownership goals now or if you should take time to improve your score organically first.
  • Research the mortgage process so you understand how it works.
  • Consider working with a mortgage broker if you’re uncomfortable with the entire process. These pros can often help you understand which type of mortgage is right for you and how to qualify for it.

Can You Buy a House with a Credit Score of 590?

You may be able to qualify for an FHA or nontraditional home loan with a low credit score. Your chances of doing so are higher if you can tie your low score to a single issue and you otherwise have a strong credit history. You can also increase your chances by lowering your credit utilization rate, having a low debt-to-income ratio and saving up to put a large percent down when you buy the home.

Should You Get a Mortgage with Your Current Credit Score?

Ask yourself this important question: Are you so preoccupied with whether you can get approved for a mortgage with your current credit score that you forgot to ask yourself whether you should?

Your credit score impacts more than whether or not a lender approves you for a home loan. It also impacts your loan and term options, which can impact the overall cost of the home. One of the most important parts of the mortgage that may be tied directly to your credit score is the interest rate.

A good or bad credit score can mean a shift up or down for your mortgage interest rate. And even a fraction of a percent in either direction can drastically change how much you pay for your home. Consider the examples below, which are applied to a $200,000 home loan for a term of 30 years.

  • An interest rate of 3.92% equals payments of $946 per month and a total home cost of $340,427 over 30 years.
  • An interest rate of 4.42% equals payments of $1,004 per month and a total home cost of $361,399 over 30 years.
  • An interest rate of 4.92% equals payments of $1,064 per month and a total home cost of $382,999 over 30 years.

Just a difference of 1% can result in savings (or losses) of more than $40,000 over the life of your mortgage. Use Credit.com to check credit score and credit report card to make sure your credit score is as high as possible before you start the mortgage application process.

The post What Should My Mortgage Credit Score Be? appeared first on Credit.com.

Source: credit.com