Growing up as an African American young man in the heat of the Civil Rights Movement came with unimaginable challenges. Growing up as an African American star athlete during that time was even more precarious, as it brought with it an expectation to use the stage to represent an entire race of people. Tennis great Arthur Ashe decided early on in his Hall of Fame career to let his racket do his talking for him, but it would not have been possible if not for the selfless act of his own blood. Our October NFM Salute honors Vietnam Veteran Johnnie Ashe, who through his brotherly deeds, helped shape an important piece of American history.

Annual Percentage Rate- Annual percentage rate is expressed as the periodic interest rate times the number of compounding periods in a year (also known as the nominal interest rate); since the APR must include certain non-interest charges and fees, it requires more detailed calculation. An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment.

Like an interest rate, the APR is expressed as a percentage. The Federal Truth in Lending Act requires that every consumer loan agreement disclose the APR. All lenders must follow the same rules to ensure the accuracy of the APR.

The annual percentage rate (APR) can be seen on your mortgage loan disclosures and is calculated by including mortgage lender fees and other items that will affect your monthly payment – like private mortgage insurance or PMI. It does not consider monthly escrow payments to homeowners insurance or property taxes.

The rate is calculated by multiplying the periodic interest rate by the number of periods in a year in which the periodic rate is applied. It does not indicate how many times the rate is applied to the balance.

*graphic provided by ivestopedica.com

Unlike interest rate, APR includes the following costs and fees in the calculation:

• Discount Points
• Private Mortgage Insurance
• Lender Origination Costs

The APR must be disclosed to the borrower within 3 days of applying for a mortgage and is found on the truth in lending disclosure statement, which also includes an amortization schedule.

For more information about APR and other mortgage terminology, feel free to contact one of our Home Loan Consultants.

A Home Summer Shape Up Amid Coronavirus Concerns

Here are a few ways to give your home a check up this Summer, despite all the impacts of COVID-19

• Temperature Check: Most of us have been checking our body temperatures regularly during this health pandemic, but what about your home’s temperature? Installing a programmable thermostat helps you save on cooling costs now and heating costs this winter. The device allows you to customize indoor temperatures throughout the day based on your schedule, helping to lower your utility bills. Installing ceiling fans can also provide energy-efficient cooling and comfort during the long, dog days of summer.
• HVAC Tune-up: Just like a regular doctor’s check-up, checking the condition of your air conditioner before you notice a problem with it should be routine. Be sure to have a qualified professional also replace your filter before contractor availability gets challenging during busy summer months. If your air conditioner is in good shape, think about other ways to keep your home cool, like adding curtains, shades or blinds to windows to help block out the sun’s intense rays.
• Replace Windows and Inspect the Roof: Sometimes wear and tear on your body affects your ability to stay in the game. Wear and tear on your windows over time can lead to energy dollars escaping outdoors. New windows are a great place to increase the energy efficiency of your home and provide a return on investment. Replacing older windows will help prevent heat loss during the winter months and provide more indoor comfort. If your roof is getting up there in age like you, have a roofer check for any damage around the chimney, pipes and skylights. If it is time for repairs, think about a cool roof that contains materials that reflect the sun’s heat.
• Landscape: Keeping up appearances might not be at the forefront of your stay-at-home routine, but planting trees and pruning shrubs can brighten up the exterior of your home and could also brighten your mood. And before the heat of the summer takes over your lawn, check the condition of your sprinklers and garden irrigation for their optimal use during summer months.
• Inspect and Clean Your Dryer Vents: Clothes dryers are likely getting a workout during quarantine even if you’re not. Dryer vents get clogged with lint, preventing them from functioning well. Clogged vents take longer to dry clothes, in turn increasing your utility bills. They are also one of the leading causes of house fires. Have a professional inspect and clean your dryer vents and ensure your exhaust system is working properly.

We hope you to stay safe and be prepared for the months ahead!

Congratulations to the NFM Family! We were awarded the #1 Top Mortgage Originators in the state of Maryland by the Scotsman Guide, 2019. This is a HUGE accomplishment for all our teams and we’re so proud to be a part of this incredibly talented family! Stay Tuned for more amazing things to come in 2020.

Scotsman Guide Standings

Main Street Home Loans is pleased to announce the opening of a new branch in Dover, DE. Located at 146 S. State Street, Dover DE 19901, and led by Vice President and Regional Manager, Devin Wiley. The new branch will focus on expanding Main Street Home Loans friendly and powerful lending platform to better serve all communities with exceptional customer service. Offering Conventional, FHA, VA , USDA, FNMA, Jumbo and many other loan options to fit every borrower’s need, we’re excited to further grow our Main Street family.

Wiley is currently seeing qualified Home Loan Consultants, processors, & underwriters for full and part-time positions.

For more information, please contact:

Devin Wiley
Vice President, Regional Manager
302-363-2128
DWiley@mainstreethl.com

About Main Street Home Loans

Founded in 2019, Main Street Home Loans was built on the philosophy that “One size does NOT fit all.”   Especially when it comes to your home.   We take a very consultative approach with every client to ensure that this new mortgage fits within their short- and long-term financial goals.   Each of our Home Loan Consultants understand the importance of this major financial decision and are trained to help our clients navigate through the countless home loan products in order to place them in the home loan that’s right for them.  We are honored to be with you on your journey from Main Street to Your Street. For more information visit www.mainstreethomeloans.com, like our Facebook page and follow us on Instagram

One of the goals of the recently passed CARES Act (Coronavirus Aid, Relief, and Economic Security Act) is to provide relief for struggling homeowners, including the requirement that loan servicers provide mortgage forbearance. It’s important to understand what this forbearance means and who is able to take advantage of the relief.

What is Mortgage Forbearance:

Forbearance is when your mortgage servicer or lender allows you to pause (suspend), or reduce your mortgage payments for a limited period of time while you regain your financial footing. It is NOT mortgage forgiveness nor does it forgive what you owe. It is basically a temporary period where mortgage payments will not be due monthly, to provide some immediate relief for those who need it. According to the CARES Act, loans will accrue interest during forbearance, but many will not be subject to additional interest or fees. At the end of forbearance, some loan servicers may request multiple months’ worth of payments due at one time, so it’s highly recommended that you contact your loan servicer to learn and understand their repayment terms. *the servicer contact information is located on your monthly mortgage statement*

Who is eligible for mortgage forbearance:

Qualification requirements for mortgage forbearance vary by lender, but generally you’ll start by submitting an application. Various lenders may allow you to start the application online, while others will ask that you call them first. Upon starting the application process, you’ll want to have a few items on hand:

• Your most recent mortgage statement.
• An estimate of your current monthly income.
• An estimate of your current monthly expenses.
• An explanation of your hardship (and, if possible, documents that substantiate your claim).

It’s best to start the process early rather than waiting until you’re about to miss a payment. Also, it is recommend that if you can make your mortgage payments, to keep paying them. Do not contact your servicer if you’re aren’t facing immediate financial hardship.

To learn more, check out this short, highly informational VIDEO from the Consumer Financial Protection Bureau, which explains forbearance and how to navigate the best options for you.

Any questions, feel free to reach out to one of our Home Loan Consultants, and we suggest that it is always a good idea to consult with your financial advisor or tax consultant before making financial decisions.

May is National Moving Month! Are you on the move? Check out these tips to make life a little easier!

Main Street salutes (Ret.) Major Jeremy Haynes. Watch and learn more about his amazing story of bravery.