Does your client want more equity quicker? Here’s how.
Home equity creates generational wealth and financial security but building it doesn’t happen overnight. But there are some things your client can do to speed up the process:
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Increase the value of their home with the right home improvements
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Make a larger down payment and avoid PMI
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Pay a little extra or make biweekly payments
Let’s talk about your client’s financial goals, and how building home equity can help.
Weekly Market Update
Mortgage rates were mostly flat this week, as the Fed did not make any changes to rates. They continued to guide the markets for three rate cuts this year, while increasing the rate projections for 2025 and 2026. The Fed did forecast for higher growth, higher inflation (just a slight uptick), and lower unemployment, with three rate cuts this year. Heading into next week, the most important data point is the PCE Deflator, the Fed’s favorite inflation measure, which comes out on Friday. The issue with that data point is that it is on Friday, which the bond market is closed on. Unless there is some new Fed commentary next week, the bond market will likely hang around a range of the current levels as it waits to see more of the economic data. With the 10-year treasury at 4.28%, the market is priced appropriately for higher for longer.
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U.S. 10-year Treasury on Thursday afternoon is at 4.26%.
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Housing Starts came in higher than analyst’s expectations (1.521mm starts vs expectations of 1.44mm starts).
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Building Permits came in higher than analyst’s expectations (1.518mm permits vs expectations of 1.496mm permits).
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Existing Home Sales came in higher than analyst’s expectations (4.38mm vs expectations of 3.95mm).
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Initial Jobless Claims came in lower than analyst’s expectations (210k claims vs expectations of 213k claims).
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Mortgage Applications fell by 1.6% this week.
In this issue:
January, The Perfect Time to Review Your Estate Plan
New Federal Requirement and New York State Law Now in Effect for Companies
What is an Insurance Examination Under Oath?
Managing Partner Named to Power 50 Law List
January, The Perfect Time to Review Your Estate Plan
A new year is the perfect time to review your estate plan. An up-to-date plan will give you peace of mind and ensure your wishes are met when the time comes. For more information about estate planning click here. Don’t have a will? Click here to learn of 5 reasons you need a Will.
New Federal Requirement and New York State Law Now in Effect for Companies
If you are a business owner, please be advised that as of January 1, 2024, there are new requirements pertaining to reporting beneficial owners of limited liability companies (LLCs). For more information, including deadlines for this reporting, please click here.
What is an Insurance Examination Under Oath?
If an insurance company disputes your claim, you may be asked to participate in an Examination Under Oath (EUO). The EUO is a formal process used by insurance companies to gather more information before approving or denying the claim. For more information about the EUO, click here.
Peter T. Rodgers, Managing Partner Named to The Daily Record Power 50 Law List
The Daily Record has been providing essential Western New York legal news to its readers for over a century. In 2022 The Daily Record launched a series of Power Law lists. The Power 50 Law list is released yearly contains a number of lawyers who are running a law firm or the Rochester office of a law firm, but it also includes judges, civil legal services leaders, and more.
The people on this list help make sure the legal needs of Rochester’s companies and residents are met, and they have helped the local legal community adapt to the changes the COVID-19 pandemic caused. They are working to push the Rochester legal community forward during a time of uncertainty and adaptation.
For the second year in a row, Peter has named to the Power 50 Law list. Congratulations, Peter, for receiving this much-deserved recognition!
Can We Serve You in One of These Practice Areas?
As a general practice law firm, Lacy Katzen LLP is able to provide counsel during all seasons of your life. From buying a home to creating a will to Medicaid planning, and more, we use a team-based approach to develop individualized strategies for each client. For more information about our services, we invite you to visit lacykatzen.com or call 585.454.5650.
We would be happy to meet with you in a location that is the most convenient for you. We have offices in Rochester, Bergen, Canandaigua, Charlotte, Greece, Pittsford, and Ontario.
You can see a complete listing of addresses and phone numbers here.
At Lacy Katzen, our mission is to serve our clients with excellence each day.
*See the Best Law Firms website for more details on selection methodology. Prior results do not guarantee a similar outcome.
This communication makes use of licensed stock photography. All licensed stock photography is for illustrative purposes only and all persons depicted are models and are not actual clients of, nor are they affiliated with, the law firm of Lacy Katzen LLP.