01
Oct
By First Rate Financial Group
Real Estate

4 Cool Green Material Ideas For Your New Home

4 Cool Green Material Ideas For Your New HomeIf climate change is foremost in your mind, you may be interested in reducing your new home’s carbon footprint. Choosing green materials is one way to promote sustainability and ensure you’re doing your part to help the planet.

Green Flooring 

Flooring takes up all the square feet throughout your home. If you can opt for green flooring that will do a lot to reduce your new home’s carbon footprint. Bamboo is a sustainable flooring option to consider. Bamboo grows at a rate that far outpaces any hardwood. For that reason, it’s become a popular choice for homeowners looking for green material options. Bamboo flooring now comes in a wide variety of colors, textures and styles. You’re sure to find something that matches with your style and décor.

Green Insulation

It’s now easier than ever to find green insulation options at just about any hardware stores. Green insulation is frequently made up of recycled fabric. The benefit above being sustainable is that there is no fiberglass to worry about getting into your skin or lungs. Green insulation is available in the same forms as some other kinds of insulation, including as a rolled up “blanket” that can be trimmed to match your insulation spaces.

Green Countertops

Countertops are often made of stone and granite, which may be considered green materials. However, the processing of such materials and the energy needed to transport them from the source to your home may not be so green. Consider investing in concrete countertops for your kitchen and bathroom. Concrete is a renewable and sustainable green material. Concrete countertops can be created in the same general location as your new home. They are mold and pest-resistant, fire resistant and offer a permanent countertop solution for those who are eco-conscious. 

Green Roofing

Green roofing is harder to find, but in most areas, eco-conscious homeowners still have plenty of options. One such option is to have a copper or metal roof. While copper and other metals do require a labor-intensive process to extract from the earth, they last far longer than traditional roofing materials. Your copper or metal roof could last for a lifetime or more, whereas traditional roofs typically only last a maximum of 20 years. 

These green material ideas for your new home will ensure that your home is leaving as small a carbon footprint as possible. For more green material ideas, contact your local contractor. 

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted home mortgage professional to discuss financing options.

 

30
Sep
By First Rate Financial Group
Financial Reports

What’s Ahead For Mortgage Rates This Week – September 30th, 2019

What’s Ahead For Mortgage Rates This Week – September 30th, 2019Last week’s economic reports included readings from Case-Shiller on home prices along with data on new and pending home sales. Weekly readings on mortgage rates and initial jobless claims were also released.

Case-Shiller: Home Price Gains Slow to Lowest Pace in 7 Years

Case-Shiller Home Price Indices reported slower home price growth in July with 3.20 percent growth year-over-year. There was no change in July’s reading for the 20-City Home Price Index as compared to June after seasonal adjustments.

The top-three cities in Case-Shiller’s 20-City Home Price Index were Phoenix, Arizona with 5.80 percent home price growth year-over-year. Las Vegas, Nevada reported 4.70 percent growth and Charlotte, North Carolina home prices rose by 4.60 percent.

West coast cities that dominated home price growth in recent years have given way to more affordable markets. Seattle, Washington reported a negative reading of -0.60 percent year-over-year. Low mortgage rates have compelled buyers to enter the market; this could drive up demand again and boost home prices at a higher pace than they are rising now.

New and Pending Home Sales Increase in August

New home sales rose to 713,000 year-over-year in August as compared to July’s reading of 686.000 sales and expectations of 660,000 new homes sold in August. Pending sales rose 1.60 percent in August after posting a negative reading of -2.50 percent  in July.

Pending sales are transactions with signed purchase contracts, but that have not closed. Home sales typically taper off in fall after the peak selling season in spring and summer; rising sales during fall suggest stronger housing markets.

Mortgage Rates Fall, New Jobless Claims Rise

Freddie Mac reported lower mortgage rates last week; rates for 30-year fixed rate mortgages averaged 3.64 percent and were nine basis points lower than in the prior week. The average rate for 15-year fixed rate mortgages was five basis points lower at 3.16 percent and rates for 5/1 adjustable rate mortgages fell 11 basis points to an average of 3.38 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

First-time jobless claims rose to 213,000 claims filed from 210,000 new claims filed the prior week. Analysts said the GM auto worker strike caused the increase in new claims.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending and labor sector reports on public and private sector jobs and the national unemployment rate. Weekly readings on mortgage rates and new jobless claims will also be released.

27
Sep
By First Rate Financial Group
Real Estate

Is It Possible To Have A Hurricane-Proof Home?

Is It Possible To Have A Hurricane-Proof HomeThe recent total devastation of the Bahamas by hurricane Dorian reinforced the need for hurricane-proof homes in areas that are subject to this risk. Building codes have not kept up with the increasing severity of the weather.

Wind Damage

As an example, Florida communities, such as the Miami-Dade County area, have building codes that are designated by risk zones.

The risk zones in Miami-Dade County are:

  • Risk Category I – Buildings must be able to withstand 165 mph winds.
  • Risk Category II – Buildings must be able to withstand 175 mph winds.
  • Risk Category III – Buildings must be able to withstand 185 mph winds.

These building codes were last updated in 2010. Broward County in Florida has these same risk categories; however, the wind speeds are 10 mph lower for each category. Other parts of Florida have building codes that are even lower than these standards. Dorian reached a 183 mph wind speed. It stayed over the Bahamas for over fifty hours with these winds.

Water Damage

Water damage from hurricanes is more severe than wind damage. The storm surge for Dorian reached over 23-feet high in some places.

Hurricane Proofing

To withstand hurricane-force winds, the structure must be able to handle 180+ mph winds over an extended period. Damage done by the wind includes all the projectiles and debris being blown about. Some homes in the Bahamas had vehicles blown through walls.

The main consideration for wind damage is to use wind-resistant, shatter-proof glass for windows that are also protected by steel shutters, which can be closed when a hurricane is coming. These shutters close to protect other openings such as doors as well. Walls should be thick, reinforced concrete, especially the lower floors that need to resist both the wind and the water.

Water is going to come into the lower two floors of a home on the beach, so beach homes need to be at least three stories high. This may be challenging in some areas because of the building-height restrictions that are in place to prevent blocking other neighbors’ views of the ocean.

The idea is to make to bottom floors able to withstand water entering the home as if it is a swimming pool. When a hurricane is coming, you can move all the items from the lower floors to the upper floor.

In Holland, where many of the coastal cities are at sea level, their solution is to have homes that float. These homes near Amsterdam are like houseboats that are moored down very strongly so that they can rise with the storm surge but not float away.

Summary

There is not a 100% certain way to make a home completely hurricane-proof; however, there are examples of well-built homes that are the only ones left standing when the entire neighborhood is devastated by a hurricane.

When considering a home on the coast, it is better to build a new home to very high standards regardless of the building codes. In all coastal areas, building codes need to be updated to make the hurricane standards more robust because hurricanes are becoming stronger and more frequent.

If you are interested in buying a new home or refinancing your current property, be sure to consult with your trusted home mortgage professional.