Berkshire Mortgages – Hudson Berkshire Experience http://hudsonberkshireexperience.com/ Fri, 14 Jan 2022 15:16:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://hudsonberkshireexperience.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Berkshire Mortgages – Hudson Berkshire Experience http://hudsonberkshireexperience.com/ 32 32 Greystone arranges $34 million refinancing for Larken https://hudsonberkshireexperience.com/greystone-arranges-34-million-refinancing-for-larken/ Thu, 13 Jan 2022 14:59:27 +0000 https://hudsonberkshireexperience.com/greystone-arranges-34-million-refinancing-for-larken/

NEW YORK, Jan. 13, 2022 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, announced that it has closed a $33,900,000 loan on behalf of Larken Associates for Copper Chase Oaks and Preserve, a recently completed 239-unit Class A multi-family rental complex comprised of two phases located at 2900 and 3145 Honey Drive, York, PA. The new permanent loan was provided by Berkshire Bank and used to refinance the original construction loan which was also held by Berkshire Bank. The Greystone Capital Advisors team, led by Drew Fletcher and Paul Fried, served as the exclusive debt settlement advisor on behalf of Larken.

Copper Chase is located just outside of downtown York, Pennsylvania, which offers shopping, dining and entertainment, as well as numerous Fortune 500 companies, two universities, world-class healthcare facilities and a large manufacturing, industrial and transport industry. Phase I of the property, the Copper Chase Reserve, comprises 132 units which were built in 1983 and acquired and renovated by Larken in 2019. Phase II of the property, the Oaks of Copper Chase, comprises 107 newly constructed units in twelve 2-story buildings fully completed and fully leased since October 2021. Phase II added a list of brand-new amenities available for use by residents of both phases, including a swimming pool, community clubhouse with lounge, state – a state-of-the-art fitness center, dog wash, bark park, walking/biking trails, and playground. Each one-, two-, and three-bedroom apartment comes with modern, high-end finishes, washer/dryer, and dishwasher.

“The Larken team has done an incredible job, from recognizing the opportunity to executing the business plan, throughout the pandemic. We are delighted to have worked with them and their lender to ensure the success of the project through this refinancing,” said Paul Fried.

“Greystone did an excellent job advising us on the refinance. We are delighted to continue working with them and with Berkshire Bank,” said David Gardner, President and CEO of Larken Associates.

About Greystone
Greystone is a national, private commercial real estate finance company with an established reputation as a leader in multifamily and healthcare financing, having been ranked among the top FHA, Fannie Mae and Freddie Mac lenders in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. Greystone Capital Advisors is a team of full-service real estate capital advisers and intermediaries serving a select group of the largest real estate owners and developers in the United States. For more information, visit www.greystone.com.

About Larken Associates
Larken Associates is a family-owned, second-generation real estate development, management and investment firm founded in 1965 and based in central New Jersey with operational and market expertise throughout the tri-state area. Larken is widely recognized as one of the region’s most dynamic and respected real estate developers and property managers. Commitment to excellence, dedication to developing high quality projects and uncompromising standards are the founding principles of Larken Associates, and they are responsible for many successful projects across Pennsylvania, New Jersey and New York. Currently, Larken has approximately 2,500 residential units under ownership and/or management as well as three million square feet of commercial space in the tri-state area. For more information, visit https://www.larkenassociates.com/.

About Berkshire Bank
Based in Boston, MA, Berkshire Bank offers banking solutions including checking accounts, savings accounts, mortgages, auto loans, wealth management and more throughout the Northeast. For more information, please visit https://www.berkshirebank.com/.

PRESS CONTACT:
Karen Marotta
gray stone
212-896-9149
Karen.Marotta@Greyco.com

]]> Asian Stocks Track Wall St Higher As Powell Announces Rate Hike | World https://hudsonberkshireexperience.com/asian-stocks-track-wall-st-higher-as-powell-announces-rate-hike-world/ Tue, 11 Jan 2022 21:28:12 +0000 https://hudsonberkshireexperience.com/asian-stocks-track-wall-st-higher-as-powell-announces-rate-hike-world/

BEIJING (AP) – Asian stock markets followed Wall Street higher on Wednesday after Federal Reserve Chairman Jerome Powell said monetary policy would return to normal and interest rates could be raised more sooner than expected.

Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices have increased slightly.

Wall Street’s benchmark S&P 500 rose 0.9% after Powell said politics “in all likelihood” would return to normal as bond purchases and other economic stimulus continued. slow down. Speaking to the Senate Banking Committee, he said ultra-low rates could be raised earlier than expected if necessary to slow inflation which is at its highest level in four decades.

“Wall Street now has a better understanding of how the Fed is going to normalize its policy,” Oanda’s Edward Moya said in a report. “After Powell’s testimony some investors believe they have received the clear signal to buy the downside.”

The Shanghai Composite Index gained 0.2% to 3,574.61 and the Nikkei 225 in Tokyo rose 1.9% to 28,748.21. Hong Kong’s Hang Seng gained 1.9% to 24,193.22.

The Kospi in Seoul rose 1.4% to 2,969.16 and the S & P-ASX 200 in Sydney rose 0.6% to 7,438.20. New Zealand declined while Southeast Asian markets advanced.

Investors were shaken in mid-December when Fed officials announced they would speed up plans to remove stimulus measures that are pushing stock prices up. They tried to figure out how the world’s largest economy and financial markets would react.

On Tuesday, the S&P 500 broke a series of five-day declines and hit 4,713.07. The Dow Jones Industrial Average gained 0.5% to 36,252.02. The Nasdaq composite rose 1.4% to 15,153.45.

Apple rose 1.7% and chipmaker Nvidia rose 1.5%. Communications actions and a mix of retailers and other businesses that rely on direct consumer spending have increased. Facebook’s parent company, Meta Platforms, gained 1.9% and Gap rose 3%.

The World Bank cut its forecast for global economic growth this year to 4.1% from 4.3% in part due to supply chain disruptions that fueled inflation. The agency estimates that the global economy grew 5.5% in 2021.

On Wednesday, the US government is due to report consumer inflation. This is followed Thursday by a wholesale price index.

In energy markets, benchmark US crude rose 29 cents to $ 81.51 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose from $ 2.99 on Tuesday to $ 81.22. Brent crude, used as the price base for international oils, was 19 cents higher at $ 83.91 a barrel in London. He earned $ 2.85 the previous session to $ 83.72.

The dollar edged down to 115.33 yen from 115.37 yen on Tuesday. The euro fell from $ 1.1366 to $ 1.1375.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Here’s why Warren Buffett is right and Dave Ramsey is wrong about mortgages https://hudsonberkshireexperience.com/heres-why-warren-buffett-is-right-and-dave-ramsey-is-wrong-about-mortgages/ Sun, 09 Jan 2022 11:32:19 +0000 https://hudsonberkshireexperience.com/heres-why-warren-buffett-is-right-and-dave-ramsey-is-wrong-about-mortgages/

Image source: Getty Images

The decisions you make about a mortgage could have a profound impact on your finances. If you’re borrowing to buy a home, chances are your mortgage will be your biggest monthly payment and the biggest debt you’ll incur in your lifetime. You also agree to make payments for a long time.

This is why it can be frustrating to see a lot of conflicting mortgage advice.

Warren Buffett and Dave Ramsey disagree on mortgages

Some financial experts, like Dave Ramsey, are urging people to take the smallest loan possible for the shortest time possible – or even avoid borrowing altogether and pay cash for a house.

Others, however, take the opposite approach. In fact, billionaire investor Warren Buffett called a 30-year mortgage “the world’s best instrument.” He personally took out a 30-year mortgage when he bought his home, although he could easily have avoided doing so, and advises most homebuyers to do the same. Here’s why he’s right.

Buffett’s approach to mortgages is better than Ramsey’s

Buffett’s mortgage advice makes a lot more sense than Ramsey’s. That’s because Buffett fully understands that there’s an opportunity cost associated with paying cash for a house – or even taking out a short-term mortgage with higher monthly payments. Ramsey seems to ignore this fact when he warns buyers to avoid a 30-year mortgage, opting instead for a shorter repayment term with higher monthly payments or no loan at all.

When Buffett bought his house for $ 150,000 in 1971, he indicated that he put about $ 30,000 on the property and borrowed the rest. The reason: “I thought I could probably do better with the money than making an entire house purchase. “

Buffett ended up buying Berkshire Hathaway shares with the money he could have used to buy the house. As a result, he ended up turning the $ 110,000 or $ 120,000 he allegedly paid in cash for the house into $ 750 million because Berkshire shares rose in value so much.

You don’t have to be Buffett to get great feedback

Now, most people are unlikely to see the kind of return on investment Buffett made by buying Berkshire stocks. But it’s safe to assume that most people could get a better return on investing than paying cash for a house, even if they aren’t expert investors. Investing in an S&P 500 index fund could produce average annual returns of around 10% over time, which is far higher even than an expensive 4-5% mortgage.

By locking your money in a house, as Ramsey suggests, you are missing out on the chance to do other things with it that could have a bigger impact on your equity. It’s true whether you’re making a large down payment, paying cash for a house, or opting for a 15-year loan with much higher monthly payments.

And, as Buffett points out, you also have the option of making your mortgage even cheaper by refinancing it if rates drop. “It’s a one-sided renegotiation. It’s an incredibly attractive instrument for the owner, and you’ve got a one-sided bet.”

For all of these reasons, you should listen to Buffett rather than Ramsey. If you are buying a home, a 30 year mortgage is the best way to go.

A historic opportunity to potentially save thousands on your mortgage

There is a good chance that interest rates will not stay at multi-decade lows any longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger to buy a new home.

Our expert recommends this company for a low rate – and in fact he used it himself for refi (twice!).

Read our free review

We strongly believe in the Golden Rule, which is why the editorial opinions are our own and have not been previously reviewed, endorsed or endorsed by the included advertisers. The Ascent does not cover all the offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Christy Bieber has no position in the stocks mentioned. The Motley Fool owns and recommends Berkshire Hathaway (B shares). The Motley Fool recommends the following options: $ 200 long calls in January 2023 on Berkshire Hathaway (B shares), $ 200 short buys in January 2023 on Berkshire Hathaway (B shares), and $ 265 short calls in January 2023 on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Can this REIT get out of debt before it’s too late? https://hudsonberkshireexperience.com/can-this-reit-get-out-of-debt-before-its-too-late/ Sat, 08 Jan 2022 16:35:00 +0000 https://hudsonberkshireexperience.com/can-this-reit-get-out-of-debt-before-its-too-late/

For several years, Seritage Growth Properties(NYSE: SRG) The heavy indebtedness posed a significant risk to shareholders of the Sears spin-off company. When the COVID-19 pandemic struck in 2020, disrupting Seritage redevelopment plans, that risk suddenly became acute, threatening the future of the FPI.

Last week, Seritage Growth Properties took an important step on the road to returning to financial health by prepaying $ 160 million in debt. Nonetheless, he still has a lot of work to do to turn around his balance sheet so that he can focus on executing his turnaround strategy.

Burn endless money in sight

Seritage has been spending money consistently since mid-2018, when lead tenant Sears Holdings began closing stores much faster than the REIT could redevelop for new tenants.

That said, before the pandemic, Seritage appeared to be on track to return to positive cash flow within a year or two due to a wave of planned tenant openings in redeveloped properties. Sadly, the pandemic has pushed some of Seritage’s tenants into bankruptcy and forced others to close stores or reverse their expansion plans. During this time, the REIT sold rent-generating properties to raise funds.

Image source: Seritage Growth Properties.

As a result, by the third quarter of 2021, Seritage’s annual in-place rent had fallen to $ 92 million, from $ 108 million at the end of 2019. This sent Adjusted Operating Funds (FFO) down even further. in negative territory, down from – $ 15 million in Q4 2019 to – $ 25 million in Q3 2021.

Worse yet, Seritage’s signed lease pipeline for future openings shrank 66% during that time to just $ 29 million in annual base rent: not enough to bring the REIT back to FFO balance.

Reduce your debt

High interest charges are one of the main obstacles to Seritage’s efforts to return to FFOs and positive cash flow. Interest expense in cash on its term loan facility has totaled $ 116 million annually for the past several years. For this alone, it is essential for Seritage to reduce its debt as quickly as possible.

In addition, Seritage’s $ 1.6 billion term loan matures in July 2023. At the end of November, the lender (a subsidiary of Berkshire Hathaway) has agreed to extend the deadline by two years, on condition that Seritage reduce the balance to $ 800 million by next July. This makes debt reduction even more urgent.

On the positive side, Seritage has identified around 70 properties that it intends to sell. As of September 30, 2021, it had $ 224.4 million in assets under contract to sell. On December 31, it used part of the proceeds from its asset sale to make a $ 160 million prepayment. This will reduce annual interest expense by $ 11 million.

A black and white photo of cars in the parking lot outside a Seritage shopping center.

Image source: Seritage Growth Properties.

How much money can Seritage raise?

Seritage appears to have completed a particularly large asset sale last quarter, selling a former Sears location in San Bruno, Calif. (Just outside of San Francisco) for around $ 128 million. The REIT still has other valuable sites in its divestiture portfolio, including properties in San Jose and Westminster, California.

That said, most of the real estate Seritage wants to offload isn’t worth much. For example, he recently sold an old Kmart in the suburbs of Tampa for $ 6 million. This property is much more representative of what Seritage is looking to sell than the San Bruno site.

Seritage can certainly raise enough cash through the sale of additional assets to pay for its planned near-term redevelopment expenses of around $ 250 million. It should also be able to cover its ongoing cash consumption, which remains around $ 100 million per year, excluding capital spending. But after covering those costs, there probably won’t be enough left to seriously reduce Seritage’s remaining term debt by $ 1.44 billion.

Seritage can hope to refinance some of its debt using its best properties as mortgage collateral. However, Berkshire Hathaway currently holds mortgages on all of the REIT’s assets. Unless Berkshire agrees to more lenient terms, Seritage would need to raise enough liquidity to fully repay the term loan in order to tap the commercial mortgage market.

In short, Seritage still does not have a clear path to reduce its debt to a reasonable level compared to its annual rental income. Meanwhile, the slowness of leasing over the past two years casts doubt on its ability to break even any time soon. All in all, investors may find much better opportunities elsewhere in the REIT industry.

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Adam Levine-Weinberg has no position in the stocks mentioned. The Motley Fool owns and recommends Berkshire Hathaway (B shares). The Motley Fool recommends Seritage Growth Properties (Class A) and recommends the following options: long January 2023 calls of $ 200 on Berkshire Hathaway (B shares), short January 2023 $ 200 put on Berkshire Hathaway (B shares) and short January 2023 calls of $ 265 on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Here’s Why Custody is an Appropriate Strategy for Sun Life Stocks (SLF) – January 6, 2022 https://hudsonberkshireexperience.com/heres-why-custody-is-an-appropriate-strategy-for-sun-life-stocks-slf-january-6-2022/ Thu, 06 Jan 2022 15:00:22 +0000 https://hudsonberkshireexperience.com/heres-why-custody-is-an-appropriate-strategy-for-sun-life-stocks-slf-january-6-2022/

Sun Life Financial Inc.. (SLF Free Report) is poised to experience growth in an attractive Asian business, a growing global asset management business and a favorable business mix. A strong balance sheet and favorable growth estimates make Sun Life stocks worth keeping in its portfolio.

This third-largest insurer in Canada has a strong track record of exceeding earnings estimates over the past nine quarters, averaging 11.85%.

Zacks Ranking and Price Performance

Sun Life currently holds a Rank 3 of Zacks (pending). In one year, the title gained 16% against a decline of 6.9% of the industry.

Image source: Zacks Investment Research

Growth projections

Zacks’ consensus estimate for 2022 is set at $ 5.16, which indicates an 8.8% increase from the figure released a year ago.

Sun Life is targeting net income growth of 8-10% per year over the medium term. The expected long-term earnings growth rate is currently set at 9%.

Return on equity (ROE)

ROE for the past 12 months is 14.1%, comparing favorably to 11.4% in the industry and reflecting the effectiveness of SLFs in using shareholder funds. Based on the current shift to fee-based, small-cap businesses, Sun Life has raised its medium-term ROE targets to 16%, from 12% to the 14% expected earlier.

Style note

Sun Life has a favorable VGM score of B. This style score assesses stocks according to their combined weighted styles, helping to identify those with the most attractive value, the best growth and the best momentum.

Business tail winds

With a leading position in individual insurance, group benefits and group retirement services in the Canadian market, Sun Life spares no effort to capitalize on growth opportunities in Canada.

Sun Life has strengthened its presence in China, the Philippines, India, Hong Kong, Indonesia, Malaysia, Singapore and Vietnam to expand into the largest and most dynamic markets in Asia.

Sun Life Investment Management’s continued efforts to accelerate private fixed income, mortgage and real estate investment capabilities by investing in pension plans and institutional investors ensure the expansion of the management business of Sun Life. heritage and assets.

Sunlife continues to focus on building scale and capacity through mergers and acquisitions and strategic partnerships. Strategic acquisitions have positioned it as the second largest dental network in the United States, consolidated its presence in Vietnam, Indonesia and India and extended its wealth activity in Hong Kong, and strengthened its real estate capacities.

Sun Life is shifting its growth toward products that require less capital and offer more predictable earnings in order to improve the mix of businesses.

Focusing on operational excellence, Sun Life is increasing its dividends and engaging in share buybacks in addition to pursuing hospitality initiatives, reflecting an efficient use of capital. Its current dividend yield of 3.8% is better than the industry average of 3.7%. Sun Life is targeting a dividend payout ratio of around 40-50% over the medium term. It generated a total shareholder return of 13% over five years.

A healthy capital and cash position as well as a low debt ratio provide flexibility and an opportunity for further deployment of capital. Sun Life is aiming for a leverage of 25 over the long term.

Actions to consider

Some top-ranked stocks in the insurance space include Branded financial services (ROOM Free report), Brighthouse Financial (BHF Free report), and Berkshire Hathaway (BRK.B Free report).

Zacks’ consensus estimate for Hallmark Financial’s earnings in 2022 is 40 cents, up 60% from the figure released a year ago. Hallmark Financial, ranked first in Zacks, posted a surprise four-quarter average earnings of 53.62%. You can see The full list of today’s Zacks # 1 Rank stocks here.

Brighthouse Financial holds a Zacks Rank # 2. Zacks’ consensus estimate for 2022 has risen 3.8% in the past seven days. Brighthouse delivered a surprise four-quarter average profit of 67.61%.

Berkshire wears a Zacks Rank # 2 (Buy). Zacks’ consensus estimate for 2022 earnings has risen 0.8% in the past 60 days. The expected long-term earnings growth rate is set at 7%. Berkshire posted a surprise four-quarter average earnings of 5.53%.

Shares of Hallmark Financial, Brighthouse Financial and Berkshire have gained 33.5%, 38% and 33.1% in one year.

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Applying for Social Security at 70 will help you manage these 3 retirement expenses https://hudsonberkshireexperience.com/applying-for-social-security-at-70-will-help-you-manage-these-3-retirement-expenses/ Tue, 04 Jan 2022 10:04:00 +0000 https://hudsonberkshireexperience.com/applying-for-social-security-at-70-will-help-you-manage-these-3-retirement-expenses/

The decision to join Social Security is not to be taken lightly. This is because your deposit age will dictate how much money you will ultimately collect each month.

If you apply for social security at your full retirement age, or FRA, you will receive exactly the monthly benefits to which your income entitles you. Filing claims before the FRA will result in a reduction, while delaying them beyond the FRA will result in a boost – and potentially generous.

In fact, if you wait until age 70 to claim Social Security, when deferred retirement credits stop accumulating, you’ll increase your benefits from 24% to 32%, depending on your FRA. And that increase will stay in effect for the rest of your life. This, in turn, could make it easier to cover these expensive retirement expenses.

Image source: Getty Images.

1. Housing

Many people retire with their mortgage already paid off. Despite this, many seniors struggle to keep up with the cost of home ownership. This is because expenses like property taxes, insurance and maintenance never go away.

Plus, as homes get older, they tend to need more repairs. These can be expensive, especially if you are no longer able to easily do them on your own. A higher monthly social security benefit could lower your housing costs. And a more robust perk could also mean the difference between being able to stay in your home and having to downsize.

2. Owning a car

If you live in an area without public transportation, you may need a personal car in retirement. But you might have to pay a lot for it.

AAA estimates that the average cost to own a vehicle is $ 805.50 per month. If you’re worried that a car will put a strain on your nest egg, then delaying your Social Security declaration to receive a higher benefit could really help in this regard.

3. Health care

It is estimated that an opposite-sex couple aged 65 on average will now spend $ 300,000 on health care throughout retirement, according to Fidelity. Reading between the lines, if you start your retirement with known health issues or start having issues as you get older, your bills could end up being even higher.

If you don’t have money earmarked for medical bills in a health savings account, it’s definitely worth considering delaying your Social Security application. A higher monthly benefit could make it easier to process your health care bills.

An increase in income could be a lifeline

Many seniors retire expecting to spend far less on living expenses than they did when they worked, only to find that their bills are largely the same. If you have the option of delaying your Social Security declaration until age 70, it might be beneficial to just sit back and wait to register. Having a higher guaranteed monthly benefit could save you a world of financial stress as a senior – and also allow you to enjoy the freedom that retirement has to offer.

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The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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PERSONAL FINANCE: Financial Resolutions That Really Work – Part 2 https://hudsonberkshireexperience.com/personal-finance-financial-resolutions-that-really-work-part-2/ Mon, 03 Jan 2022 05:27:05 +0000 https://hudsonberkshireexperience.com/personal-finance-financial-resolutions-that-really-work-part-2/

In last week’s column, I discussed New Year’s financial resolutions recommending that you start by setting goals, getting organized, and budgeting. Today, I’m going to add specific actions that you can start implementing right now.

Debt management

It is often said that the best way to reduce debt is to reduce credit cards. I find this strategy extreme and a poor substitute for discipline and smart decisions. Tackling debt is complicated, and many people fail to meet debt resolutions because they simply don’t know where to start or don’t consider the larger role debt plays in our society. financial life. Debt is not necessarily bad. Personally, the debt allowed me to finish my studies, buy a house I could never afford with cash, and take vacations using the miles on my credit card. But unchecked, debt can be a hindrance that prevents us from achieving our larger financial goals.

Most debt falls into one of two categories: installment debt and revolving debt. Installment debt typically includes mortgages, auto loans, and student loans, which typically have fixed interest rates and fixed monthly payments. You can get your installment debt under control just by making your required monthly payments on time, which also helps build your credit.

Examples of revolving debt are credit cards and home equity lines of credit (HELOCs). In general, it is best to pay off revolving debt first. It rarely makes sense to pay off relatively low interest rate debt (like prepaying your mortgage) while you have outstanding revolving debt, which is usually more expensive and is subject to changes in rates and payments. minimum.

If you haven’t already, consider refinancing your mortgage and student debt. While current interest rates may rise from their lows, they are still cheap compared to historical rates. When refinancing your mortgage, beware of “teaser” rates that reset after a short period of time. I recommend against an adjustable rate that resets in less than five or seven years and urge you to be careful of the rate adjustment conditions. However, depending on your future plans, a long-term fixed rate mortgage may not be your best bet either. There are online rate calculators that can help you calculate the numbers.

More than half of all Americans have credit card balances; it’s no surprise that paying off credit cards is the most common financial resolution of the new year. Doing so is a “twofer” because improving your credit rating is also a common resolution. If you have high interest credit card balances, you may want to consider using a powerful debt management tool often referred to as a “balance transfer credit card”. You’ll have to do some research and comparisons online, but the brief explanation is that you can open a new card and transfer your existing balances (within a limited time), at no or reasonable charge. These cards offer a very interesting functionality: for a fixed period, they are without interest. During this interest-free grace period, any payments you make are used to reduce the principal balance on the card. Even during this grace period, you must make payments at least equal to what you paid before. Check out this option.

When it comes to credit cards, be sure to compare their “points” programs and other benefits. My favorite card is the Amazon Rewards Signature Visa, which, among other benefits, immediately reimburses five percent of Amazon Prime online purchases.

One final word on credit: If checking your credit score isn’t one of your financial resolutions, please add it to the list. There are sources online that you can use to access your credit score and, if necessary, repair the score. My favorite online source is annualcreditreport.com, which provides you with a free copy of your credit score. The better your credit rating, the easier it is to get credit at cheaper rates.

Investment plan

The second most common New Year’s resolution after paying off credit card debt is to put money aside for savings and investments. Whether you want to build up a nest egg to buy a first home, finance your children’s education, or set aside funds for your retirement, having clear goals, like most habits, is key to your success.

For many, the most proven way to build wealth is to create a put-and-forget method to put money aside. Does your employer offer an automatic pay deduction plan? Alternatively, you can consider a systematic monthly transfer from your checking account to an investment account. In addition, certain investment houses and fund families may facilitate periodic transfers. Good habits are best learned through repetition.

If your employer has a tax-deferred asset accumulation plan such as a 401 (k), you should try to maximize your contributions, especially when there is an employer matching component. If you are self-employed, consider the various tax-deferred savings vehicles you may be eligible to establish.

In addition to an investment plan, you should keep an “emergency fund” in savings or money market accounts. I often hear it said that an emergency fund should be three or six months of spending. I’m comfortable with the lower number as long as some of the non-urgent investments are allocated to high quality, highly liquid bond funds that have minimal market downside.

Although I recommend creating an automatic investment system, you should still create an asset allocation and periodically rebalance your investment portfolio to get back to that asset allocation. Rebalancing requires discipline because it involves selling asset classes that are doing well and buying asset classes that are not. There are many resources available for a more in-depth discussion of asset allocation and portfolio rebalancing.

Property and Casualty Insurance

Now is a good time to make an appointment with your insurance broker to assess and possibly update your coverage. In addition to considering the upper limits of your homeowners and auto coverage, you should consider whether deductibles make sense. I’ve seen many instances where the deductible, basically the first dollar self-insurance portion, is unnecessarily low and your insurance dollars can be better used to increase the upper limits of coverage or add an umbrella policy. . At the same time, discuss the specifics of your coverage, the endorsements available and how you can take steps to reduce your premiums (alarms, automatic water shut-offs, etc.).

Succession documents

For many, a resolution that seems to be delayed from year to year is to create or update your will (along with any ancillary estate documents). See Non-Tax Reasons to Review Your Estate Plan Now. During the estate planning process, you should discuss with your lawyer the appropriate title to your assets. It is important to have up-to-date estate documents and it is the responsible thing to do.

Final thoughts

Everyone starts the year with resolutions that reflect the best intentions. But good intentions quickly fade unless you create a plan that leads to action; and only actions, not intentions, produce results. While my focus has been on financial resolutions for the new year, the larger context is financial literacy – a “resolution” that encompasses all other financial resolutions. May 2022 be the year you gain the level of financial literacy that will serve you and your family beyond January, beyond the year, and lead to a life of sound financial decisions. Good luck and best wishes for your financial success.

The author does not provide tax, legal, financial, or investment advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, financial, and investment advisers before committing to any transaction.

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This is why Warren Buffett wants you to refinance your mortgage now https://hudsonberkshireexperience.com/this-is-why-warren-buffett-wants-you-to-refinance-your-mortgage-now/ Fri, 31 Dec 2021 19:00:00 +0000 https://hudsonberkshireexperience.com/this-is-why-warren-buffett-wants-you-to-refinance-your-mortgage-now/

This is why Warren Buffett wants you to refinance your mortgage now

With 30-year fixed mortgage rates still hovering around 3%, homeowners who have yet to refinance during the pandemic could be missing out on big savings.

Ninety-one-year-old investment sage Warren Buffett would wonder why you waited.

He told shareholders at the last annual meeting of his Berkshire Hathaway company that there are still great opportunities for borrowers, thanks to the Federal Reserve’s commitment to keep its key interest rate close to zero.

“The economy fell off a cliff in March [2020]Buffett said. “He was resuscitated in an extraordinarily effective way by the actions of the Federal Reserve.”

Mortgage rates have fluctuated over the past few months, but they’re still low enough that you can save hundreds of dollars a month by refinancing your mortgage.

Use Buffett as a template

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To protect the economy from the coronavirus crisis, the Fed has kept a key interest rate close to zero since March 2020. In recent weeks, Fed officials have signaled that they could keep rates nearing zero. void for at least a few more months.

“It’s a fascinating time [for borrowers]Buffett told shareholders at the May meeting. He added that the low rate environment “is extremely pleasant.”

While Buffett couldn’t find a way to borrow at 0% interest (at least not yet), his holding company Berkshire Hathaway (BRK.A, BRK.B) got close, with help from the Fed’s low interest rate environment.

In April 2020, Berkshire said that, thanks to a Japanese yen-denominated bond offering, it was taking on the equivalent of more than $ 1.8 billion in debt – at rates ranging from 2% to a mere 0.674%.

You won’t find 30-year mortgage rates this low, but 30-year fixed-rate mortgages are currently averaging 3.11%, according to the latest data from mortgage giant Freddie Mac.

Although rates are still historically low, they are expected to increase soon. Freddie Mac predicted that 30-year rates would average 3.8% by the end of 2022, while the Mortgage Bankers Association says 4% will be the norm at that time.

Refinancing Can Save Hundreds Per Month, Survey Finds

Close up on signing loan agreement, couple sitting on sofa, male hand with pen signing, taking out bank loan with easy payment terms and low interest rate for buying money 'a property

fizkes / Shutterstock

In an interview with CNBC in 2017, Buffett called the 30-year mortgage “the world’s best instrument” – because of your ability to refinance when you find a lower rate.

“If you’re wrong and the rates go up to 2%, which I don’t think they will, you pay it back,” he said at the time. “It’s a one-sided renegotiation. It’s an incredibly attractive instrument for the owner, and you’ve got a one-sided bet.”

Despite the potential for big savings, many American households have been slow to get on the refinancing train. In the year of ultra-low mortgage rates that ended in April, less than a quarter of homeowners refinanced their loans, according to a Zillow survey.

Of those who refi, almost half (47%) are now saving $ 300 or more each month, according to the same study.

Still on the fence about a refi? You’re in a good position to take out a new loan if you currently have a 30-year mortgage of around 3.75% or more and your credit rating is exceptional (800 or more) or very good (740-799).

When Buffett says it’s a good time to borrow money. So maybe it is time for you to lower the cost of your mortgage.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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Silverton Mortgage Launches Volunteer Leave Program, Marks Milestone for the Foundation https://hudsonberkshireexperience.com/silverton-mortgage-launches-volunteer-leave-program-marks-milestone-for-the-foundation/ Tue, 28 Dec 2021 12:00:00 +0000 https://hudsonberkshireexperience.com/silverton-mortgage-launches-volunteer-leave-program-marks-milestone-for-the-foundation/

This year, the company took a significant step forward with its donations to the Silverton Foundation, a non-profit organization founded by the President of Silverton. Josh moffitt which provides rent and mortgage assistance to families with seriously ill children. The company also launched Volunteer Leave Hours (VTO), an initiative that started within parent company Clayton.®, a Berkshire Hathaway Company, to encourage team members to volunteer with organizations that resonate with them.

In June, the Silverton Foundation achieved the goal of providing more than 100 years of mortgage and rent payment assistance to families with sick children who have been hospitalized or are receiving ongoing chronic or critical care treatments, a great success for an organization that is less than 10 years old. In 2021 alone, 106 families were helped, with 204 months of mortgages and rent paid.

Silverton Mortgage donates to the Foundation on behalf of its new owners to help families with their housing payments. Other donations are made through donations from Silverton Mortgage employees, private donations and fundraising. This year’s fundraisers included a raffle for 2021 Atlanta Falcons season tickets, which raised $ 20,000, resulting in two years of mortgage / rent paid, and the Chip in for a Cause golf tournament, which raised enough money to help 40 families with their rent or mortgage applications.

The Silverton Foundation also partners with a host of hospitals and nonprofits to provide mortgage assistance and rent assistance, allowing parents to focus on their child’s health. Their new partner, Monroe Carell, Jr. Hospital at Vanderbilt in Nashville, joins a long list of partners such as: Children’s Healthcare of Atlanta, Grady Memorial Hospital, Cincinnati Children’s Hospital Medical Center, St. Louis Children’s Hospital, Sibley Heart Center, Habitat for Humanity, Childkind Inc., Bert’s Big Adventure and others.

“Compassion and cost efficiency can go hand in hand,” said Josh moffitt, founder of Silverton Mortgage and the Silverton Foundation. “This belief is one of our core values ​​at Silverton Mortgage, and our team members live it. We want to give everyone on our team the opportunity to spend time doing something that makes sense and that is meaningful. makes a positive difference in their communities. “

Each full-time team member now has eight hours of VTO per year, while part-time team members have four. If every team member took advantage of this program, it would represent a total investment of nearly 4,500 hours of community service across the country. Since the program was launched in June, Silverton team members have already dedicated 192 hours of VTO to the December 1, 2021. Team members can volunteer at a nonprofit organization of their choice, and many choose to help the Kyle Pease Foundation, a partner of Silverton, which supports athletes with disabilities. Several team members acted as push assist volunteers during the races this year.

Silverton Mortgage recognizes the importance of making the loan process as easy as possible for clients, while simultaneously enabling team members to support the communities where they live, work and play. Learn more about the Silverton Foundation here: www.thesilvertonfoundation.org

About Silverton
All loans are subject to credit approval.
Vanderbilt Mortgage and Finance, Inc., dba Silverton Mortgage, 1201 Peachtree St NE, Ste 2050, Atlanta, Georgia 30361, 404-815-0291, NMLS # 1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. # BK-0902616, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act License, licensed by the NJ Department of Banking and Insurance, licensed by the Department of Banking Services of the PA, Rhode Island Approved Lender. License Information: https://silvertonmortgage.com/licensing/. All information is believed to be accurate and is subject to change without notice. Equal housing opportunities.

Media contact:
Caitlyn crosby
[email protected]

SOURCE Silverton Mortgage

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A second large-scale vaccine booster clinic at BCC in Pittsfield https://hudsonberkshireexperience.com/a-second-large-scale-vaccine-booster-clinic-at-bcc-in-pittsfield/ Thu, 23 Dec 2021 17:01:33 +0000 https://hudsonberkshireexperience.com/a-second-large-scale-vaccine-booster-clinic-at-bcc-in-pittsfield/

The Berkshire Vaccine Collaborative is holding a second large-scale COVID-19 vaccine booster clinic in January. This after the collaboration organized a first large-scale recall clinic on December 18. This clinic has filled up according to the Berkshire Vaccine Collaborative website getvaccinatedberkshires.org.

This new recall clinic has been scheduled for Saturday, January 8 from 9 a.m. to 2 p.m. at Paterson Field House, located across from the main buildings of the Berkshire Community College campus in Pittsfield.

The clinic provides first and second doses, as well as booster doses …

The vaccine collaboration says eligible residents can get doses of Pfizer and Moderna. Adults 18 years of age and older can choose which vaccine they prefer. However, children aged 5 to 17 will be limited to Pfizer shots. Additionally, adolescents aged 16 to 17 can only receive a Pfizer booster. Young children will have to wait as they are not eligible for booster vaccines at this time.

Pre-registration is required for the clinic …

You can go to getvaccinatedberkshires.org to register for this second large-scale clinic.

You can also get more information about vaccines at this link:

https://www.berkshirehealthsystems.org/vaccination-information

And with the rapid spread of the Omicron variant of the coronavirus, many people want to know more about Monoclonal antibody therapy, which can help people with mild symptoms of COVID avoid becoming seriously ill and avoid hospitalization. It is available in a few locations in the county of Berkshire.

You can read more about monoclonal antibody therapy at this link:

https://www.berkshirehealthsystems.org/monoclonal

Answers to 25 Common Questions About the COVID-19 Vaccine

COVID-19 vaccines began delivery in the United States on December 14, 2020. The rapid rollout came just over a year after the virus was first identified in November 2019. The The impressive speed with which vaccines have been developed has also left a lot of people with a lot of questions. The questions range from practice – how will I get vaccinated? – to the scientist – how do these vaccines work?

Read on for the answers to 25 common questions about the COVID-19 vaccine.

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