Getting Your Home – and Your Mortgage – Ready for Summer
Spring is a great time to take a fresh look at what needs to be done around a home and consider any home financing goals you have for the future.
Things to Check Around the House
No matter where you live, now is a good time to take inventory of what to take care of at home, to ensure that you’re ready for the months ahead. Be sure to check off the following items:
- Check the batteries in the smoke alarms and flashlights
- Replenish any emergency items like water
- Have your air conditioner inspected by a professional
- Check exterior doors and windows for cracked or broken glass
Review Insurance Needs
It’s important to evaluate homeowners insurance coverage on a regular basis. This will help make sure that coverage keeps pace with the cost to repair or rebuild a home and replace its contents, including any upgrades made over time. While this could lead to higher premiums, it helps to be more adequately insured and less vulnerable to high out-of-pocket expenses.
The following are just a few items that can affect insurance and the premium being paid:
- Home remodeling project
- Installation of a pool or trampoline
- The age of a house and roof—and the materials
- A home-based business
To ensure that you’re properly covered, contact an insurance agent and review coverage every year. In addition:
- Consider combining your policies. Many insurance companies offer discounts for bundling policies.
- Purchase umbrella liability insurance to protect yourself against claims that may exceed your current coverage limits. Umbrella policies generally offer $1 million or more in additional coverage at reasonable rates.
Think About Your Future Home Financing Needs
A regular mortgage check helps you think about whether your mortgage still aligns with your current goals, such as making renovations, buying your next home or a vacation property, refinancing your current mortgage, or helping one of your children buy their first home. Checking in with your home mortgage consultant to evaluate your current situation only takes a few minutes and is a great opportunity to help ensure you’re making the changes necessary to meet your goals. Even making a small adjustment, such as changing your payment schedule, could benefit you in the long run.
And remember, after closing on a loan through the Union Plus Mortgage Program, you’ll be eligible for special benefits that include receiving a My Mortgage GiftSM award from Wells Fargo – $500 for buying a home or $300 for refinancing your home, for use at participating retailers – and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.1,2
Keep in mind that parents and children of union members are also eligible for certain benefits.
1Eligible individuals can receive the Wells Fargo My Mortgage GiftSM award approximately 6 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval and closing, when identifying themselves as eligible. The My Mortgage GiftSM award is not available with any Wells Fargo Three-Step Refinance SYSTEM® program, The Relocation Mortgage Program® or to any Wells Fargo team member. Only one My Mortgage Gift award is permitted per eligible New Loan. This award cannot be combined with any other award, discount or rebate, except for yourFirstMortgageSM. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (also provided at receipt of award) are the sole responsibility of the My Mortgage GiftSM recipient.
2The Union Plus® Mortgage Assistance Program is provided and administered through the AFL-CIO Mutual Benefit Plan (“The Plan”), which is not affiliated with Wells Fargo Bank, N.A. Additional information about this program and eligibility criteria can be obtained at www.unionplus.org/assistance.
Wells Fargo Home Mortgage has a services agreement with Union Privilege in which Union Privilege receives a financial benefit for providing agreed upon services. You are encouraged to shop around to ensure you are receiving the services and loan terms that fit your home financing needs.
Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
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