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Carrington Mortgage Services, LLC Learning Center

Buying and Selling Season has Arrived!

With mortgage rates forecasted to dip in 2024, there is potential for a boom in buying and selling, as well as room for potential refinance opportunities for homeowners. 

After its meeting in March this year, the Federal Open Market Committee (FOMC) voted unanimously to leave the benchmark federal fund rates unchanged. The federal funds rate is the overnight borrowing rate for commercial banks and credit unions – indirectly influencing mortgage rates. This vote marks the fifth consecutive meeting to maintain its steady policy rate between 5.25 percent and 5.5 percent. For all your homeownership needs, here are some opportunities you can take advantage of when using Carrington Mortgage Services, LLC! 

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What can you do to Plan for Natural Disasters?

Regardless of where you live, it’s important to have your home prepared for a potential natural disaster. If you experience a natural disaster, we are here to help. Please visit ourDisaster Assistance page for resources available to you if you are impacted. 

Here are some general tips regarding emergency preparedness: 

  • Have an emergency plan. Discuss your plan with your family and identify who is responsible for what in the event of an emergency. 
  • Have an emergency supply kit prepared containing nonperishable food, bottled water, medical supplies, any medications and emergency power sources (portable cell phone charger, flashlights and batteries.) 
  • Know where your nearest emergency shelter is located and have multiple routes to get there safely. For families with pets, ensure your plan includes accommodations for your pets. 

Additionally, remember to check your insurance coverage on your home. Hazard insurance protects your home and other nearby structures on your property, like a garage, against any damage caused by natural events and is typically a subsection of your homeowners insurance policy. Usually, a certain amount of hazard insurance is required to qualify for a mortgage.  

The cost of hazard insurance differs due to a variety of factors, including where you live and your credit score. In general, hazard insurance will only cover the occurrences listed explicitly in the policy so it’s essential to ensure your hazard insurance covers disasters in your area.  

Not all hazard insurance is the same. Read through your current homeowners insurance policy and clarify with your insurance agent any exclusions or risks your policy may have. You might need to purchase additional coverage to protect against specific events, such as purchasing a home in a flood zone. Unsure if your current homeowners insurance covers what you need? Covered Insurance can help! 

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Carrington Charitable Foundation’s Round Up Program Reaches $500,000 Milestone

Since its inception in 2011, the Carrington Charitable Foundation (CCF) has supported nonprofit organizations and communities across the United States through causes that reflect the interests of Carrington leaders and our Associates. In Sept. 2019, CCF introduced a Round Up program for Carrington Mortgage Services (CMS) customers that provides them with an easy way to support the great work CCF is doing in communities across America by “rounding-up" their monthly mortgage payment to the nearest dollar, with the additional amount being made as a donation to CCF. Recently, the Round Up program reached an important milestone: hitting the $500,000 mark for donations to support CCF programs for combat wounded Veterans across the United States.

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Ways to Boost Your Credit Score

Lenders use many factors to evaluate a customer’s loan application, and credit scores are one important element. The better your credit is, the more likely you will be approved for a loan at the best possible interest rate the lender has to offer. Some lenders offer solutions that are beneficial to those with lower credit scores too, so don’t dismay.

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A Guide to VA Loans and Benefits for Veterans

As a Veteran, Servicemember, or eligible surviving spouse, you may eligible for a loan from the Department of Veterans Affairs, also known as a VA loan, with special benefits. We thank you for your service and have provided the information below to assist you in your journey to homeownership.

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Save More with Carrington Complete

Save More with Carrington Complete

Our mission is to make homeownership simple and attainable, and with Carrington Complete, buying and selling a home couldn’t be easier. With our family of companies, you gain access to complete homeownership solutions all in one place – from real estate to mortgage and title services. You could save up to $15,0004 with Carrington Complete!  

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