Due to the outbreak of COVID-19, many small businesses are faced with the challenge of staying afloat while people self-quarantine. Here are some ways you can support the businesses you care about while staying healthy.
Buy Gift Cards
Purchasing a gift card from your favorite small businesses is a great way to help get them through this time. Plus, you can use it later or give it to someone as a gift!
Get Takeout or Delivery
Many restaurants are still open for takeout, delivery or curbside pick-up. Consider helping them out and enjoying some of your favorite foods by ordering one of these options.
Give Larger Tips
Now is the time to be generous, if you can. Giving a larger tip to that delivery person will go a long way in helping them out.
Take Online Classes
Many small businesses are offering alternatives to their in-person services. From gyms starting up online fitness classes to music instructors giving vocal and instrument lessons online. There are plenty of options for you to continue your routine from home while supporting the businesses you care about.
Say No to the Refund
If a concert or other event you were planning on going to has been cancelled, consider refusing the refund and offering it as a donation instead. This will help performers and venues get by as their events get cancelled.
Shop Local Businesses Online
Online shopping is a great option, and more small businesses are embracing it, now that physical shopping is no longer possible. Check to see if your favorite local businesses are now offering online shopping and, if so, go ahead and order something.
Your favorite small businesses could benefit from some good reviews. I’m sure you’ve visited a restaurant in the past, had a great experience, and forgot to write a review about it. Take the time now to go online to their Facebook pages, websites, and even review sites like Yelp, and leave that positive review!
Give Social Media Support
Along with leaving reviews, try heading over to a business’s social media profile and leave comments, like, and share their content. Giving them this engagement will help their social media profiles grow. Try sharing their posts with people you know who might like what they do.
Now is a great time for all of us to come together to support each other. Small acts such as liking a local business’s post or even just reaching out and saying thank you for what they do can make a difference. Try out some of these ideas and see what a huge impact they can have on others.
Many of us find ourselves confined to our homes due to the outbreak of the COVID-19 virus. While this situation is challenging, there are lots of things we can do to occupy out time from the comfort of our homes. Take this time to accomplish things you usually don’t have time for. Here are some ideas for things you can do while you’re at home.
1. Stay in Contact with Family and Friends
Social distancing doesn’t mean you can’t find other ways to interact with loved ones. There’s always video chatting or even good old phone calls. Reach out to people you haven’t spoken with in a long time as well.
2. Write Them Letters, Too!
With all this time at home you suddenly have, it’s a great chance to practice the sacred art of handwritten letters. A thoughtful card would brighten your friends’ and family’s day while they’re stuck at home.
Now is finally your chance to do all the self-care you’ve been saying you’ve been wanting to do but haven’t had time for. Meditation helps reduce stress and anxiety, increase self-awareness, and promote emotional health. Look up some videos, podcasts, or apps to help you get started.
4. Read the Books You’ve Been Meaning to Read
Do you have a pile of books somewhere, waiting to be read? Well, now’s the time to finally crack those open. Dedicate some time to curl up with books you’ve been wanting to read.
5. Start a Journal
Set aside a specific time each day to write a journal entry. Jotting down a few thoughts can help reduce stress and organize your thoughts. Journaling is also known to help inspire creativity which is something you’ll need to make the most of this time.
6. Clean Out Your Inbox
Is your email inbox overflowing with old emails? What better time to devote to cleaning that out than now when you’re stuck at home? Devote a half an hour to deleting emails that are just causing inbox clutter. You’ll feel so much better once it’s done.
7. Use Coloring Books
Coloring books aren’t just for kids. It’s a great tool for relieving stress and anxiety for everyone. Plus, if you have little ones at home with you, this is a great activity you can all do together.
8. Learn a New Skill
There are plenty of new skills you can learn without having to buy any supplies. From learning a new language or improving your handwriting to becoming a better dancer, learning to code, or teaching your cat tricks, the internet is ripe with helpful content for learning something new.
9. Enjoy Music
Speaking of playing an instrument, this is a good opportunity to enjoy some music. If there’s a new album that came out that you haven’t had the chance to listen to yet or there’s that one artist you love that never gets old, turn on some music and relax.
No matter what you do, try to develop a routine. Routine and structure will help keep you from going completely stir-crazy. Keep in touch with loved ones and keep washing those hands. For more information on how to stay safe during this crisis, visit CDC.gov.
Sunday’s emergency rate cut by the Federal Reserve – also known as the Fed - has been widely reported by the media, and many borrowers are inquiring about lower mortgage rates.
In order to better understand what this means for mortgage interest rates, let’s review a few historical facts about previous Fed Rate cuts. This is not the first time the Fed funds rate has fallen drastically. From 2008 through the end of 2015, it fell to zero. During those years, mortgages rates approached our recent lows especially in 2012-2013, but for the most part they fell in the range of 4% and often 5%. This means, there is little evidence showing that the current zero Fed Funds rate would lead to a massive drop in interest rates.
The 10yr Treasury yield used to be widely used as an indication of mortgage rates, but in today’s environment, that is not the case. At least temporarily, that correlation has broken down. Last Thursday, (March 12th) mortgage rates were moving up as the 10yr Treasury yield was dropping significantly. The next day mortgage rates were improving as the 10yr Treasury yield went up. I’m sure this correlation will re-establish at some point, but it is currently irrelevant.
MBS Live indicates the Fed Rate is a Different Animal Compared to Mortgage Rates
The Fed Funds Rate applies to loans with a term of up to 1 day (essentially last-minute money shuffling between banks in order to ensure everyone has the money they need for the day, if the previous day happened to create an imbalance). Mortgages, of course, can be loans of up to 30 years. Quite simply, investor preferences can vary greatly depending on the duration of a loan. It doesn't get any shorter than the Fed Funds Rate nor much longer than mortgage rates. Consequently, they move in opposite directions all the time.
In conclusion, it is impossible to predict the future, but we can share that clients should expect continued volatility. If you are considering a loan with a rate that works for you, the only way to keep it, is to lock in your rate.
As the concern for the Coronavirus (COVID-19) continues to grow, we want to inform you of the measures Homestead has taken to keep our borrowers and employees safe. As of today, we have deployed nearly 75% of our staff to work remotely from their homes. Our current plan is to keep our offices open with a reduced staff, making it a safer environment for those who remain. With that in mind, should you need to come into our offices please know we have installed nano-enhanced disinfectants as well as continuing to use only commercial grade sanitizers.
If you are concerned about your health or the health of those around you and do not wish to come to our offices, there are other options so we can continue to serve you.
- If you have a loan in process, you can still get in touch with your Loan Originators via phone, email or skype.
- If you are interested in applying for a new mortgage you can go to our website where you can fill out an on-line application, and in most cases, upload all of your documentation right from your computer.
Should you have any additional questions, please feel free to contact us. We will do our best to keep our customers updated should anything change in the coming days.
Stay healthy and be safe everyone!
We’re excited to announce that our Senior VP of Sales & Marketing, Daniela Bigalli, is being featured as a guest on Fintech Hunting, a podcast that highlights lending leaders, tech visionaries, and innovative executives. Hosted by Michael Hammond JD, CMT, keynote speaker, author, and founder of NexLevel Advisors, Fintech Hunting brings you valuable insights from the industry’s greatest financial leaders.
You can find Daniela’s episode on Fintech Hunting on Apple Podcast, Spotify, or Anchor FM. Tune in to hear Daniela’s insights.