You've paid off your mortgage - now what?

If you’ve recently paid off your mortgage, it’s time to celebrate. That means you’ve likely made monthly payments over multiple decades and had to make significant financial sacrifices along the way. But just because you’ve reached the finish line on financing doesn’t mean all your homeownership tasks are done.

Take time to better understand what you should expect after you pay off your mortgage, if any paperwork is needed, how it can impact your credit, to-dos related to escrow accounts, property taxes, and homeowners insurance, and what to do with that extra money you’ll pocket by reading my newest piece for The Mortgage Reports, available here.

Crypto gets a seat at the mortgage table

On June 25, Federal Housing Finance Agency Director William J. Pulte ordered Fannie Mae and Freddie Mac – the two government-sponsored enterprises that help keep mortgage dollars flowing in the housing market – to include cryptocurrencies in their risk evaluations for single-family mortgage loans.

Currently, if you own bitcoin, ethereum or other digital assets, Fannie and Freddie's guidelines require you to convert them into U.S. dollars before they can be used to qualify for a home loan. The updated policy will allow borrowers to use unconverted crypto to meet mortgage reserve requirements. (You'd still need to convert crypto assets used for a down payment.) However, the directive states that only crypto assets that can be evidenced and stored on a U.S.-regulated centralized exchange, subject to all applicable laws, can be considered.

How important is this change, and how will it impact the mortgage market? I asked a panel of experts for their input, which was published recently by US News & World Report here.

Cineversary podcast celebrates 40th anniversary of Back to the Future

Bob Gale and Michael Klastorin

In Cineversary podcast episode #84, host ⁠Erik Martin⁠ powers up the old DeLorean and takes a scenic drive around Hill Valley to commemorate the 40th anniversary of Robert Zemeckis’ Back to the Future. Joining him for the ride is the film’s co-screenwriter Bob Gale; and Michael Klastorin, author of Back to the Future: The Ultimate Visual History. Together, they examine the movie’s lasting impact on pop culture, the clockwork precision of its script, key themes, and much more.

To listen to this episode, click here or click the "play" button on the embedded streaming player below. Or, you can stream, download, or subscribe to Cineversary wherever you get your podcasts, including Apple Podcasts and Spotify.

Learn more about the Cineversary podcast at www.cineversary.com and email show comments or suggestions to cineversarypodcast@gmail.com.

Fabric-cadabra

Look closer at your living room sectional or corner recliner. Chances are it’s laced with dust or bearing a blemish you didn’t notice before. Which begs the question: When was the last time you cleaned your furnishings?

Learn tips on how to properly clean and maintain your furniture by reading my latest Costco Connection magazine article, available here.