2020 Washington Informer Home Ownership Supplement by The Washington Informer

2020 Homeownership Supplement

Homeownership and COVID-19:

Security Your Family Can Trust

PRESENTED BY

TITLE SPONSOR

CONTRIBUTING SPONSORS

NEWSPAPER READING IS A HABIT

INTRODUCTION

DON’T BREAK THE HABIT!

READ THE WASHINGTON INFORMER YOUR WAY: n In Print – feel the ink between your fingers of

our Award Winning Print Edition

n On the Web – www.washingtoninformer.com

updated throughout the day, every day

n On your tablet n On your smartphone

5 Cerita Battles / Head of Retail Diverse Segments Wells Fargo Home Mortgage

n Facebook n Twitter n Weekly Email Blast – sign up at

www.washingtoninformer.com

202-561-4100 For advertising contact Ron Burke at rburke@washingtoninformer.com

...Informing you everyday in every way

In Memoriam Dr. Calvin W. Rolark, Sr. Wilhelmina J. Rolark THE WASHINGTON INFORMER NEWSPAPER (ISSN#0741-9414) is published weekly on each Thursday. Periodicals postage paid at Washington, D.C. and additional mailing offices. News and advertising deadline is Monday prior to publication. Announcements must be received two weeks prior to event. Copyright 2016 by The Washington Informer. All rights reserved. POSTMASTER: Send change of addresses to The Washington Informer, 3117 Martin Luther King, Jr. Ave., S.E. Washington, D.C. 20032. No part of this publication may be reproduced without written permission from the publisher. The Informer Newspaper cannot guarantee the return of photographs. Subscription rates are $45 per year, two years $60. Papers will be received not more than a week after publication. Make checks payable to: THE WASHINGTON INFORMER 3117 Martin Luther King, Jr. Ave., S.E Washington, D.C. 20032 Phone: 202 561-4100 Fax: 202 574-3785 news@washingtoninformer.com www.washingtoninformer.com

PUBLISHER Denise Rolark Barnes STAFF D. Kevin McNeir, Editor Ron Burke, Advertising/ Marketing Director Shevry Lassiter, Photo Editor Lafayette Barnes, IV, Assistant Photo Editor John E. De Freitas, Sports Photo Editor Dorothy Rowley, Online Editor ZebraDesigns.net, Design & Layout Mable Neville, Bookkeeper Dr. Charles Vincent, Social Sightings columnist Tatiana Moten, Social Media Specialist Angie Johnson, Circulation REPORTERS Stacy Brown (Senior Writer), Sam P.K. Collins, Timothy Cox, Will Ford (Prince George’s County Writer), Jacqueline Fuller, Hamil Harris, D. Kevin McNeir, Kui Mwai, Lee Ross, Dorothy Rowley, Brenda Siler, Lindiwe Vilakazi, Sarafina Wright, James Wright,

It’s Homebuying Season!

It’s homebuying season! Despite the economic challenges brought on by the coronavirus, there are people who are able to continue the process to make their goal of homeownership a reality. At the same time, we do realize that for many other families, financial setbacks during this difficult time have forced them to put the goal of owning a home on hold for now. That’s disheartening; however, there’s still an opportunity to learn more about the homeownership process and create a plan to reach your goal. I would like to remind you this Homeownership Month that a setback in your homeownership journey does not necessarily mean you have to abandon your dream of owning a home. Wells Fargo is again proud to sponsor the Washington Informer’s Homeownership Month supplement, especially this year when things are very different for so many people. We want to take this opportunity to share information inside the publication that will help consumers protect themselves and provide guidance to keep moving toward that homeownership dream even if it has to be delayed for the time being. For aspiring homeowners who are taking time to evaluate finances and determine the right path forward for homeownership, now is a good time to take advantage of resources that can help. For example, many organizations provide homebuyer counseling that can provide personalized guidance based on your situation to help you make better decisions for you during your homeownership journey. Homebuyer counseling is a one-on-one session with a HUD-approved counselor who can talk to you about your situation. Activities often include budgeting, identifying credit challenges, guidance to improve credit score, debt reduction strategies and helping to determine affordability. Wells Fargo also helps to offer financial tools that you can navigate on your own like the Hands on Banking® program at www.handsonbanking.com At Wells Fargo, we continue the important work of doing what we can to increase homeownership among African Americans. In the third year of our 10-year, $60 billion African-American lending commitment, we have helped more than 60,000 African-American families become homeowners and supplied $8.5 million to support homebuyer education and counseling efforts. Owning a home remains a dream for many African American families and homeownership is the foundation for wealth building and strengthening our communities. Setbacks don’t mean you have to give up on that goal, but it’s important to use resources that are available to determine the best path forward. We hope that everyone stays safe and healthy. HS

PHOTOGRAPHERS John E. DeFreitas, Ja’Mon Jackson, Shevry Lassiter, Roy Lewis, Jr., Robert R. Roberts, Anthony Tilghman

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-2

WORDS FROM THE EDITOR

Home Sweet(er) Home Dr. Shantella Y. Sherman WI Special Editions Editor The COVID-19 pandemic has illuminated a plethora of both personal and global concerns as many of us have been forced for the first time in years, to sit still and reflect. While it has coaxed many into healthier routines that include cooking, exercising, and taking time to pray and meditate, for others, it has forced them to take more stock in their dwellings. Truthfully, as we dash about our homes – being all we can be – rarely have we taken note of the damp growing down the basement wall, the minor (soon to be major) home repairs that require attention, or Truthfully, as we dash about our the lax security of our doors, windows, and patios. In fact, home security – and fears associated with being burgled – have topped the lists of concerns homes – being all we can be – many Americans have expressed since the onset of rarely have we taken note of the nationwide quarantine. “For the first time ever, I have had to leave my damp growing down the base- tweens alone in the house to get groceries or run errands, and it makes me a little anxious,” one mothment wall, the minor (soon to be er of twin 12-year-old daughters told me. “They would normally be in school, and since I didn’t want major) home repairs that require them in the stores with me without masks or gloves, I had to take a long look at the security system in my attention, or the lax security of home. I needed to determine how best to safeguard in the home alone.” our doors, windows, and patios. them Others worried that the pandemic would push desperate citizens into recklessness, where they

5 Dr. Shantella Sherman

would invade others’ homes for basic necessities like water, toilet paper, and food. “My roommate and I became leery of anyone outside our apartment door – even if they were just passing by headed to the stairwell. Every noise made us believe we were sitting ducks about to be robbed,” another District resident told me. “We decided to install a home security camera and purchase a door security bar for the front door which has helped greatly.” The anxiety is not unwarranted, as homes without security systems are up to 300 times more likely to be burgled than those with active security alarms. Additionally, 95 percent of home security owners are satisfied with their security systems and feel more relaxed as a result. With ongoing civil unrest, however, many Black homeowners are making gun ownership a part of their home security as well. Exercising their 2nd Amendment right to own and secure their property with firearms, African Americans have historically done so as a matter of their citizenship. Simple advice: If you must own a gun, do so responsibly. Keep all weapons in safe and secure places – preferably a gun safe with the ammunition stored elsewhere, but handy. Ensure that any children in the home are cautioned about handling the weapon(s), and be sure users have been trained thoroughly on the care and use of the weapon. Our homes are our castles -- our spaces of respite, calm and peace. It has never been more important for homeowners to secure their homes and work to protect their families. But it is equally important that our homes sweet home, become even sweeter. This Washington Informer supplemental guide to securing your home is designed to answer questions you may have about both the security of your home and value of various security innovations. Read, Learn, Enjoy. Dr. S

5 Feeling safe in your home is critical to being able to call it sweet. (Courtesy photo)

H-3 HS-3

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

These tips are Good to Consider for your Homeownership Journey Now ing you can do a lot of the groundwork from home. As a result of COVID-19, virtual tours and agent-led video walk-throughs and video chat tours have all been added to the mix of showing homes. Lenders are available to serve you remotely, too, and are always available to have phone conversations about the lending process.

By Leonard Campbell, Branch Manager, Wells Fargo Home Mortgage Homeownership is important to many Americans – both those buying for the first time and those wanting to make their next home purchase -- but the recent crisis may have many wondering how to proceed. While the COVID-19 crisis has certainly caused some disruption to the traditional spring buying season, recent market data shows that many buyers and sellers are continuing to move forward with their home buying plans. If you’re a prospective homeowner, here are a few things to think about:

Recognizing extraordinary courage In challenging times, many people working together can do the greatest good. It’s an honor to be a member of this brave community, where so many give so much, every day, to keep all of us hopeful, safe, and strong.

Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2020 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS5126981 Expires 07/2020

Take stock of your personal homebuying goals and finances. Did the crisis change what you’re looking for at all? Is a home office more important or a backyard patio? What about your finances? Do you feel secure in your job? Do you already have savings set aside for a down payment as well as for a rainy day fund? Know what you can afford. The recent health crisis reinforces the reality of economic ups and downs and the fact that disasters can happen without warning. It reinforces the importance of not overextending yourself in buying; you want to be able to weather any economic cycle. As you consider this, know that a bright spot is that mortgage rates are very low right now, which helps stretch your dollars when you decide to buy. Start your house hunt from home. If you’re worried about venturing out, rest easy in know-

Understand your down payment options. There are still financing options available that don’t require you to put 20 percent down. Low down-payment options include our own yourFirst Mortgage® program and government programs like VA and FHA. How much you put down is a financial decision to weigh as you look at your own finances and personal situation. It’s important to note that putting more down can reduce your monthly payments, which can free up dollars for other parts of your budget, including savings. Double down on your rainy day fund. It’s always been a good idea to have a little to fall back on. Owning a home means you’ll have expenses for repairs and updates. The economic uncertainty caused by the COVID-19 crisis reinforces the importance of having money to fall back on if you have an unexpected expense or loss in income. Embrace digital tools. Just like shopping for your perfect house, you can apply for a home loan from your kitchen; you never really need to step into a bank. Many tasks can be handled online, from starting the loan applications to signing disclosures and uploading needed documents during the loan process. The current crisis has many Americans reflecting on their living spaces and thinking about their long-term financial goals. While no one knows exactly what will happen in the economy, if you are weighing whether buying is right for you, take a minute to focus in on your own unique goals, opportunities and circumstances and make the best decision for you. HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-4

Home is where the heart is. It’s also the heartbeat of a community. A home is so much more than brick and mortar. It can feel like the heartbeat of your community. It says, “I belong here.” We’re invested in igniting that spirit. understand that successful homeownership helps make individuals, families, and communities stronger. That’s why we’re working hard to support homebuyers by preparing them to become homeowners. Let’s keep our communities growing strong together. To learn more, call 1-866-875-7068. Or visit wellsfargo.com/mortgage

H-5 HS-5

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Steer Clear of COVID-19 Scams with Some Helpful Tips Donna Greene Diverse Segments Market Consultant, Wells Fargo Home Mortgage The coronavirus has put a financial strain on many families and businesses. The government, financial institutions and other organizations are rallying to support those in need. As more support is offered to Americans and businesses that are struggling financially, the threat of fraud is increasing. It is important for consumers and business owners to pay close attention to any communication they re-

ceive regarding COVID-19, especially as it relates to financial assistance. Recognizing scams and knowing how to avoid them will help protect you from fraud. Wells Fargo is proactively advancing our security, and the company continues to invest in account safety measures and customer education to help consumers and businesses during this time. Here are a few tips that can help keep your accounts and information secure.

you asking to verify or provide your financial information to get your stimulus checks faster. If you receive an unexpected request that appears to be from the IRS, do not respond, click on links or open attachments. Also, be suspicious of any communication from an organization that claims it can help put a rush on your payment. To learn more about economic impact payments, including eligibility and payment amounts, visit IRS. gov/coronavirus.

Watch out for schemes tied to economic impact payments The IRS will not call, email, or text

Beware of unexpected requests and offers for financial assistance Look out for emails and text messages that include an urgent request for you to update your information, verify your identity or take advantage of a special offer. Fraudulent financial aid and loan offers are also common on social media. You may be prompted to call a phone number, sign on to a spoofed website, or respond with personal or account information. Be sure to look closely at the email address or text message for any COVID-19 communication you receive. On the surface, it may appear to be from a reputable or trusted source like your financial institution or a major nonprofit, but if the sender’s email domain looks different from other communications (e.g. “wells-fargo.info” instead of “wellsfargo.com”), then it could be a scam. For text messages, be cautious when receiving a text from an unknown phone number. Text scams may contain unusual language or text treatments, ID numbers, all caps or punctuation like exclamation points. If you receive a suspicious request that appears to be from your bank or other legitimate company, do not respond, click on links or open at-

tachments. Call the number on the company’s website or the back of your debit or credit card to verify the request. Verify a company or charity before opening your wallet Other popular schemes include medical supply scams and fraudulent donation sites that impersonate a company, charity, or government agency to convince you to make purchases or donations on spoofed websites or do business with a phony vendor. Do your research to help ensure you are working with a legitimate vendor or organization. Running a small business? Take note of these additional tips First, be sure to reconcile accounts daily to detect suspicious activity. Make sure to verify all account changes, including changes to payment instructions from vendors. If you receive a request to change payment details such as bank account or invoice information, verify the request using a different method of contact to make sure it’s authentic. For example, if the vendor contacts you by email, confirm the information by phone. Be sure to use the information you have for the contact on file, not the contact information contained in the request you received. If you detect it, report it. For suspicious requests that claim to be from Wells Fargo: forward the email or send an email with the text message copy (no screenshots) to reportphish@wellsfargo.com. You also can report scams to the Federal Trade Commission at www. ftc.gov/complaint. HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-6

Wells Fargo Exec Talks Forbearance Plans, Fraud Prevention for Mortgage Holders By Stacy M. Brown WI Senior Writer @StacyBrownMedia Wells Fargo officials said the bank remains committed to providing the financial access, guidance, and support customers need to focus on theirs and their lovedones well-being. Since the beginning of the novel coronavirus pandemic, Wells Fargo has suspended residential property foreclosure sales, evictions, and involuntary automobile repossessions. On a case-by-case basis, the bank offers fee waivers, payment deferrals, and other expanded assistance for a credit card, auto, mortgage, small business, and personal lending customers who contact Wells Fargo. “We have created many options for customers to engage with us,” said Carmen Bell, SVP, Home Lending Servicing Customer Contact and Default Decisioning, Wells Fargo. “When COVID hit, we recognized the significant potential impact to consumers, we quickly expanded our options to engage,” Bell stated. The engagement includes creating an easy-to-understand process within Wells Fargo online banking.

H-7 HS-7

“In a prevalent way when you log onto online banking you see an option asking if you need payment relief,” Bell said. “Customers are able to review if payment relief is right for them and have the ability to receive initial 3 months payment suspension online, without having to wait to speak to a Wells Fargo employee. Customers then receive a confirmation letter in the mail outlining the forbearance. If Wells Fargo has a valid email address, customers will receive a confirmation online. “We want to provide customers the ability to interact with us how, where and when they choose and so many customers in today’s environment choose to interact digitally,” Bell said. “When COVID first hit, there was so much uncertainty, customers wanted immediate assurance so that they had peace of mind. We wanted them to be assured that their mortgage payment would be okay until they knew more out their situation,” she said. For homeowners fearful of the forbearance process or afraid of late mortgage payments, Bell said it’s crucial they reach out to Wells Fargo or respond through our digital options as early as possible. “Our goal is to

help customers through challenging times and help them maintain homeownership. We do the proactive outbound calling. It’s not a collections type of call; it’s a check-in to see how we can assist them and if COVID has impacted them. We’re here to help you,” Bell noted. “Some are just fearful of the process, and we try to relieve that fear by having a conversation with them whether that is digital or verbal,” she said. Many customers weren’t initially sure, how the pandemic, and government officials began might affect them publicly encouraging everyone to call their mortgage provider, Bell said. “In June, we will be reaching out to customers who received initial 3 months of forbearance that will be expiring to provide them options to extend forbearance additional 3 months if they still need more time to recover or if they are ready to resume making payments we will provide them options to make up the suspended payments. Bell said Customers will have options based on their specific investor on their loan which They may have the option to do a repayment plan, so taking the three months of missed payments and adding them to your next 3 to 6 months of payments.” However, Bell added that many might not choose that option because the pandemic has left many in a financial bind.

She said Wells Fargo would follow specific investor guidelines and their own portfolio to make the repayment process easier when customers are ready to resume payments. Some guidelines will extend the term of the loan by the three months of the forbearance, while others will do a partial claim in which the missed payments are added to the end of the loan as a balloon payment. “An example of a partial claim would be your payment was $1,000 per month. You’ll then have $3,000 placed in a non-interest bearing account that will be due at the end of your mortgage, such as if you pay off your mortgage or refinance,” Bell said. Wells Fargo is aware that fraud continues to be a concern for most. “There is, unfortunately, a lot of fraud in general. I haven’t personally seen any yet in this space although just over the weekend I was out to dinner with a friend who said she got an email from her bank asking her to verify all of her account information. She didn’t respond because she thought it odd that the bank would not have her information anyway. I advised her never to respond to those, always call or login to your secure account,” Bell said. “We ask customers to be on the lookout for suspicious email or text messages that try to convince you as a consumer to share sensitive information such as username and password or someone who may have impersonated company security or a government agency. We will never ask personal information or login credentials through email or text,” she said. “We also have a Wells Fargo Stories piece that provides more information about coronavirus fishing scams. https://stories.wf.com/beware-coronavirus-phishing-scams/ I would also just add that a consumer’s best avenue is always to engage with us directly or through an approved counselor such as all of the HUD counselors versus thinking that someone who’ll reach out to them will be more of a help than their servicer would.” HS

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

5 Carmen Bell SVP, Home Lending Servicing Customer Contact and Default Decisioning Wells Fargo

What Is Forbearance? Forbearance is a temporary postponement of mortgage payments. It is a form of repayment relief granted by the lender or creditor in lieu of forcing a property into foreclosure. Loan owners and loan insurers may be willing to negotiate forbearance options because the losses generated by property foreclosure typically fall on them.

DCHFA Remains in the Business of Homeownership Christopher E. Donald Interim Executive Director As residents navigate stay-at-home orders and social distancing practices, the idea of “home” has become increasingly important. Since its founding more than 40 years ago the District of Columbia Housing Finance Agency (DCHFA) has been creating homeownership opportunities and advancing the value of homeownership. The agency wants people to know that their dreams of homeownership do not have to be put on hold at this time when housing is more critical than ever. DCHFA remains a resource for aspiring Washington, D.C. homeowners as its employees continue to work from home under COVID-19 social distancing guidelines. DCHFA’s Single Family Homeownership Programs are fully operational during this time, helping people overcome the hurdles to homeownership. The Single Family Programs di-

vision manages all of the Agency’s homeownership programs with the goal of expanding and retaining homeownership opportunities in the District of Columbia. DCHFA offers the following programs: DC Open Doors is your key to homeownership in the city. This program offers competitive interest rates and lower mortgage insurance costs on first trust mortgages. You are not required to be a first-time homebuyer to qualify for DC Open Doors. You must, however, be purchasing a home in the District. The Mortgage Credit Certificate (MCC) provides an additional incentive for first-time homebuyers to purchase a home in the District of Columbia. An MCC provides qualified borrowers the ability to claim a Federal Tax Credit of 20 percent of the mortgage interest paid during each calendar year.

The Home Purchase Assistance Program (HPAP) provides interest free deferred loans for down payment and closing cost assistance up to $84,000 combined. DCHFA serves as a co-administrator of the DC Department of Housing and Community Development’s (DHCD) first-time homebuyer program. DCHFA administers HPAP applications for households meeting very low to low income criteria. The Reverse Mortgage Insurance and Tax Payment Program (ReMIT) provides financial assistance to seniors 62 years or older who have fallen behind on insurance and tax payments as a result of their reverse mortgage. Qualified District homeowners can receive up to $25,000 in assistance. The borrower must be able to demonstrate ability to sustain payments going forward. DC4ME PLUS provides mortgage assistance with optional

down payment assistance to D.C. government employees. DC4ME PLUS is offered to current full-time District government employees, including employees of District government-based instrumentalities, independent agencies, D.C. Public Charter Schools, and organizations

provided the applicant/borrower’s employer falls under the oversight of the Council of the District of Columbia. For a full list of each program’s qualification guidelines and information on how to apply, visit www.dchfa.org/ homeownership. HS

receive up to $25,000 to pay delinquent property taxes, homeowner’s insurance, condominium fees, homeowners association fees and certain property related expenses paid by your Servicer. • Must be a District resident/homeowner • Residence must be secured by a Reverse Mortgage in borrower’s name • Subject property must be a primary residence located in the District • Have an annual income not to exceed $77,450 • Be ”at risk” of foreclosure due to unpaid property taxes, homeowner’s insurance, condo/HOA fees • Must demonstrate ability to sustain future tax and insurance payments, as required.

how to apply:

Housing Counseling Services (202) 265-2255

additional information remit@dchfa.org

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-8

DC OPEN DOORS

Your key to homeownership in the District

The District of Columbia Housing Finance Agencyâ&#x20AC;&#x2122;s Single Family Homeownership Programs are still available to provide you with the down payment and closing cost assistance you need to become a D.C. homeowner!

www.dchfa.org/homeownership H-9 HS-9

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Study Predicts Outcomes of Black Homeownership after COVID-19 U.S. Census Bureau Urban Institute The U.S. Census Bureau, in collaboration with five federal agencies, is in a unique position to produce data on the social and economic effects of COVID-19 on American households. The Household Pulse Survey (HPS) is designed to deploy quickly and efficiently, collecting data on a range of ways in which peopleâ&#x20AC;&#x2122;s lives have been impacted by the pandemic. Data will be disseminated in near real-time to inform federal and state response and recovery planning. The Household Pulse Survey will ask individuals about their experiences in terms of employment status, spending patterns, food security, housing, physical and mental health, access to health care, and educational disruption. The questionnaire is a result of collaboration between the U.S. Census Bureau and the USDA Economic Research Service (ERS),

the Bureau of Labor Statistics (BLS), the National Center for Health Statistics (NCHS), the National Center for Education Statistics (NCES), and the Department of Housing and Urban Development (HUD). Questions identified as priorities for testing include those that were developed specifically to address the COVID-19 pandemic; items developed for potential future deployment to understand householdsâ&#x20AC;&#x2122; decision-making in light of receiving economic stimulus payments; and questions deemed to be overly complex from a cognitive standpoint. What the research found was that faster appreciation for low-price homes ma exacerbated income inequality and negatively impact Black homeownership. The faster rise in low-price home prices impacts low-income homeowners and renters the hardest, specifically those in the bottom quartile of the income distribution. As

low-price home prices rise, would-be homebuyers with low incomes have trouble finding affordable homes, so they remain in the rental market, drive up rents, and increase the demand for and price of rental properties. As a result, the cost for both owning and renting has gone up substantially for low-income households, while their income growth has not kept pace with that of high-income households (those in the top quartile of the income distribution). And according to Urban Institute, despite the labor market turmoil caused by COVID-19, home prices have largely remained where they were before the pandemic, as demand and supply shrank simultaneously. But with rising unemployment and forbearance, lenders have tightened credit to avoid taking greater risks that may further strain their financial capacity. Credit was already tight before COVID-19, and because of these

even stricter standards, low-income households will likely face greater difficulty accessing homeownership, even for homes within their financial reach. Itâ&#x20AC;&#x2122;s likely that those with high incomes and credit scores will have more opportunities to buy homes and build housing wealth as the economy recovers from the COVID-19 shock. Additionally, a greater share of low-income homeowners and renters are working in industries that are more vulnerable to the COVID-19 shock. Therefore, low-income homeowners may struggle more to sustain homeownership once the forbearance period is over, and many low-income renters are likely to lose the financial ability to become homeowners. At the same time, the home price trajectory is unlikely to change, as all households, both owners and renters, need a place to live. But the homeownership rate is expected to decrease, making it harder for many families to build wealth.

5 Many African-American homeowners may fair poorly following the COVID-19 pandemic without the aid of financial planners and banking assistance. (Courtesy photo)

If the supply constraints that existed before the pandemic remain unaddressed, both low-price home and rental prices will continue to increase faster than prices for highprice homes, widening residual income inequality between low- and high-income homeowner and renter households. This could also hurt the ability of low-income households to build financial strength and could make them more vulnerable to future economic shocks. HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-10

THE POWER TO

make a difference At Bank of America, we help people accomplish the things that matter most to them. Helping businesses grow the right way. Supporting today’s entrepreneurs and tomorrow’s innovators. Standing by the ones who day in and day out are putting in the hard work to make things happen.

What would you like the power to do?®

H-11 HS-11

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Housing Market Update Bill Landon CEO George Mason Mortgage, LLC The spring housing market of 2020 is quite different compared to market trends from previous years. The Coronavirus (COVID-19) pandemic has affected all aspects of our daily routines including how we do business. Dave Stevens, CMB, and Advisor to the George Mason Mortgage (GMM) Board of Directors mentioned a quote from John Lennon at a recent virtual company meeting that coincides with what we are experiencing in our world today. He shared, “There are decades where nothing happens and there are weeks when decades happen.” This resonates with what we are

IMAGINE CREATING

YOUR OWN PATH HOME

experiencing and where we will be heading as a nation. It also relates to the mortgage industry as interest rates have remained low - even during this time of uncertainty. Stevens also addressed the fact that technology resources will be coming out of the woodwork to bridge the gaps for homebuyers that exist during this period. However, even with these changes in place, many homebuyers are questioning if this is the right time to make such a large investment or if a refinance makes sense right now on an existing mortgage. The good news is that home values did not plunge as a result of the pandemic. Rather, the industry is in a holding pattern. A vast majority of mortgage lenders and real estate agents firmly believe the market

will bounce back soon and consumer confidence will grow. Though optimism is high for the markets to stabilize, there will be some short-term challenges within the market. Credit guidelines have tightened, there are higher credit scores on some products and larger down payments may slow down purchase business. Investors will continue to monitor the impact that forbearance may have on loan performance, but once we start to see people heading back to work we should start to see some relief in these guidelines. Over the past two months, we have been learning how to adjust to a new norm. With modifications and safety protocol in place at George Mason Mortgage, many businesses like ours have been for-

tunate to remain open. We have implemented advanced technology solutions that allow homebuyers to continue with their transactions in a safe and efficient manner. We are consistently monitoring updates from the Centers for Disease Control (CDC) in conjunction with local and state officials in the markets we serve while also helping those directly affected by the pandemic. George Mason Mortgage celebrates 40 years of business this year – a reminder of how far we have come and where we will continue to go even during challenging times. We are proud of our success and we are confident that our commitment to service will be stronger than ever before. We are all in this together. HS

Our Secure Digital Mortgage Application is Coupled with Experienced Mortgage Advisors. George Mason Mortgage’s unique combination of digital options, mobile access, data verification and personal guidance provided by our expert mortgage advisors allows you to take the path that works best to get you home.

Contact us for a complimentary Guide to Buying Your First Home or to speak to one of our expert Mortgage Advisors. Access Your Complimentary Guide: www.gmmllc.com/TakeTheLeap Speak with a Mortgage Advisor: www.gmmllc.com/MortgageAdvisor

ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines. George Mason Mortgage's NMLS ID is 153400.

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-12

George Mason Mortgage is the Experienced, Local Lender You Need. We understand what a home means for your personal financial story. Our lending specialists have the experience coupled with cutting edge technology to help you find the right loan option to make the dream of homeownership become reality.

Access Your Complimentary Guide: www.gmmllc.com/TakeTheLeap Contact a Mortgage Advisor: www.gmmllc.com/MortgageAdvisor ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines. George Mason Mortgage's NMLS ID is 153400.

H-13 HS-13

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Buying a Home During COVID-19 Michelle Fields-Hall Senior Loan Officer George Mason Mortgage LLC Home Buying in a Covid-19 World Purchasing a home is the largest and most exciting investment that many people make in their lifetime. The thought of purchasing a home can feel a bit overwhelming, especially as we navigate our way through the effects of the Coronavirus (COVID-19) pandemic. A silver lining to these times is we have been given the gift of slowing down and reflecting on what matters the most. We were so used to the hustle and bustle of our daily routines, now we have some extra time to use to our advantage. These factors could be great ben-

efits as you consider turning the dream of homeownership into reality. Here is more information about home buying in a Covid-19 world. Budget & Affordability Review your finances and create a savings plan. Determine what your budget will be for your mortgage payment and how much of a down payment you can afford. You may find it to be easier to save due to not having daily expenses such as gas, shopping and salons. It is never too soon to speak with a mortgage lender to help you find your sweet spot of affordability. Get educated With the extra time you may have, this is a great time to educate yourself on the home buying

process. There are many resources available at your fingertips such as online classes. There are first-time homebuyer programs with low or no down payment options available as well as grants for down payments and closing cost assistance. Your mortgage lender can help you find the right fit for your unique financial story. Your home buying dream team Having the right team of experience in your real estate agent and mortgage lender will give you the confidence and knowledge to guide you through the journey of buying your home. Listen to your team and your heart, mind and soul when choosing the home that’s right for you and your family.

The thought of purchasing a home can feel a bit overwhelming, especially as we navigate our way through the effects of the Coronavirus (COVID-19) pandemic. A silver lining to these times is we have been given the gift of slowing down and reflecting on what matters the most.

Research neighborhoods Searching for homes online is a convenient (and safe!) method to find the home of your dreams. This option enables a no-contact way for you to research neighborhoods, homes, schools and other amenities that are important to you. Once you have found a home, your real estate agent can provide additional information as well as making an appointment to view the home when the time is right. Make sure the home meets all the “must haves” on your list. Things have changed After being pre-qualified by your mortgage lender and you have found the home of your dreams with your real estate agent, you will submit an offer on your new dream home – this hasn’t changed. What has changed is the technology available, home buying requirements and new security systems in place. Your real estate agent, mortgage lender, appraiser, home inspector and Title Company have all the resources to get you to the virtual closing table safely, and more importantly into your new home! Now is a good time Rates continue to remain low and right now is still a great time to purchase a home. Remember, we are stronger together! About George Mason Mortgage At George Mason Mortgage, we are here working for you. As a digital mortgage leader, we have the technology and security resources to make your home buying experience as smooth and safe as possible. Staying connected is more important now than ever before and we are dedicated to being your go-to resource, right at your fingertips. Contact me with any questions you may have or to get started on your journey home. Michelle Fields-Hall Senior Loan Officer NMLS#: 270722 Phone: (443) 798-6112 Email: MFields-Hall@gmmllc.com https://www.gmmllc.com/ HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-14

When the time is right for you, we will show you how 40 years of experience can provide the knowledge, technology and guidance you need to make the right decision for you and your family. BENEFITS OF HOMEOWNERSHIP:  Security & Freedom  Forced Savings & Investment  Inflation Protection  Build Your Credit

Contact us for a complimentary Guide to Buying Your First Home or speak to one of our expert mortgage advisors. Access Your Complimentary Guide: www.gmmllc.com/TakeTheLeap Contact a Mortgage Advisor: www.gmmllc.com/MortgageAdvisor ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting and program guidelines. George Mason Mortgage's NMLS ID is 153400.

H-15 HS-15 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Options for Securing Your Apartment By Lee Ross WI Staff Writer Millions of Americans opt to lease their living spaces each month, rather

than take on a mortgage. In doing so, they often overlook important opportunities to secure their apartments and their valuables in the same way as homeowners. Home security, according to many

experts includes choosing not only the safest location possible, but also outfitting the domicile for safety. “Many D.C. residents are transient – they relocate with their jobs or are college

students who require housing that offers short-term leases. For this reason, security does not always take the priority it would were they purchasing a house,” banking agent Doris Garner-Gray, told the Informer. “There is no reason to compromise safety and security because you are renting.” Here are a few helpful security measures for apartment leasers. Choose a Secure Apartment Complex When selecting an apartment complex, be sure that it is one that takes the security of its tenants seriously. Both new and older communities utilize secure entry systems that keep outsiders from gaining access to apartments. These include fob keys, fingerprint locks, and keypad codes. Only consider buildings for best security – especially if you will live alone. Lock Your Doors, Windows and Patios It sounds only logical to shutter an apartment for safety, but Americans routinely neglect to lock their doors, windows, or patios, leaving them vulnerable to home invasion. Pay close attention to sliding doors that jump the track or are easily unlatched. Doors should have deadbolt locks, peepholes, and for added protection, consider using a door security bar to deter intruders. Set Up a Camera Inside Your Apartment Smart cams -- stand-alone devices that stream and record movement in your apartment during your absence can offer peace of mind for apartment

renters. Some switch on once you leave home using your mobile phone’s location to note your absence and record the space. Install Wireless Alarm Systems Wireless alarms are the less expensive version of traditional home alarm systems and do not require wire installation or maintenance. Some systems sync with your smartphone and can ring you and law enforcement should there be a breach of your doors or windows. Don’t Advertise Your Belongings A giveaway to burglars that an apartment has valuables are delivery boxes for items like televisions, computers, and exercise equipment left outside displaying your apartment number. Pick up or have hot ticket items delivered the same day as trash pickup to avoid being conspicuous about purchases. Barring that, tear or cut up oversized boxes and put them into sealed trash bags before taking to the dumpster. Also, be sure to keep curtains and blinds closed – especially on ground-level units where passersby can see directly into your unit. Get and use a safe There are misgivings that owning a safe is only necessary if a person has high-end jewelry or cash money in their homes. Not true. A safe provides the best protection for any items you believe demand extra protection. This should include important documents, credit cards, banking information, passports, and birth certificates, in addition to any expensive jewelry or cash. HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-16

Groundswell’s Share PowerTM Community Solar Program What is community solar? Community solar looks just like any another solar project you might have seen. The thing that makes it different is that community solar projects generate electricity that you can share. What that means is, for example, a local church could install a solar project on its own roof that provides electricity for its members, or an apartment building could install solar on its roof that provides electricity for the people who live in the building. Before community solar came along, the only people who could enjoy solar power were people who owned their own roof, had a good credit score, and could afford the up-front payments. Community solar means everyone, regardless of whether you rent or own or have good credit, can have access to solar energy.

Where is Groundswell building community solar projects? Groundswell is building community solar projects in partnership with faith communities and other community-based organizations in the District, including solar projects on the rooftops of local churches in Wards 4, 5, and 7 so far. Some of the solar projects we’re building are part of the Solar for All DC program, which will provide 100% of the electricity generated for free to DC residents with a household income of less than $65,650. DC residents who enroll in Solar for All DC should save about $500 per year on their Pepco bill – so the savings are real. We’re also building community solar projects that enable people to Share PowerTM, delivering the same deep utility bill savings to our neighbors

who need the savings the most. How does Groundswell Share PowerTM? Groundswell’s Share PowerTM community solar program was directly inspired by asking ourselves how to “love our neighbors as ourselves” using the abundance of energy from the sun. If you live in the District of Columbia and pay a Pepco bill, you can purchase locally generated electricity from one of Groundswell’s solar projects for less than $50 per month, which is about the same you pay the utility for dirty power. Groundswell then shares the solar savings generated from the project with income-qualified households to help cut their electricity bills in half. For example, for one of the community solar projects we’re building in DC Ward 5, for ev-

ery three families who sign up to get locally generated power, we’ll be able to enroll one income-qualified family who’ll be able to save about $500 per year. We think it’s a wonderful way to work together as a community to lift each other up. Why is sharing power with others so important? The bottom line is that it’s expensive to be poor. All across America, including in Washington DC, the people who have the least household incomes have the highest utility bills. In fact, nationally the poorest 20% of Americans pay 10% of more of their entire household income to keep the lights on. Why? Because families who are working hard to make ends meet typically live in less energy efficient houses and apartments and have older appliances that

WHAT IS COMMUNITY SOLAR? Electric Bill

Total: ~~~~

OPEN

2 1

Groundswell installs a community solar project

Solar panels produce electricity that is shared among neighbors

You sign up with Groundswell to receive the locally generated power

Join Groundswell, get your energy from a local solar project, and Share Power™ with your neighbors today.

A portion of the energy generated is shared with qualified, low-income neighbors for free

Groundswell.org/informer

H-17 HS-17 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

use more energy. That’s why Groundswell’s Share PowerTM program was created to enable neighbors to help neighbors. Families who want to get their power from a local solar project can, while at the same time, help local families who need energy savings cut their bills. How does Groundswell create economic opportunity in our community? Washington, DC is Groundswell’s hometown, and our vision is that solar power should be a “Made in DC” industry. That’s just one reason why we hire locally and work with local minority and women-owned businesses to install our solar projects. The companies we work with are also committed to the community and practice what they preach by providing job training through their work. Finally, we shine a light on where and how the DC solar market needs to improve to represent the beautiful diversity of our neighborhoods. The way we see it, the District has a thriving solar market thanks to its commitment to run on 100% clean, renewable energy. The solar industry projects that about $300 million will be invested to build solar projects in the District over the next five years, and every single solar panel will cut utility bills, create jobs, and build wealth. But the question we will always ask is: for whom? How do you sign up? If you live in Washington, DC and you pay a Pepco bill, just go to our website at www.groundswell.org/informer and fill out the interest form on our home page and will be in touch with more details and community solar participation availability. If you or someone you know is, or thinks they may be, income-qualified for free solar through the Solar for All DC program, please call our Customer Engagement Team at 443.598.6773. HS

Recent and Recommended Books on Home Security By Lee Ross WI Staff Writer One of the greatest deterrents when it comes to keeping a home safe is a home security alarm system. Given an opportunity to select from homes to target, burglars often bypass those outfitted with alarm systems. Several books address not only the need for home security, but also the added benefits to homeowners in installing systems and becoming proactive in protecting their homes. Here are a few of the Informer’s favorite.

WE’RE HERE TO HELP.

Fundamentals of Home Security: How to Improve the Security of Your Home

We know that we provide an essential service to you, and that you need access to your money, financial resources and real help, now more than ever. It’s why we continue to reach out to our clients, to listen, understand and respond. We encourage you to contact us with any financial needs you may have.

by Anthony Ekanem It has been reported that burglary and break-in happen almost every 15 seconds of the day. As a result, the chances of your home being at risk of a break-in are greatly increased, and it does not matter where you live in the world. When we talk of a break-in, people think of someone entering their home by breaking some windows or smashing down doors. Yet, there are things that extend an invitation to burglars and intruders to try at getting into your home. There are many places in the home that are vulnerable to attack by intruders. Therefore, you must put in place a routine that will give intruders and burglars fewer opportunities to attempt a break-in. This book discusses the weak areas in your home security which you should pay attention to, to prevent any kind of break-in from occurring.

Learn more at sandyspringbank.com/update or call 800.399.5919

Home Security Systems: Home Security Tips Revealed by Joel Maughan This e-book offers sound advice on how to secure your home – and become security savvy in the process. When you take action to protect your home, your family will have the security they need to survive such harsh worldly conditions. Taking action means to set up alarms, as well as securing your doors, windows, etc. The more security you supply to your home, the better chance you will have. While there is no such thing as complete home security, there are measures you can take to protect your home.

Security Mom: An Unclassified Guide to Protecting Our Homeland and Your Home by Juliette Kayyem PE RS ON A L | BU SINE S S | W E A LT H | IN S U R A NCE | MOR TG AG E Member FDIC. Equal Housing Lender. Sandy Spring Bank NMLS # 406382. Wealth and Insurance products are not FDIC insured, not guaranteed, and may lose value. Sandy Spring Bank and the SSB logo are registered trademarks of Sandy Spring Bank. © 2020 Sandy Spring Bank. All rights reserved.

SSB80_HereForYou_Wash Informer_3.85x7.5.indd 1

4/15/2020 5:14:47 PM

Stay Informed!

www.washingtoninformer.com

In her insider’s look at American emergency and disaster management, Kayyem distills years of professional experience into smart, manageable guidelines for keeping your family safe in an unpredictable world. From stocking up on coloring books to stashing duplicate copies of valuable papers out of state, Kayyem’s wisdom does more than just prepare us to survive in an age of mayhem—it empowers us to thrive. Security Mom is an utterly modern tale about the highs and lows of havingit-all parenthood and a candid, sometimes shocking, behind-the-scenes look inside the high-stakes world of national security. Kayyem uses the motto “don’t scare, prepare!”

Prepared Not Scared: Your Go-To Guide for Staying Safe in An Unsafe World by Bill Stanton Prepared Not Scared, is the ultimate guidebook for protecting yourself and your family from the terrifying dangers surrounding us all. Written by Bill Stanton, arguably the nation’s most recognized and respected expert in personal security and protection, the book extracts more than 500 years of combined security experience and advice from experts in criminology, psychology, military science, self-defense, technology, and emergency preparedness. With each chapter you read, you will increase your chances of protecting yourself from ever becoming a victim of crimes including, child abduction, home invasion, and cybercrime. HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-18

Six Must-Know Security Tips By Lee Ross WI Staff Writer Don’t provide places for thieves to hide Trim trees and bushes that may give someone a place to hide or unnoticeable access to your windows. Trim any shrubs that are high enough to block a window or provide covering to those attempting to surveil your home.

Light your property with motion detectors or entry lighting to ensure you can see clearly those nooks and crannies that are normally very dark and may allow a thief access to your home under the cover of darkness.

Don’t let thieves know you are not home Years ago many Black families placed announcements in Black newspapers about their vacation plans – but also made it clear who from the neighborhood would be house-sitting in their absence. Today, through social media, many of announce we our plans and document it from the time we lock the front door until our planes touch down a week later. In the process, we give home invaders a trusty guide to our movements and essentially announce our homes are primed for break in. Save the vacation snaps until your return, have a friend house-sit, and / or entrust a friend or neighbor to pick up mail or check on the house daily.

Install a home alarm system Alarms may deter burglaries, but also provide the added advantage of alerting neighbors and bringing law enforcement to your home quickly. Those systems that offer surveillance as well as the alarm, have been amazing at helping to track down would-be robbers by capturing their images for law enforcement.

Take precautions to protect windows Ensure that windows have working locks and that windows are screened for extra protection. Also, if purchasing new windows for your home, invest in shatterproof glass to prevent invaders from breaking windows to gain entry. For the more frugal, consider adding a security film to windows. Security window films are used to enhance the safety of regular glass by strengthening it. Security films for windows are used to help protect against break-ins, vandalism, accidents, terrorist bomb attacks, and natural disasters. This will prevent the glass from shattering upon breaking and may deter thieves from continuing their attempt to break in.

Secure sliding glass doors Sliding glass doors have incredibly flimsy locks. A thief can easily pop them in an instant, giving quick access to your home. Installing a security bar for sliding doors would make gaining access to your home more difficult. This measure of protection is a must-have for all sliding doors and windows. HS

H-19 HS-19 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Culture of Fear Fosters Gun Sales, Feelings of Home Insecurity By Shantella Y. Sherman WI Special Editions Editor “My wife and I already have three guns in the house, and even with the alarm system, I felt we needed the shotguns because of all of the social unrest,” Rockville-resident, Carl Edwards, Jr., told the Informer. “I will not risk someone entering my home and potentially hurting my family without being met with maximum resistance.” Edwards is among the millions of Americans whose anxieties over both the Coronavirus pandemic and the social unrest following the murder of George Floyd by Minneapolis police, who have applied for gun permits or purchased firearms. Americans bought more than 1.7 million firearms in May, according to estimates from industry analyst Small Arms Analytics & Forecasting. That is down from an estimated 1.8 million firearms in April, but an 80 percent yearover-year estimated increase. The FBI says it performed more than 3 million background checks in its NICS database in May, more than 700,000 more checks than it per-

formed in May 2019. Georgia State University Law Professor Timothy Lytton studies gun violence and told KUNC analysts for Guns & America that gun sales are likely increasing over fears of the COVID-19 pandemic, as well as a belief that in an emergency law enforcement will be unable to protect them. “I think the current civil unrest is likely to stoke both of those fears even further and that we’re likely to see increased sales of firearms continuing on through the summer,” Lytton said. That fear, discussed at length in a statement from American Psychological Association president, Sandra L. Shullman, described a “racism pandemic” that poses a threat to the mental stability of the nation. “The deaths of innocent Black people targeted specifically because of their race — often by police officers — are both deeply shocking and shockingly routine. If you’re Black in America — and especially if you are a Black male – it’s not safe to go birding in Central Park, to meet friends at a Philadelphia Starbucks, to pick up trash in front

of your own home in Colorado or to go shopping almost anywhere,” Shullman said. “We are living in a racism pandemic, which is taking a heavy psychological toll on our African American citizens. The health consequences are dire. Racism is associated with a host of psychological consequences, including depression, anxiety, and other serious, sometimes debilitating conditions, including post-traumatic stress disorder and substance use disorders. Moreover, the stress caused by racism can contribute to the development of cardiovascular and other physical diseases.” Shullman said that studies show when police act in a procedurally just manner and treat people with dignity, respect, fairness and neutrality, people are more likely to comply with their directives and accept any outcome, favorable or unfavorable. For Southwest D.C. resident, Julianne Agyepong, the anxiety created by COVID-19 and ongoing protests has redefined home security and what her family now considers a safe environment. “My husband and I have three teens who are looking to us for di-

5 Members of the National African American Gun Association shoot firearms at an outdoor range. (Photo courtesy of NAAGA)

5 Guns sales it the U.S. have jumped drastically amid the COVID-19 pandemic and ongoing civil unrest. (Courtesy photo)

rection, yet we really don’t know what to tell them as far as navigating that world around them right now. We tell them to be safe and be careful, to obey the law and not allow their emotions to dictate a situation, but even that is not a guarantee that they will make it back home to us safely if there is some renegade cop out there targeting Black youth,” Agyepong said. “What we can do is reassure them that when they are in this house, their parents are armed, they are safe, and their home is protected.” Agyepong went on to say that while the focus tends to land on the anxiety of Black people, the real psychological issues in the nation belong to racist white Americans who have expressed their fears to her as feeling displaced in “their own country.” “When you go to gun shops, gun shows, or to the firing range, you have these conversations with white people who are arming themselves against an imaginary boogeyman coming to disrupt their lives. They tend to be really chatty because they believe all gun owners are of the same ilk. That boogeyman – usually a Latino immigrant or Black thug – lives nowhere near them and could not be

less interested in them,” Agyepong said. “When I see that level of fear, anger and mental confusion, I’m clear about why gun sales in the nation and home security devices have skyrocketed.” Ironically, crime has significantly declined since the onset of the pandemic, while the sale of firearms has risen over the same period of time. Retired minister and civil rights activist B. Napoleon Clark told the Informer that while homeowners are quarantined inside their homes it lessens the potential for home invasion. Still, anxiety increases if families are glued to television programming about death, destruction, and chaos. “Let’s face it, the greatest home security in the world is no match for your mind – your peace of mind that allows you to rest comfortably at night no matter what goes on out in the streets,” Clark said. “I have an alarm on my home and security cameras – I even have a couple of pistols. Still, I suggest that while folks are arming and alarming their homes, they also fit their surroundings with the Word of God to protect and defend themselves spiritually and emotionally.” HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-20

Mortgage Rates Are Low– What Does That Mean for Me? By Maceo Clark, EagleBank Senior Mortgage Banker Nobody comes in saying they want a mortgage. They want a home. Lower interest rates - for home owners and potential buyers - can make a big impact by providing lower monthly payments. For some, the current interest rate environment can mean the difference between owning a home and paying rent to a landlord. And for people who already have a mortgage, they could be thinking about refinancing for a lower interest rate. Home Purchase and Low Rates Most programs for first-time home buyers have lower rates to begin with, and people do not need 3% down-payment to buy a first home. That said, people have to know what’s available. Some of the biggest tools I use to create and maintain strong relationships in the community are the wide range of loan options for people who want to buy a home in this area. EagleBank offers assistance programs that all provide financial help of some kind. These programs include the District’s programs HPAP and DC Open Doors, Federal Home Loan Bank (FHLB) grants from community banks like ours, Maryland Mortgage Program, and VA loans for veterans and active military. How much people can receive usually depends on annual income and size of household. Babies, children, and grandparents living in the home count, and can expand a family’s ability to qualify for some programs. I try to share any and all mortgage information that can help others. Last year, EagleBank started an initiative with the DC Government called “Work in DC, Buy in DC.” It offers substantial reductions in mortgage interest rates for DC government employees and first responders. This partnership with Mayor Bowser to provide more sustainable housing in the DC area is a prime example of new options for the people of the area for both first time and returning borrowers. Low Rates and Refinancing People often wonder if refinancing

H-21 HS-21

makes sense for them during these challenging times. It does for people who are still receiving an income. Lenders have to verify ability to repay the loan, and income verification is the primary method we use. Even most people who purchased their home a year ago can likely find a better rate than what was available in 2019. EagleBank Residential Lending is here to continue to support the community’s mortgage needs with a fully online loan process. My sympathies to anyone who has lost income because of COVID-19. If you are in forbearance, there are resources to help. Reach out to your current lender for guidance. Loving Life as a Community Lender I value my roots as a community banker. I’m doing exactly what I love – getting to know my customers and their families and giving people the opportunity to buy a home in any kind of market. It makes me feel good to share how the numbers can complete a financial profile, so that’s why I am an active participant in first-time home buyer events such as the DC Housing Expo where I serve as a proud participant, informant, and advocate for home buyers. EagleBank has been and will continue to be with our clients during promising and challenging times—that is what it means to be a community bank.

Maceo Clark talks with attendees to the 2019 DC Housing Expo (Courtesy photo)

Let’s work together.

Mortgage bankers build community. EagleBank’s Residential Lending team offers competitive loan products and services, and options that answer the needs of Washington, DC’s home owners and buyers. Contact us to learn more.

Maceo Clark (NMLS# 807001) has extensive experience in the mortgage industry as a community lender and loan originator. He is also a longtime volunteer youth soccer coach, so EagleBank’s partnership with DC United truly hits close to home. His ongoing goal as a lender is to provide the best mortgage options and achieve the highest levels of satisfaction for his customers. He can be reached at MClark@EagleBankCorp.com. Contact us for more information about specific programs. EagleBank is an Equal Housing Lender. NMLS# 440513 HS

2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Maceo Clark

Senior Mortgage Banker NMLS# 807001

301.850.2655

EagleBankCorp.com 202.292.1568 All loan applications are subject to credit and property approval. NMLS# 440513

Innovations Galore: Wireless and Mobile Security Systems By Lee Ross WI Staff Writer The Consumer Electronic Show (CES) is the world’s gathering place for all those who thrive on the business of consumer technologies. It has served as the proving ground for innovators and breakthrough technologies for 50 years — the global stage where next-generation innovations are introduced to the marketplace. Owned and produced by the Consumer Technology Association (CTA)®, it attracts the world’s business leaders and pioneering thinkers – and home security has been a major part of its showcases the last five years. CES® 2020 saw over 20,000 products unveiled with more than 4,400 exhibiting companies launching their latest tech products across more than 2.9 million net square feet of exhibit space. “CES 2020 inspired and connected every major industry across the globe,” said Gary Shapiro, President and CEO of the Consumer Technology Association (CTA)TM, owner and producer of CES. “The inno-

vation unveiled at CES 2020 will reshape industries, create jobs, fuel the global economy and improve lives around the world.” Here are a few of the new innovations related to home security. Blue by ADT – A New DIY Smart Home Security Brand from ADT ADT, a leading provider of security, automation, and smart home solutions serving consumer and business customers in the United States, unveiled new products and security services at the 2020 International CES earlier this year, designed to serve the lifestyles of more consumers, wherever they are, whether in their homes, apartments, cars, online or on the go. Included was the new DIY smart home security brand and products, new smart home integrations for the award-winning ADT Command and Control smart home security system, and mobile security solutions that integrate with popular application-based services, such as Lyft. Among the new line ADT has retooled its DIY smart home se-

5 Alarm.com’s Wellcam and Wellness Insights offer new offerings monitor overall quality of life, informing caregivers and loved ones of evolving situations before they become emergencies. (Courtesy photo)

curity portfolio with the launch of a new brand, Blue by ADT, which will initially include three standalone smart cameras and a WiFi extender plus doorbell chime. “We are proud to showcase ADT’s tech-forward and innovative products which, along with our strategic business partnerships, address the changing lifestyle

needs of today’s consumer,” said Jim DeVries, President and CEO of ADT. “Everyone has the right to feel safe, and in our evolving world, everything ADT does is purposefully designed to protect and connect what matters most to our customers.” Alarm.com Empowers Independent Living with Wellcam™ and Wellness Insights Alarm.com, the leading platform for the intelligently connected property, announced at the 2019 CES a newly expanded Wellness product line focused on well-being and health. These new independent living offerings extend protection and peace of mind for families with loved ones living on their own. Wellness Insights, a CES Innovation Award Honoree, uses a suite of sensors and predictive analytics to learn activity patterns and detect changes that can indicate an emerging health issue or other quality of life concern. Alarm.com also introduced Wellcam™, the first smart home video solution designed to connect families and empower healthy, independent living. “Both Wellness Insights and Wellcam can extend safety to the people and things that matter most,” says Steve Chazin, Vice President of Product at Alarm. com. “We’re making it possible for Alarm.com customers to cast a wider safety net beyond their

homes, gaining peace of mind that their aging parents, children, and even pets are well cared for.” Vivint Smart Home Helps Protect Packages with New Vivint Doorbell Camera Pro Vivint Smart Home, a leading smart home company, recently introduced the Vivint Doorbell Camera Pro, an AI-powered doorbell camera that intelligently detects packages and actively helps protect them from porch pirates and other potential threats. With more than a million packages stolen or that go missing from porches every day, the new doorbell camera provides homeowners with peace of mind by helping to prevent crime before it happens. The Vivint Doorbell Camera Pro has the industry’s first 180-degree vertical and horizontal field of view, along with a 1:1 aspect ratio, so you can see both the faces of tall visitors and packages left directly below the camera. “Customers want us to do more than just record and report crime— they expect us to help prevent it,” said Matt Mahar, vice president of cameras at Vivint Smart Home. “We’ve created a unique combination of intelligence, optics and deterrent features to deliver on that expectation. The new Vivint Doorbell Camera Pro, along with Vivint Outdoor Camera Pro and Vivint Car Guard, extends a blanket of protection from inside the home to the edges of your property.” HS

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-22

Lowering Insurance Costs through Improved Security WI Staff Report Coverhound Insurance Learning Center Even when homeowners think they live in a safe neighborhood, they could be at risk for a burglary. If they find their possessions missing or damaged after a burglary, homeowners could file a claim with their insurance company. However, after experiencing a home theft several times, homeowners could see their insurance premiums rise. By installing a home security system with burglar alarms, homeowners can deter thieves from breaking into their homes. Ninety percent of convicted burglars said they would avoid homes with alarm systems. With the frequency of home theft, homeowners should consider whether a security system is worth it, not only to protect their belongings, but also save on insurance. If you install a monitored home alarm, there is less of a chance that you will be robbed and, therefore, that your insurance company will have to shell out thousands of dollars to cover your losses. Reduced risk for your provider means a reduced premium for you. The risk-cost benefits of an alarm system don’t stop with crime reduction, either. There’s another reason for that insurance discount: fire safety. Modern alarm systems also help protect against fire damage, one of the costliest claims for insurance companies. In fact, fire and lightning claims account for almost 10 times the number of insurance claims of theft and burglary. So, protecting your home from fire damage means even less risk for your insurance company – and the reason for that serious discount on your homeowners’ insurance. Here are five ways to reduce insurance costs with a security system: 1. Boost home safety Insurers may provide a dis-

count on insurance premiums if homeowners have a security system, which can help increase home safety. The decrease in incidents that could result in damaged properties could show insurance companies that homeowners are less of a risk and could qualify them for discounts. 2. Save up to 20 percent on insurance premiums -Homeowners could see their insurance premiums drop between 15 and 20 percent if they install a comprehensive home security system, according to the Insurance Information Institute. Not only can they reduce their insurance costs, they can also save money on buying these security systems if they ask about discounts. 3. Lower risk of cost hikes To avoid higher insurance costs, homeowners should make sure that they carefully read their policies. Home insurance companies may decide to increase home insurance in case a burglary occurs, according to The Simple Dollar. 4. Reduce theft claim quota Security systems can also help save neighbors money by limiting the total theft claim quota. The Simple Dollar recommended homeowners ensure their neighborhood has not reached their theft claim quota, or the number of thefts within a certain area. 5. Install systems with other safety features Additionally, homeowners can look for other safety features to lower their insurance premiums. These include smoke alarms and deadbolts. The combination of a security system and other ways to protect their home could save them the stress of worrying about safety and money. CoverHound specializes in online search tools to save on homeowners’ insurance. HS

5 Insurance premiums are often reduced by having active alarm or security systems in place. (Courtesy photo)

Homeownership more affordable. M&T has options to help you achieve homeownership. You may be eligible for solutions to help: • • • •

Reduce the cash needed at closing Lower monthly payments Save thousands by paying less interest Qualify with a less-than-perfect credit history

Get started with one of our mortgage specialists by calling 1-888-253-0993 or visit us at mtb.com.

H-23 HS-23 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT / www.washingtoninformer.com

Helping you discover home Your home can be a place of solace and of joy, a haven to create fun memories with family, an office to work remotely, a gym to burn off steam and recharge. Whatever your reasons for becoming a homebuyer, we’re ready to help you every step of the way through: • personal support throughout the home financing process • low down payment options • online tools and resources for your convenience

No two homes are alike; no two buyers are either. We look forward to working together to help you achieve your unique home financing goals. Let’s connect. To learn more, call 1-866-875-7068. Or visit wellsfargo.com/mortgage

www.washingtoninformer.com / 2020 WASHINGTON INFORMER HOMEOWNERSHIP SUPPLEMENT

HS-24