Meggitt Reiterates Outlook For Margin And Cash Improvement By 2021 – Quick Facts

Engineering company Meggitt Plc (MGGT.L) on Wednesday reaffirmed its outlook for margin as well as cash improvement by 2021 and said it will provide further detail on the expected progress on financial improvement through to the end of this period in a presentation today.
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The Modernize Glossary of Terms: Financing a Home Improvement Project

Welcome to the Modernize glossary of terms for anyone in the process of, or considering a home improvement project. It’s always advisable to discuss and check with your local contractor how various financing options and programs might affect your project but our guide is here to help familiarize you with some common terms you might encounter along the way. Bookmark this page and advise it whenever you are considering the next step of your project or signing paperwork that will inevitably include some of the terms below.

Modernize regularly updates this list so check back for new information.

Amortization

This term applies to the different allocation of loan repayment, wherein a portion of each mortgage payment, for example, pays partially for the comprehensive loan balance and partially pays for the accrued interest.

Annual Percentage Rate (APR)

When homeowners (or anyone, for that matters) finances a home improvement project (or anything, for that matter), the interest rate on their loan can be viewed in a yearly way, otherwise known as the annual percentage rate. A loan’s APR is a good measure by which to determine the cost of that loan over any given year but also over its entire lifetime. Homeowners can, therefore, calculate what it will mean to their budget to take out any given loan.

Cash-Out Refinance

Put simply, this type of refinancing replaces an existing mortgage with one worth more and the difference is immediately paid out in cash to the homeowner refinancing. Of course, then the homeowner owes than they did to begin with and carry the associated risks of increased debt. This type of refinancing requires built-up equity in a home before it can be used.

The Consumer Financial Protection Bureau

In its own language, the CFPB is a US government agency designed to “makes sure banks, lenders, and other financial companies treat you fairly.” From answering people’s questions about personal finance to acting as a repository for complaints about unsavory practices, the CFPB is a great resource for any homeowner considering financing anything, but especially when it comes to large-scale investments in long-term projects like home improvement. The agency was erected as a result of the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Learn more at consumerfinance.gov.

Closing Costs

Commonly known as settlement costs, these refer to the cost of securing a mortgage — closing the deal. According to finance site lendingtree.com, common items include

  • Title insurance
  • Escrow fees
  • Lender charges
  • Real estate commissions
  • Transfer taxes
  • Recording fees

Dodd-Frank Wall Street Reform and Consumer Protection Act

Commonly known as Dodd-Frank, this 2010 law is named after its original sponsors, Senator Christopher Dodd and US Representative Barney Frank. Largely aimed at banks, the law serves to protect consumers from predatory lending and financing programs. One result of the law was the creation of the Consumer Financial Protection Bureau.

ENERGY STAR Program

This volunteer-based resource from the Environmental Protection Agency is designed to help homeowners save money on home improvement projects, as well as other endeavors, that aid in protecting the climate.

Learn more at energystar.gov.

Escrow

When money is being handed off between two parties like a contractor and a homeowner, for example, or a buyer or seller, escrow is often utilized. It is a third party that is not part of the transaction and who is, therefore, able to hold on to security funds until the process of the transaction is complete.

Equity

Simply put, this is the calculated difference between what a homeowner owes on their home or property and the appraised (or market) value determined for it. The more of a loan a homeowner pays, the higher that homeowner’s equity in the given property.

Home Energy Renovation Opportunity (HERO) Program

Part of the Property Assessed Clean Energy (PACE) Model, the HERO Program provides financing for energy-efficient, water-efficient, and renewable energy products in California and Missouri. Local municipal governments collect annual property taxes to pay for the loan program.

Home Energy Score

This Department of Energy-developed program helps homeowners seeking to improve their property’s or home’s energy costs or efficiencies with “directly comparable and credible information about a home’s energy use.” In other words, the program can help a homeowner compare apples-to-apples the worthiness of a product or service as it regards that homeowner’s energy use.

Learn more at betterbuildingssolutioncenter.energy.gov

Home Equity Line of Credit

A home equity line of credit, otherwise known as a HELOC, allows homeowners to borrow money against their home’s equity. HELOCs are generally flexible but limited by a home’s value, and they also carry the risk of foreclosure.

Home Equity Loan

In contrast to a home equity line of credit (or a HELOC), this loan allows a homeowner to borrow money against the value of a home over the amount of any or all mortgages levied against the property. Since the home itself is the security for the loan, it can result in large amounts of borrowed assets. For all intents and purposes, a home equity loan is a kind of second mortgage.

HomeStyle Energy Program

This program from loan provider Fannie Mae lets borrowers get loans valued at up to 15% of their home’s appraised value to finance “energy-efficient upgrades when purchasing or refinancing a home,” according to the Department of Energy.

Property Assessed Clean Energy (PACE) Model

PACE programs are mechanisms by which private property owners (or homeowners) can more easily finance energy-efficient and renewable energy improvements on their property and using private sources of income. Local municipal governments collect annual property taxes to pay for the loan program.

Private Mortgage Insurance

Commonly known as PMI, this insurance protects a lender against a possible default by a borrower. Borrowers in many cases are forced to pay for PMI when a lender deems the given loan as risky enough to merit it.

Preapproval Or Pre-Qualification

Given basic information about a homeowner, for example, a lender might determine that person to be appropriate for a loan. No actual paperwork or fact-checking has been done but a bank, as an example of a lender, is tentatively interested in lending that homeowner money.

Residential Property Assessed Clean Energy (R-PACE) Model

As distinguished from the commercial PACE programs, these are designed specifically for residential homeowners, yielding different allowances and results.

Residential Renewable Energy Tax Credit

This financial assistance in the form of tax credit applies to up to 30 percent of a renewable energy installation, a solar paneling system, for example. It is important to note that this federal credit is for systems placed in service by Dec. 31, 2019.

Title I Property Improvement Loans

The federal government’s Department of Housing and Urban Development (HUD) helps insure private lenders against losses they might incur from loans they provide for property improvement. This insurance applies to “both large and small improvements,” according to HUD.

Learn more at hud.gov/program_offices/housing/sfh/title/ti_about.

The post The Modernize Glossary of Terms: Financing a Home Improvement Project appeared first on Modernize.

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This Might Be an Improvement From Peyton List

Now, I’m not saying this is good, or even entirely competent. But, while Peyton has cleaved to her obsession with tops that show a speck of midriff, at least it’s a very SMALL speck, and her pants aren’t transparent, and her chunky-heeled animal print shoes are both fun and semi-practical. Do I wish this did…
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How To Turn More Leads Into Completed Projects: Nurturing Home Improvement Leads in 2019

Chances are you’re not going to get a signed contract back on the day you make contact with a home improvement lead—even if your work is wildly impressive, the client is completely enamored by your professionalism and demeanor, and your references are squeaky clean.

No matter how ready you are for the project, a contractor lead is cautious to invest heavily in their home improvement project right away—and that’s perfectly okay. At Modernize, we regularly speak with homeowners who look to us for guidance in the sometimes murky and confusing home improvement market. Our data shows that more than a third of homeowners will not begin the project they’re considering within 30 days of making contact with us or with a contractor.

And yet, you can’t sit idly by and wait for the work to begin—the client expects to develop a relationship with you during this incubation period. Use this opportunity to nurture their comfort and earn their trust. You need to balance a deliberate approach with patient execution to interact profitably in the home improvement market. Done correctly, you will have successfully constructed a pipeline feeding in high intent home improvement leads. Subsequently, you will compile satisfied customers who return and refer you for more work. Once rolling, this ball will keep you occupied since new work will sidle in as current work is coming to a close.

Contractors must embrace digital marketing in 2019

While services like ours are paramount to a successful marketing approach in the digital age, there are some things you can do right now to better and more regularly foster relationships with the vast world of homeowners who may have tapped you for your hard earned reputation but have not yet chosen the perfect fit.

When nearly nine of out ten people are finding their contractors online, that’s where the game is played. And when on top of that, 98 percent of homeowners pick a contractor from the first page of results they see on the Internet, merely existing online is not enough — you have to stand out. Despite this demand, data shows just one percent of contractors say they utilize social media.

Here are three broad goals you should set for yourself in 2019:

  1. Develop a strategy to utilize social media.
  2. Optimize the way your business appears in online searches.
  3. And structure a 40-40-20 rule, which reasons that you should offer customers value in exchange for their attention.
    1. Spend 40 percent of your time posting helpful information
    2. Spend 40 percent of your time directly interacting with customers
    3. And spend 20 percent of your time promoting your brand.

Every conversation should be a marketing tool for you

On the phone, chatting, or exchanging emails? Good. But remember: The client is still in the discovery phase and learning the lay of the land. Be ready with information but also be ready to listen. When a customer is talking (or typing), think about that 40-40-20 rule as you navigate them through the initial phases of their journey and potentially into a professional relationship with you—your goal is an in-person appointment for assessment and possible estimation.

  • Know your brand.
  • Rehearse the script.
  • Keep the FAQs handy.
  • Anticipate a caller’s needs.
  • And be approachable.

Be confident you’re the right contractor for the job

If you treat every potential client as a paying client, you’re not only developing trust and reliability, you’re also displaying the confidence of your product.

We’re not saying you should put too much labor or time into a client who is not paying, but you should give them the impression that this is their best bet. If they don’t take it now, they may take it later. If a client is tending away from the project, be understanding and provide information as needed — sometimes it’s okay to let a client go, just be sure they take your business card on the way out.

Then keep in touch. You’re their friend in a crowd of contractors who unfortunately might attempt to take advantage of them or act dishonestly. Stand above that and you will earn repeat business.

Tap into feedback loops from lead generation services

No one knows homeowners like Modernize does — and like anything else, homeowners and their homes are ever changing and evolving, both technologically and culturally.

We are constantly talking to homeowners before, during, and after their home improvement projects. While the reality is that many contractors are not tapping into the potential of data and its resulting analytics, the most successful contractors in the industry are beginning to make the move: More and more contractors are turning to lead generation services like Modernize to complete more projects each year. Here’s where we stand:

  • 1.5 million homeowners found their contractors through Modernize in 2017
  • And that’s, in turn, earned $ 1.5 billion for those contractors.

We use the thousands of surveys homeowners submit to us to learn more about homeowner needs and challenges in the home improvement space — whether for solar, roofing, HVAC, windows, or other projects. Learn more about our most recent findings: the Homeowner Survey Index: Q4 2018.

Whether it’s starting your online efforts from scratch or diving into your decades of experience to discern trends and help you sharpen your client base, learn more about us today and find out how we can help you.

Ready to grow your business?

The post How To Turn More Leads Into Completed Projects: Nurturing Home Improvement Leads in 2019 appeared first on Modernize.

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Home improvement stocks can get good returns despite fading consumer sentiment: Analyst

Home improvement could soften this year, but a "fairly healthy level" of appreciations can support remodeling growth, G.research's Alvaro Lacayo says.
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