While the initial downsizing announcements came a few months ago, many of the potential furloughs were tied up in court cases. Many of those cases are being settled, and the Trump administration will be able to move ahead with downsizing.
“It was the hot topic a couple of months ago, and the shakeout already happened, and now people are just dealing with consequences and not really talking so much about it,” Hardy said. “They’re just looking for jobs now. I don’t think the fears have totally gone away at all. I think it’s still in the back of everybody’s mind.”
How brokers can help
A softening job market has been one of the leading headlines of recent weeks, not just in Washington, but nationwide. The most recent jobs report showed significantly fewer jobs created than originally reported.
Hardy said this is a time when mortgage brokers are incredibly important. Because they have a built-in relationship with customers, they can reach out to families who may be concerned about potential job losses. She has been suggesting opening up a home equity line of credit (HELOC) to have an emergency fund in case of a layoff.
“It’s a really important time to have a trusted advisor,” she said. “There were some people who were afraid of losing their jobs, and I reached out, and I was like, ‘Would you like to set up a quick home equity line of credit?’ You can’t set that up after you’ve lost your job. So many people are sitting on a ton of equity right now.
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