Friday, August 30, 2019 / by Melissa Homewood
5 Home Insurance Myths That Could Cost You
Whether you’ve owned a home for years or are buying your first home, purchasing insurance can be confusing. Some of that confusion can come from policy myths that are often not true.
If ignored, these five home insurance myths could cost you in the long run.
Flood coverage is standard. Flood insurance isn’t usually part of a standard homeowner’s insurance policy. You might think it is, or should be if you live in an area prone to flooding. However, homes in flood zones are typically required to have separate flood insurance. FEMA’s National Flood Insurance Program and private insurers can provide you with flood insurance. Just remember that the cost will be separate from your home insurance costs. Even if you live near a flood zone, it may be worthwhile to buy the extra insurance.
Everything I own is covered. Home insurance has its limits, and is meant to protect your home from disasters s ...
Monday, August 5, 2019 / by Amanda Ives
How to Hide More Seating In a Small Space
Whether it’s an apartment or a tiny home, small-space living can have so many advantages, both in terms of cost and lifestyle. But when it comes time to have a few guests over, finding a place to put everyone can indeed be a challenge. Here are a few clever strategies for tucking away seating options that can be accessed when the need arises.Invest in an all-purpose bench. Place a bench up against a wall or window and use it to display plants, stacks of books or dishes. When company arrives, stash said items on a windowsill or in a closet and pull the bench out for extra seating.Stow hassocks in your entertainment center. Buy a shelving unit for your television that includes room to house two small hassocks right underneath the TV. Pop these out whenever you need two extra seats in your living area.Tuck stools underneath counter space. Have a counter in your kitchen? Buy backless stools that slide all the way under ...
Monday, August 5, 2019 / by Amanda Ives
Figuring Out How Much Monthly Mortgage You Can Afford
When applying for a home loan, it’s important to keep in mind how much monthly mortgage you can afford. Through the approval process, lenders will factor in your credit score, income and other financial data to determine the maximum loan amount you’re eligible for, and you may qualify for more than you can afford. Consider how much you should borrow to keep your monthly expenses and family budget manageable.
To start that calculation, find an online mortgage calculator. It should show you the total costs of owning a home beyond the principal and interest of a mortgage. Other expenses can include private mortgage insurance, home insurance, property taxes and HOA fees.
Once you have that total number, you can determine if it fits within your monthly budget. If not, then you may have to find a lower-priced house to buy.
28 percent, a good startThe Mortgage Reform and Anti-Predatory Lending Act requires ...
Monday, August 5, 2019 / by Melissa Homewood
What to Ask a Mortgage Lender before You Sign Anything
Looking at homes for sale can be the fun part of buying a house. The real work comes when you’re picking a mortgage lender that can give you the best loan for your circumstances.
After detailing your income, expenses, down payment and a monthly mortgage you can afford, a lender will run a credit check and should be able to tell you the best options for the interest rate and loan product.
Here are some questions to ask as you comparison shop for a lender:
What’s the interest rate?
This will be based on your loan and credit score, and determines your monthly payment. The lower the interest rate, the lower the payment. Improving your credit score can help lower the interest rate you qualify for.
Fixed rate or ARM?
Fixed-rate loans have the same interest rate for the life of the loan, from 10 to 30 years. Interest rates on adjustable-rate mortgages, or ARMs, change after an initial period, such as a year, and t ...