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‘Financing’ Category

  1. Home Improvement Tips For Home Or Apartment

    February 5, 2022 by Thomas Herr

    Being a homeowner is a proud accomplishment. With this freedom, you can style your home to let people know the type of person you truly are. Since your home’s your castle, choose improvements you make wisely. With this article you can figure out some good ideas for improving your home.

    Save money when remodeling your kitchen by refinishing cabinets instead of buying new ones. A fresh stain or coat of paint, combined with a new style of hardware, can change the overall look and feel of the entire kitchen. That will allow you to modernize the kitchen without paying too much.

    TIP! Look out for sales on carpet installations at your local home stores. Often, the store will provide installation very cheaply, in order to encourage buyers.

    Identify your style prior to getting started on customizing your home. Your design choices will be determined by your personal decorating style. It is simple to alter styles mid-project without even noticing it. At this point, it may be expensive to make any needed adjustments.

    It is crucial that you always change your air filters when needed. Doing so keeps the air in your home cleaner and helps your heating and cooling systems run more efficiently. Most of the time these units have issues because the filters need to be replaced.

    Use a sponge when installing drywall. By sponging your drywall, you avoid the dust of sanding. It will take some practice to learn this new technique, but you’ll get it. Sponging is a better option because it does not create any dust.

    Aluminum Foil

    Use aluminum foil to cover your wall outlets before painting. Aluminum foil is a lot easier to use than tape, and it will protect the covers from unintentional splatters. Your cleanup will be simple! Just let paint dry before removing the foil and recycling it for other purposes.

    Solar panels are beneficial additions to any home. Don’t be scared off by the initial cost. Over time, you will make back your initial investment, which can be a big plus considering rising electricity costs. This helps save money on your power bill because a majority of the energy comes from what you have stored. This is also a good way to reduce your impact on the environment.

    TIP! Plain lampshades can often be spartan and boring. Go to your local crafts store, pick up some acrylic paint and stencils, and create designs on your lampshades.

    You can create an appealing and unique bookcase by using wallpaper. Choose a design that is both interesting and one of a kind. Put the wallpaper on the back of the bookcase, so glimpses of it are visible when books are on the shelves. Not only will this bring an old bookcase back to life, it will be a signature piece in your room.

    Whether you have just purchased your home or you have owned it for years, it may be time to update it or make repairs. By following these tips, you can begin to give your house some excellent, homey touches.

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  2. Home Improvement Advice Straight From The Project Gurus

    February 3, 2022 by Thomas Herr

    No matter the level of skill you have in home improvement, it can be a wonderful endeavor to start. Do not allow the home improvement shows you see on television fool you. There is a lot more to a home improvement project than something that is extremely big. This article provides you some great ideas.

    Make your house energy efficient by placing weather striping in your doors and windows. Weatherstripping is very cheap and easy to do, it will stop cold air from coming in your home and you will save money on energy. The difference will also be pleasantly noticeable.

    TIP! If there are smaller crack in the roof, you can use aluminum tape to make repairs. Clean the surface, then separate the tape from its paper backing.

    Put old things in shoe boxes for extra storage space. Use leftover fabrics and wallpaper, and dress the shoe boxes to match your decor. This is a wonderful way to give yourself extra storage or just add simple visual drama to a room.

    Insulation is something worth investing in. Look for ways to weatherproof your home such as weather stripping and gap sealing. By lowering the air flow in and out of the home, you can lower an expensive power bill and keep your wallets heavy. This can save you a substantial amount on your bills.

    Having proper lighting that works well in an area can make a big difference. Bright rooms will be more inviting for people that live there. You can make a room brighter by simply installing more lights. Adding light in dark spaces can make your home seem significantly more inviting.

    TIP! Recycle shoe boxes to add more storage to your different rooms. Take leftover fabric or wallpaper and cover the shoe boxes in order to get a pleasing design.

    When you’re choosing paint for your home, you’ll find no-VOC and low-VOC options, that refer to the paint’s content of volatile organic compounds considered dangerous to health. When possible, choose those that are no-VOC. No-Voc paints are free of harmful chemicals: this is better for the environment and for your health. The new paints work as well as traditional paints; however, they are a little bit more expensive.

    When selecting a home improvement contractor, make sure you are shopping around for estimates and that those estimates are really comparable. Have a list of things you want replaced or repaired, and let each contractor give you an estimate for the same job. If you give each contractor a different list, you will have no way of determining which one is offering you the best value.

    You now have a good idea of just how fun of an endeavor home improvement is for nearly everyone. You need to get the basics down to do the improvements correctly, but you do not need to be a professional either. What you’ve read here should provide you all you need to know.

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  3. Home Improvement Can Be Easy With These Great Tips

    February 1, 2022 by Thomas Herr

    Home improvements can function as a great source for relief, or as a major pain in the neck. The difference is in being prepared for all contingencies. The tips in this article will help your projects go smoothly. These methods should be followed closely to ensure pleasure and satisfaction from all of your remodeling endeavors.

    Know what style you are looking for before beginning any type of home improvement. Your personal decorating style is going to play a serious role in the decisions you will face. If you don’t, you may find that you change styles mid-project without realizing it. If this occurs, you’ll end up spending lots more money making adjustments.

    TIP! Before taking up a new home improvement endeavor, seek additional help from family and friends. If you do not ask before the project begins, you may find it difficult to get the help that you need.

    Sometimes the only solution to a squeaky door is to replace the actual door hinge. Every hardware store has them. Disassemble the hinge. Then attach the new one to your door and wall. Then, ensure that the hinges are aligned and put the new pins in.

    Purchase new metal fixtures for your bathroom. Towel racks, toilet paper holders, shower curtain rods and cabinet knobs are available in a variety of shapes and finishes. Your local home improvement retailer will frequently offer a coordinated set of bathroom fixtures as a package deal that is very easy to install.

    It is vital to get an expert’s advice for big home improvement tasks. The small cost of an initial consultation will seem nominal when compared to the costs of having a preventable mishap repaired. You can make a huge mistake if you don’t talk with a professional.

    TIP! Think outside the box in terms of artwork. Instead of expensive objects of art, try using unconventional items such as 3D tiles.

    Display your jewelry on a coat rack mounted on the wall. But do not hang real jewelry on the rack, just costume jewelry. Using creative displays to hang your jewelry can become a nice, decorative element and also protect your jewelry from tangles or breakage. Keep a few pieces in an easy to access location.

    Try to make room in your budget for natural building materials. The benefits of authentic ceramic, stone or wood are well worth the extra cost. They are far more durable and also look better. The initial expense up-front for these materials may pay off over time because they will last longer.

    There is more to typical home improvement jobs than many think. There is a lot of work involved, but the end result is almost always worth it. The above information is designed to help you achieve success in completing your home improvement projects.

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  4. Do It Yourself With Help From These Home Improvement Tips

    January 30, 2022 by Thomas Herr

    It’s important to keep your home functional and looking good whether you plan to stay in it or sell it. You can increase the value of your home with very simple projects. The following article can help you with different home improvement projects.

    If you are considering a renovation on your home that adds a personalized aspect, think about the value and return that the investment will make. Highly customized projects may not be a potential buyer’s taste and may even detract from your home’s value.

    TIP! Be certain your air conditioner’s filters is kept clean. If it is backed up, the AC unit will need to work that much harder.

    Changing air filters is of the utmost importance. Changing the air filters regularly will make your home environment much more healthy while also making your heating and cooling unit function properly. Most of the time these units have issues because the filters need to be replaced.

    You might spend a lot of money when buying new furniture. Instead of buying new you can get creative by finding unique pieces that are gently used. You can locate amazing gems among the trash. Although some of these items may need a little work, with a little elbow grease, they could become your most prized possessions.

    Before starting a job, decide what you will do beforehand. A plan is essential for a successful project. The cost of any job will increase if you make any changes that are outside of the original plan. You will also be able to save quite a bit of money by having a plan in place before hiring a contractor.

    TIP! During the summer, make liberal use of fans. This will help keep you more comfortable while reducing energy.

    A decent drill is a critical tool that you’ll need for almost any sort of home improvement work. A good drill can drive screws and other fasteners as well as make holes for other purposes. It’s best to have a cordless battery powered drill with at least 9 volts and 1/4, 1/8, 1/16, and 1/32 inch drill bits, and attachments for driving flat-head and Phillips screws.

    Replacement is not your only option for fixing up old, dirty interior doors. Take the door down and then sand it. You want to reveal the bare wood. Next, purchase whichever oil-based paint you like and use a paint roller to paint the door. For a fresh feel, replace doorknobs with a more sophisticated look.

    Ask for references from any contractor you hire. Think of this as hiring someone to work for a business. Do a background check and make certain they have good references from former clients.

    TIP! It’s crucial that you change the air filters in your home. Not only will it keep the air healthy, but it is also beneficial for air conditioning and heating.

    When attempting to sell a house, the look of the bathroom is incredibly important. While most rooms can be customized by the owner, the bathroom must be in tip top shape. So you should try to choose tubs, toilets and other fixtures in the bathroom to be of quality but not too customized to your tastes. If your floor is linoleum, try tile.

    One small home improvement can have a dramatic impact on your home. A simple weekend of projects can change your home’s appearance. Since looking at the article above, you probably know which home improvements you want to make. You just simply need to get started!

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  5. The Importance Of Hiring A Contractor That You Feel Comfortable Talking To On A Regular Basis

    January 28, 2022 by Thomas Herr

    The more you carefully plan out each step of your repairs, the less likely you are to run into unexpected detours. You will run into them, however. Home improvement can be a disaster without the right information. Many projects require the skill of a real carpenter. Sometimes, being a handyman isn’t enough for home improvements. This is the reason these tips are useful.

    Just a minor improvement to your home can significantly increase its value. If you are considering selling your home, consider undertaking a few small projects. For example, give your house, inside and out, a fresh coat of paint. For around a hundred dollars or so, you can improve the worth of your home by thousands.

    TIP! Put in a light outside that includes a motion detector, so you can cut down on the cost of your electric bills. You can still turn the light on manually when you need to, and most models also let you fine tune the sensitivity.

    Watch for carpet installation sales at local locations of national home improvement retailers. They will often offer installation for a low, low cost to encourage carpet purchases. Replacing the carpets in your home during one of these promotions can save you hundreds or even thousands of dollars on labor and installation.

    Use a porch light with motion sensors to illuminate your yard while saving costs on your electric bill. There are options as far as sensitivity and turning on the light manually if those options are important to you.

    Avoid busy patterns on all recliners, sofas and chairs when you choose furniture for your home. These patterns will have to match other aspects of the room. Buy your furniture in solid tones such as green, brown, blue, black or beige and use your accessories to benefit your furniture. This way, all items will blend into one great decorating scheme.

    Iter Bottles

    Do you need some extra storage in your kitchen? If so, then make use of empty two-liter bottles. They are see-through and will protect practically any kind of dry goods such as corn meal, flour, or sugar. You can store it in the freezer or refrigerator and even outside on a shelf. With two-liter bottles all it takes is a simple twist of the cap to gain access to your products.

    Fun is an important part of any project. Although the project should be carefully and seriously undertaken, there is still room for having fun as you complete it. If you are not enjoying yourself, you will make some mistakes. Think about consulting a pro if you think that might be the case with you.

    TIP! Use common sense when deciding what home improvement projects are right for you. For example, it is not a wise invest to install a sun room with no insulation in the colder climates.

    Keep all of the baby food jars you have, as they can be helpful. Just screw the jar lids onto the bottom of a shelf above your work bench. You should put small items inside the jars like screws, beads nails and more. The jars can be twisted into place in the lids secured under the shelf. This is great to reuse and store items.

    Not every home improvement job you tackle is going to be difficult. There are some that may even seem to be easy. But you can do a lot of harm unless you really know how to accomplish them. What you have just read above offers some great improvement tips. Use them to your benefit.

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  6. Get Better Results When Making Home Improvements By Following These Tips.

    January 26, 2022 by Thomas Herr

    Many homeowners are put off from making home improvements. They may think doing so takes too much time and money or could create a mess. Preparation before you start can allay these fears. A few good tips can make any difficult home improvement job look easy. Some of the tips you need are found right here.

    It is crucial that you always change your air filters when needed. Doing so keeps the air in your home cleaner and helps your heating and cooling systems run more efficiently. Many repairmen get calls when the machine simply needed a new air filter, which makes it cost more than it should.

    TIP! It’s important that you are having fun in any home improvement job you choose. It is vital that you are seriously careful when you are working, but you should also be having fun.

    When you have to do a home improvement you have to pay a lot of attention to the visible parts of the home. Whoever looks at your house is going to go off of what they see, so the last thing you want to present to them is peeling paint or some untrimmed hedges, which can cause them to not buy the house. If your goal is to improve the value of your home, focus on things buyers will notice – but if you want to create a more comfortable home for yourself, there are plenty of other improvement projects you can work on.

    Put nail holes in your paint can rim. The channel in the rim of the paint can usually becomes full of paint and this runs over the side of the can when the lid is put back on. Use nails and drill holes in order to solve this problem.

    Rarely you may find water leaking underneath the sink or possibly from the faucet, but do not try to repair the leak on your own. Place a big container under the leak and call a plumber.

    TIP! When you are doing your next project, make a place where your garbage can go. Removing lots of rubbish can be expensive, and planning ahead can save time, money and the frustration of working around piles of discarded materials.

    Whenever you paint, it is important that you always protect the floor. This will keep any excess paint from damaging your carpet or floor. You could make use of old newspapers to cover your floor inexpensively. Other options include plastic sheeting and paint cloths.

    If you’d like to maintain the appearance of your toilets, put a bit of bleach into the bowl. Although the smell is not desirable, it is quite effective. Use some scented bleach if you need to mask the smell.

    Get references from anyone you hire to do improvements at your home. Think of this as hiring someone to work for a business. Check into their background to find out whether others have enjoyed their work.

    TIP! A good home improvement tip is to get a professional opinion before you ever try to fix anything serious on your own. The small cost of an initial consultation will seem nominal when compared to the costs of having a preventable mishap repaired.

    A well-informed homeowner does not need to fear home improvement. Solid tips will help you keep your project schedule, help you stay under budget and eliminate the hassle that comes with this kind of work. Educate yourself about home improvement to alleviate your fears, and complete projects to make your home more beautiful, useful and valuable.

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  7. Home Improvement Made Easy: Advice For You

    January 24, 2022 by Thomas Herr

    Knowing how to care for your home is important, but getting what you need to maintain it can be hard to do. There are many things to consider and so many choices to make and skills to learn. Here are just a few steps to make sure you do a safe, effective job.

    Reach for the uncommon if you want to put in an addition that makes your home classier and more sophisticated. A wine cellar or a library brimming with shelves are wonderful spaces in any home. It will seem impressive to your guests and also to future homeowners, who may be interested in buying your property.

    TIP! Make your home look classy and sophisticated by adding an unconventional new addition. A wine cellar or a library brimming with shelves are wonderful spaces in any home.

    There are two easy things you can do if you would like your ceiling to look higher than it truly is. Paint a striped pattern on the wall or get a very tall floor lamp. This will make an optical illusion that any eyes will follow. The eyes will naturally focus on following all lines upward towards the ceiling, which will seem higher as a result.

    No matter what size area you are painting in your home, you should figure out your paint needs before you begin. Do not guess how much the job is going to cost as you could be way off. Make sure you take the time to determine exactly the amount you will need for painting.

    The kinds of home improvement projects that involve repairing actual damage should be at the very top of your to-do list. If you wait it will cause more damage. However, this is a dangerous thought. When one thing goes wrong, something else is sure to follow. A minor issue can quickly turn into a huge problem if you do not take action.

    TIP! One great home improvement project is insulating. Use weather-stripping on all windows and doors.

    To give your house more curb appeal, you can try to paint the doors for your garage. Because garage doors are constantly exposed to rain, sun and changing temperatures, they can appear worn or grungy. A freshly-painted garage door improves the appearance and value of your whole house. Try choosing a color that will compliment your home for use on your garage door.

    Before you begin to paint the interior of your house, use a damp cloth to remove excess dirt, dust, and oils from the walls and baseboards. That will help the paint stick better and may help you avoid the need for a second coat.

    Home projects not only improve your home, they maintain the home, so the understanding of how to perform the necessary projects is important. This will make things easier, and you will be able to know what you need to do in order to complete your project. An ideal place to be begin by using this advice.

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  8. Improve A Home Today With This Great Advice

    January 22, 2022 by Thomas Herr

    If you’re a die hard do-it-yourself person you will love the tips in this article. They will give some great ideas for projects you can do in your home. The following article shares tips for any do-it-yourselfer when it comes to home improvement.

    If you are remodeling your tile floors, think about using radiant heat tiles. These tiles provide heat through your electricity and are a real show stopper. Luckily, they are also easy to install yourself if you can follow the directions. This is a project that you can do yourself without any help. You’ll be grateful you did the first winter morning that you walk into your bathroom.

    TIP! If you are purchasing a home, hire an inspector. This will help you know for sure if anything needs to be replaced or fixed if you buy the home, without relying on your own expertise or information from the seller.

    Write down exactly what you are hoping to accomplish with your home improvement project. After you have started the project, you’ll be free to focus on what it takes to accomplish it rather than elements of design. Inspiration can come from anywhere: home improvement shows on TV, magazines, or even features that you notice in your friends’ houses.

    It is very important that you install an exhaust fan in certain areas of your home, including bathrooms, laundry rooms, and cooking surfaces. This will help prevent mold from forming. You will also keep wetness from forming in the walls of your home that can cause rot.

    When choosing paint colors, opt for colors like light blue, light purple or light green to produce a tranquil space. Utilize fabrics such as cotton or linen and not dark patterns and heavy brocades. Place some potpourri on your coffee table and light a scented candle to create your own piece of tranquil heaven.

    TIP! Choose a white tile or any other light colored substance when re-doing your roof. Light colors tend to reflect the rays of the sun while darker colors will absorb the heat and cause higher energy usage.

    A new front door could increase significantly the value of your home, sometimes up to 10 percent. Update the appearance of your entire house by installing a brand new doorknob and matching lock to your front door.

    Avoid hiring an unlicensed contractor at all costs. All states require contractors to have certification or licenses. These certifications are required by law; however, they do not guarantee competence in a contractor. If a contractor isn’t adequately licensed, you don’t want to hire him.

    Turning a basement into a usable room is a great idea. By making a basement finished, you are creating extra room for you and your family. Purchase the materials you need from a discount store. Remodeling your basement could add more than 30% to your house’s resale value.

    TIP! Avoid allowing contractors to work on your house without signing a contract. You should take the contract to your lawyer so he can look over it.

    Hints in hand, you’re ready to get started. Start with easy project and keep looking for ways to challenge yourself with new interesting projects as you become more knowledgeable and develop new skills.

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  9. Expert Ways To Plan A Better Home Improvement Project

    January 20, 2022 by Thomas Herr

    The amount of home improvement resources available can be a bit overwhelming. The article discussed here provides some simple tips you should follow so you can decrease your stress level and successfully complete your home improvement project.

    If you are planning major renovations around the home, consider hiring a professional to assist you in planning. Plans created on your own or through friends may be pretty, but not functional with your current home. Professional contractors and designers are able to construct and implement efficient plans that also abide by any restrictions.

    Oil Paints

    If you have a porch, consider repainting it. The paint you use should be high-quality and formulated for exterior use. You want to make sure you use paint that will work over the old paint. Use oil paints over oil paints and water-based paints over old water-based paints. Oil-based paint is good for trim, as it lasts longer, but it should not be used on a deck or floor outdoors, as it becomes very slippery with snow.

    Find your true style before you start your customizations to your home. A clearly defined style allows you to make decisions that are aligned with your vision. It is not hard to alter your style halfway through your project without realizing you have done so. Typically, changes and adjustments will cost more than you bargained for.

    TIP! It’s crucial that you change the air filters in your home. This will bring in healthier air and keep your air conditioners and heaters running efficiently.

    Consider using light colored tile or shingles if you are redoing your roof. This choice will ensure your attic doesn’t absorb excess heat as the light colors reflect the rays of the sun. This can lead to a significant savings on your monthly cooling and heating bills.

    Home improvement projects are rewarding and fun when you do them by yourself. The most important aspect of any project is to plan properly, and to stick to that plan from start to finish. This will lower the amount of errors that suddenly appear in other areas.

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  10. Make Money With Home Improvement Efforts

    January 18, 2022 by Thomas Herr

    With the current real estate market, investing in home improvements is a choice many are making. The following article contains information you can use when considering projects for your home. You can make better decisions when you are more informed.

    Sometimes, you only need one little improvement to raise a home’s value. If you plan to list your home for sale in the near future, it may behoove you to take on a series of small projects beforehand. One thing you can do is to paint you home inside and outside. Something like this that is relatively low in cost can increase your home’s value exponentially.

    Ceiling Fans

    Use fans in your home during the summer months in order to be more energy efficient. Ceiling fans are great for air circulation as well, and they also cool a room. Using floor fans and ceiling fans will also help to lessen the energy you utilize, as you won’t need to run the air conditioner as hard. This will help you to save money.

    If your current residence lacks the square footage for a washing machine and dryer, you might consider purchasing a space-saving combo unit. You can fit many combo washer-dryers in the space of a dishwasher. A combo unit washes the clothes and when done switches to a dryer.

    TIP! Sponge your drywall. A sponge works as an effective tool to replace sanding.

    When it comes to home improvement, be sure that you take note of your surroundings and only make improvements that make sense. Examples of nonsensical improvements include non-insulated sun rooms in Michigan, and uncovered decks in Arizona; basically anything that causes potential buyers to think about whether you have made other odd choices while maintaining the house. Try to choose projects that go with the surrounding area, and take climate into consideration.

    Don’t buy expensive supplies. Instead, shop around and look for the best deals on home improvement materials. If you plan to replace flooring in multiple rooms, prepare to spend a significant amount of money. However, shopping around can save you hundreds of dollars. Discount supply stores and bargain stores are both good places to look.

    Ceramic tiles can really lose luster over time. They can even look grungy. A mixture of vinegar and water will safely clean most floors. Mop your floors as you would with any other product. The solution will wash away dirt and grime, leaving your floors clean again.

    TIP! Before installing new panels, you should paint vertical stripes on your walls. Regardless of how much care and caution you use when putting up paneling, old walls have a tendency to peek through.

    It is important that your bathroom has proper ventilation. Humidity from taking showers can create environments where mold can spread and grow. Even if you continuously repaint the walls of your bathroom, the mold still will not die. You will need to be proactive to prevent mold from growing. Put in a vent or new window to help air the room out.

    Having a home is a great opportunity to let your personality shine. More and more people are using home improvement projects to better their existing homes, rather than selling and buying a newer, more upgraded property. If you use the information shared in this artice, you can successfully improve your home.

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  11. Get Rehabilitation Mortgage Insurance to Improve Your Home

    February 11, 2015 by Thomas Herr

    construction houseThe U.S. Department of Housing and Urban Development (HUD) offers the Section 203(k) rehabilitation mortgage insurance program that allows homeowners and homebuyers to obtain financial assistance in purchasing, refinancing or rehabilitating their homes.

    The 203(k) rehabilitation mortgage insurance

    In purchasing a home that requires repairs or modifications, homebuyers often have to adhere to expensive and complicated processes. Customarily, home improvement loans have relatively high interest rates and brief repayment terms.

    The purpose of this mortgage insurance program is to provide solutions to help borrowers and lenders by insuring a fixed or adjustable long-term rate loans that covers a home’s purchase and rehabilitation. This program also saves borrowers an amount of cash and time because of the insured loans. Section 203(k) also safeguards lenders by enabling them to have insured loans even before the property’s value and condition provide enough security.

    Type of assistance

    Section 203(k) requires that the property is at least a year old for it to insure mortgages that cover the acquisition or rehabilitation of a home. A piece of the loan proceeds go to pay the seller to fill the bill of an existing mortgage. The remaining funds are directed to an escrow account and issued when the rehabilitation is completed. Rehabilitation costs at least $5,000 to qualify. However, the property’s total value must be in range within the Federal Housing Administration (FHA’s) area mortgage limit.

    The property’s value is determined by:

    • Property’s value prior rehabilitation and rehabilitation costs
    • 110 percent of the property’s appraised value after rehabilitation

    Lenders usually impose additional charges to cover supplemental origination, preparation of documents, review of rehabilitation plans and appraisals.

    Eligibility

    The level of the rehabilitation under Section 203(k) may range from minor to virtual reconstruction (minor repairs must exceed $5,000 in costs). A property is also qualified provided it has been demolished or will be bulldozed as part of the rehabilitation and that the existing foundation is still intact.

    Section 203(k) insured loans can also fund the rehabilitation of residential parts of a property that has a non-residential value.These loans can also cover property size conversions to a one- to four-unit construction.

    Using Section 203(k), borrowers can make these types of improvements/upgrades:

    • Alterations and reconstruction of the remaining structure
    • Modernization and home function improvements
    • Removal of health and safety hazards
    • Improvement of physical appearance
    • Elimination of obsolescence
    • Replacement or reconditioning of plumbing
    • Installation of water and waste management systems
    • Replacement or addition of roofs, gutters and downspouts
    • Replacement or upgrade of flooring; adding floor treatments
    • Improvement of site and landscape features
    • Addition of handicap-accessible construction
    • Addition of high energy efficiency improvements

     

    HUD mandates that properties or homes financed under Section 203(k) must follow basic energy efficiency and building standards.

    To apply

    Loan applications must be directly submitted to an FHA-approved lender. Lenders choose an FHA-approved consultant, who produces a description of work needed to improve the property. Then, an appraiser establishes the repaired value of the property.

    Eligible applicants must also demonstrate the capability of meeting and repaying their loans. The FHA Resource Center can provide you with answers to your mortgage and loan products as well as your home improvement and rehabilitation questions.

     


  12. Considering Renovation? Get that Home Improvement Project Done through Financing

    February 4, 2015 by Thomas Herr

    home financingA major home improvement project is often associated with high costs. So, homeowners usually think twice about whether these costs would match their budget. But, did you know there is a range of available financing options to help homeowners get the overhaul their homes deserve?

    Read on why…

    Financing is the way to go

    There is a variety of factors involved in a home improvement project. First, consider whether you have timeon your hands. Planning and undertaking home improvement projects can be strenuous so you want to get these projects done ASAP. Set up a date on when to start and complete the project so you will have a schedule.

    Next is considering financing. Once you have planned this project, you realized you cannot afford the major expenses involved even if you have coughed up a substantial amount of savings. Talk to a lender about the available financing options that would suit your budget, situation and personal preferences. While some contractors do offer financing options, they typically run at a higher interest rate and are often unsecured. If you’re unsure of being eligible for financing, you can choose this convenient route.

    You can also choose to borrow from conventional lending institutions. You can start off with the bank of your choice or a credit union. These institutions provide good, if not high, interest rates and if you’re a member, you will be given generous terms. Considering mortgage brokers is also a good idea if you’re inquiring about home financing. In fact, you can take advantage of a rehabilitation mortgage insurance program to help homeowners like you secure home improvement grants and loans.

    The type of financing that suits you

    To be eligible for home loans, your credit history should be good. Your income and other securable assets are also examined and verified to see whether you are capable of repayment. Lenders review these things and they will use what they learn to determine the types of financing that you qualify for.

    Everything depends on your situation, however. Below is a list of common financing options that you, as a homeowner, can use to finish off that long overdue home improvement project:

    Cash-out Refinancing:

    Cash-out refinancing changes your current mortgage with another loan that usually reimburses your current mortgage balance and utilizes your home equity to present additional funds for other functions.

    Home Equity Loan:

    A home equity loan enables you to obtain the full loan amount straight away. With this type of financing, you can select from a range of loan terms, enjoy fixed interest rates, flexibility (you can choose the option of home equity closing costs that best fit your needs) and potential tax benefits since your home equity loan interest may be tax deductible.

    Home Equity Line of Credit:

    A home equity line of credit lets you decide if you want to continue with a variable-interest rate or adapt a fixed-rate advance option exclusive of refinancing. With this type of financing, you can also opt for the best closing cost options that are suitable to your needs. Furthermore, this financing option offers tax deductions on your home equity financing interest.


  13. Financing Home Improvements

    January 29, 2015 by Thomas Herr


  14. Financing Improvements – the Smart Way

    January 28, 2015 by Thomas Herr

    Searching for a Home-Improvement Loan

    Concerns you must ask when searching for a home-improvement loan:

    Does the loan provider have a license to make loans?

    A license is not needed for supervised monetary organizations such as banks, cooperative credit union, and so on. If the lender is not a depository organization, contact your state’s customer credit regulative agency.

    Are there any closing expenses?

    Examples of closing expenses are loan origination charges and points. Numerous loan providers provide house improvement loans without any closing expenses.

    Exactly what is the rate of interest being provided for this loan?

    Rates will certainly differ from loan provider to loan provider. Search in your regional paper for advertisements for mortgages and loans to obtain existing rates.

    Could I get a much better rate by refinancing my first home loan?

    Perhaps. Rates are generally further up for house improvement loans than for first lien home loans. Refinancing of your first home loan for house improvements would depend upon the rate at the time for primary  home loans. If the rates are greater than your existing home loan rate, do not refinance your existing home mortgage; secure a 2nd home mortgage for a much shorter term.

    Is the loan basic interest?

    The loan must be a basic interest loan, meanings that your interest is determined daily and is based upon your primary balance. If the loan is “precomputed,” the balance consists of the primary balance and the interest for the regard to your loan and you get a discount of the unearned interest upon prepayment completely.

    Will the loan provider finance One Hundred Percent of the house improvement agreement?

    Some loan providers will certainly fund just a part of the agreement; others will fund the whole amount of your project.

    Does the loan have a prepayment fine?

    This describes your capability to make additional primary payments at any time or settle the loan early without fine. Read your legal contract thoroughly for any prepayment fines. Some states have limitations on prepayment fines on 2nd home loan loans and some states do not permit them.

     

    Look around


    Prior to you considering any house improvements, you need to look around. Call your regional Better Business Bureau or ask them for references when you have actually discovered an improvement contractor that fulfills your requirements. See to it they are bonded or guaranteed. Will they ensure their work?

    Be sure you comprehend all of the arrangements when you start a conditional agreement for house improvements. Some agreements are not finished up until the house improvements are finished. Some agreements are finished when the improvements are set with payments not to start till the improvements have actually been finished.

    If you are getting a loan for house improvements, make certain all the improvements are complete prior to funds being paid out to the house improvement contractor.

    Don’t Being A Victim


    Americans who borrow against their houses need to realize that if they fail to make the needed payments on the loan, whether due of loss of earnings, illness, or in the event the service provider has actually failed to finish the maintenance and repairs as agreed, their house can be lost in repossession. While some businesses providing these services are respectable, lots of others are just thinking about just how much cash they can make and will certainly do and say anything to accomplish their objective. They bear little or no threat in these endeavors given that the house owner’s home is their ultimate security.

    There are, nevertheless, vital steps that a property owner can take to prevent ending up being a victim of 2nd home mortgage scams, which eventually might cause repossession.

     

    Handling House Improvement Service providers & Finance Companies


    Do’s …

    • Be especially cautious if replying to house solicitations; lots of lawyers are seasoned sales individuals who can be convincing and really proficient at offering you things you do not desire or require.
    • Constantly get at least 2 written quotes for house maintenance, repairs and improvements from experts of your very own choosing. Each quote ought to explain the work, the cost, the obligation for tidying up, and the per hour rate for any added work.
    • See to it that any service provider you pick is authorized and signed up by the state or local licensing agency.
    • Get references for the contractor and talk with those references about fulfillment and any issues that occurred; if possible, have a look at work carried out by that contractor.
    • Have a lawyer or check out or somebody you trust check out everything prior to you sign.
    • Keep a copy of everything you sign.
    • Screen all work routinely to be sure it fulfills agreement specs.

    Don’ts …

    • If you do not desire the service being provided, do not let yourself get talked into it, even if you believe agreeing would get that individual off your back.
    • If the contractor or seller attempts to get you to sign immediately by stating it’s a one-time offer, do not accept.
    • If you have any doubts about whether you require the service being provided, get a 3rd or 2nd viewpoint and quote from experts of your very own picking.
    • Never ever sign an agreement or any notepad without reading it thoroughly and totally comprehending exactly what it binds you to do; if possible, get a lawyer to examine it and advise you prior to signing.
    • Do not make or release a last payment to the contractor or sign an accreditation of acceptable conclusion until appropriate assessments are made and you are pleased with the work.

     

    Funding House Improvements


    To obtain a loan to fund house improvements, you need to have equity in you house. Get a loan at a bank initially; bank loans are most likely to cost less than loan items provided by finance businesses.

    Stay clear of going to a loan provider the seller or specialist refers unless provided an option of loan providers who are independent from the seller or service provider; discover if a broker’s cost will be included in this recommendation and precisely just how much.

    Make sure you comprehend your commitments under the loan, specifically when you are utilizing your house as security, consisting of:

    • Just how much is the overall principal and quantity funded, and how was it computed?
    • Exactly what is the interest rate (APR)?
    • Just how much will monthly payments be?
    • Exactly what is the loan term– i.e., for how long will I need to pay it off?
    • Exists a lump-sum or balloon payment and, if so, for just how much and when is it due?

    Only sign loan documents after you extensively study and comprehend to all terms, seeking advice from a lawyer, if required.

     

    Early Alerting Indications


    Avoid any loan provider who:

    • Informs you, or needs you to falsify info on the loan application. The loan provider informs you to state your loan is mostly for company functions when it’s not.
    • Pressures you into obtaining a loan or obtaining more cash than you require.
    • Pressures you into accepting month-to-month payments you can not make.
    • Fails to offer necessary loan disclosures or informs you not to read them.
    • Misrepresents the type of credit you’re getting. Calling a one-time loan a line of credit.
    • Assures one set of terms initially and offers you another set of terms to sign-with no genuine description for the modification.
    • Informs you to sign blank forms-the loan provider states they’ll fill them in later on.
    • States you can not have copies of files that you have actually signed.

     

    Exactly what should I do if I signed an agreement however have changed my mind?


    If you do not believe you require the services contracted for, whether you do not think you got a bargain or it’s simply too expensive, there may be time delegated to revoke the offer. Where a house solicitation happened or if you are funding with a house equity loan, federal and most states’ law offer you 3 (3) business days to cancel the agreement without charge. You should cancel in writing and mail the notification of cancellation before the 3rd business day after signing the agreement. This is called your “right of rescission.”.

    Upon signing the agreement, a cancellation advice or notification of rescission must be supplied to you by the contractor or loan provider. If none was supplied, just compose a short letter mentioning that you want to exercise your right to cancel, sign, and mail it to the contractor or loan provider.

     

    Exactly what should I do if I believe I am a victim of home mortgage scams?


    Anybody preyed on by a deceitful contractor and/or predatory loan provider need to get in touch with a lawyer instantly. A lawyer could have the ability to assist by discovering defenses against any claim brought by the service provider.


  15. Finding Money for Your Home Improvement Project

    January 22, 2015 by Thomas Herr

    If your home improvement project involves safety repairs of increasing energy efficiency of your property, you might be able to find help from programs offered by the Department of Housing and Urban Development. While there are few home improvement grants from HUD there are loan programs.

    Financing Improvements

    As a policy, the thriftiest method to finance improvements is to pay cash. However if you lack the funds even for immediate repair services such as replacing a deteriorated roofing or a broken-down heating system, you must weigh the cost of loaning against the expense of postponing the work. You want to do it in the least costly method if you have to obtain. Use caution when utilizing charge card borrowing because of rate of interest.

    You should go to your bank or other lender and use for a loan if you borrow cash for the improvements. After examining to see if your credit is satisfactory, the loan provider specifies the regards to the loan and you have to consent to them before signing the note. Do not continue with house enhancement plans until you comprehend all of the expenses involved.

    Today there are a variety of good strategies for funding home improvements on reasonable terms. What kind of loan is best for you depends mostly on the amount of cash you need to obtain.

    The Title I Property Improvement Loan Program

    The answer could be an FHA Title I loan if the equity in your house is limited. Banks and other qualified loan providers make these loans from their own funds, and FHA guarantees the lender against a possible loss. This loan insurance coverage program is licensed by Title I of the National Housing Act.

    FHA-insured Title I loans might be utilized for any improvements that will make your house basically more useful and habitable. You can use them even for dishwashers, fridges, freezers, and ovens that are constructed into your house and not free-standing. You can not utilize them for particular luxury-type items such as swimming pools or outdoor fireplaces, or to spend for work currently done.

    Title I loans can also be utilized to make enhancements for accessibility to a disabled person such as renovating cooking areas and baths for wheelchair gain access to, decreasing kitchen area cabinets, installing wider doors and exterior ramps, etc. Another use is energy conserving improvements or solar energy systems.

    Improvements can be managed on a do-it-yourself basis or through a specialist or dealership. Your loan can be made use of to spend for the contractor’s products and labor. If you do the work yourself, just the cost of products could be financed.

    Some of the advantages of the Title I loan insurance program are:

    • You do not need to live in any specific location to get one of these loans.
    • You hardly ever need any security for loans under $7,500 besides your signature on the note, and you don’t require a cosigner.
    • You do not need to disrupt any mortgage or deed of trust you could have on your house.
    • To obtain a loan, you only have to possess the home or have a long-lasting lease on it; fill out a loan application that shows you are an excellent credit danger; and carry out a note accepting pay back the loan.
    • Your loan can cover architectural and engineering costs, building permit charges, title assessment costs, appraisal costs, and inspection fees.
    • You are not hindered by a great deal of bureaucracy. Typically just the lender has to accept your loan, and can provide you a response in a few days. When the work is finished, you will have to furnish the loan provider with a completion certificate.
    • You get some protection from the incorrect type of dealer, because FHA requires that any dealership who organizes a loan for you should initially be approved by the loan provider.

    Title I Property Improvement Loan Program Maximum Loan Amounts and Terms

    HUD/FHA does not set the rate of interest. Rate of interest are worked out in between the borrower and the loan provider.

    The maximum quantity for a Single Family home improvement loan for the change, repair or enhancement of an existing single household structure is $25,000 and the optimum term is 20 years.

    The optimum quantity for a home improvement loan for the alteration, maintenance and repair or enhancement of a Manufactured (Mobile) Home that qualifies as real home is $25,090 and the maximum term is 15 years.

    The optimum quantity for a home enhancement loan for the modification, repair work, or improvement of an existing Manufactured (Mobile) Home classified as Personal Property is $7,500 and the maximum term is 12 years.

    The optimum quantity for a Multifamily Property Improvement loan for the alteration, repair, enhancement or conversion of an existing structure used or to be used as a home for 2 or more households is $60,000, but not more than $12,000 per home system and the optimum term is 15 years.

    The maximum amount for a Nonresidential Property Improvement loan for the building of a brand-new nonresidential structure, or the change, repair, or enhancement of an existing nonresidential structure is $25,000 and the optimum term is 20 years.

    Discovering a Title I Lender

    To find an FHA-approved lender in your area, call HUD’s Customer Service Center toll-free: (800) 767-7468 (TTY: (800) 877-8339) for a list of loan providers in your state.

    Problems about service provider fraud under the Title I program can be made by calling toll-free: (800) 569-4287.

    Equal Opportunity in Housing

    The Fair Housing Act prohibits discrimination in housing and relevant deals– consisting of home loans and house enhancement loans. In addition, loaning choices may not be based on the race, color, sex, faith, national origin, domestic status or disabilities of persons associated with the borrower or with the area surrounding the property.