I am a hundred percent sure that most of you always look for some home improvements. In fact, this idea occurs every day. However, most of us seldom focus our home improvements outside the home but rather inside, and the usual spot for such activity by most people is the bathroom. Well, for some reasons, the improvement involved in the bathroom is really important as we spend much time in that place.
In this article, I would be dealing with some tips and techniques for improving the looks of your bathroom. The main focus here is mainly on bathroom installation, particularly on shower or bathtub installation, bathtub enclosure and bathtub surround installation. But before anything else, let us look at some common mistakes and recommended guidelines involved with bathroom installation.
Most Common Mistakes and Guidelines for Bathroom Installation
There are a number of common errors observed from most of the bathroom installation. Here is a list of those errors:
Ignoring or violating local code restrictions
Employing pipes that are too small
Attaching copper to galvanized without employing a brass or dielectric fitting between the two
Not considering Teflon tape or pipe compound especially at threaded joints
Not installing an air gap filling for fixtures
Not properly aligning tubing into fitting or stop valves
Cutting supply stub outs too short to install the shutoff valves onto after the finished wall is in place
Not leveling fixtures when installing them
Now, after knowing those errors, I think it is best for you to know some of the standards developed by the federal government for those who are thinking of a bathroom improvement. Note that these standards are highly applicable whether you are planning of designing a bathroom for wheelchair or just to make the room more comfortable and functional for anyone with limited mobility. Here are some of the recommended guidelines:
Entrances
Starting with your entrance into the room, I know that you want to make sure that the door is at least 32 inches wide. If you find that the doorway is located off a hallway and you have a wheelchair that must turn from the hall into the doorway, then the door width must be adjusted to about 36 inches. Also if possible, avoid putting a threshold in the doorway. However, if a particular threshold is needed, you try to choose a flat one that is no more than ¼ inch high, or perhaps one that is beveled on both sides and no greater than ¾ inch high. In case you have a member in the family with limited hand strength, a standard door knob can be very difficult to grip. So, what is commonly advised is to select a lever handle, instead of a knob. The height of this handles must be at 48 inches or less above the floor.
Bathroom Fixtures
As opposed to a conventional toilet which is about 14 to 15 inches above the floor, you can employ accessible toilets which are designed and developed so that the seat is between 17 to 19 inches above the floor. For the sink, you may want to make sure that the rim is no higher than 34 inches above the floor. Aside from that, the sinks should extend out at least 17 inches from the rear wall, and the area under the sink must be opened with a clearance of at least 29 inches starting from the floor to the bottom of the sink. If in case you want your sink to be installed in a countertop, consider putting it no more than 2 inches from the side of the counter. According to some experts, this promotes maximum accessibility. In addition, you can employ a protective boot over the water lines and trap underneath the sink to prevent contact. Use a single-handle, lever-style faucet that is easily operated with one closed fist.
Floor Covering
Many homeowners considered the sheet vinyl flooring as the best choice. The main reason for this could be its smooth quality and its being easy to clean. However, if you are using a ceramic tile, try to choose large and smooth tiles so to lessen the grout lines and some surface irregularities. Also look for a non-slip surface texture. And, if you are considering floor carpeting, stick with naps that are ½ inch high or less.
Interior Clearances
This is another advice for those who are wheelchaired. Well, for you to make a 180-degree turn, a wheelchair needs at least 60 inches, which is 5 feet, of clearance. Note that this amount of clear space is oftentimes difficult to achieve, but consider a T-shaped space instead. Each side of the T must be at least 36 inches wide. According to some experts this configuration will allow space for a wheelchair to be able to comfortably make a three-point turn rather than having to maneuver in a complete circle. Along with this consideration, try to make pathways to any fixtures at least 36 inches wide. And, when it comes to the sink, it should have a clear space in front of it.
Grab Bars
Perhaps one of the wonderful features in just about any bathroom is the grab bars. These even make the bathroom safer and more convenient for anyone to use. Well, it is worth noting that if you are installing a horizontal grab bar, it should be positioned on the wall behind the toilet. You can install another one on the closet sidewall adjacent to the toilet. Also, the grab bars should be placed inside bathtub as well as shower enclosures. If you are remodeling or installing new and the walls in the room are open, make sure to provide wood blocking in the walls. This will allow simplification of the grab bars’ attachment.
Okay, enough about those guidelines. Let us now proceed to some steps to install your shower or bathtub.
How to Install Shower and Bathtub
When thinking for installing a shower or bathtub, it is very important to note that the pipes required include the hot as well as cold supply lines, other than a pipe leading to a shower head. Also, many experts often suggest a blending valve and shower head for the installation, including air chambers.
Usually, the bath or shower fixtures rate low in fixture units. So they are often placed on the branch drains and wet or back vented as are the sinks. Accordingly, both the shower stalls and tubs enter the stack at floor level or below due to the angle of which the floor drain trap is positioned.
When it comes to faucet and shower head assembly, one should note that it requires an open wall for installation. Also worthy of consideration is that, bathtubs and shower stalls may need support framing. One of the common ideas here is that a bathtub filled with water is extremely heavy; therefore, it is important to examine first the building codes, including the framing support prior to the bathtub installation. There is also a required floor area for a shower stall. According to some experts, a minimum area required is 1,024 square inches, but you should also allow 24 inches from the stall itself to any other fixture or wall.
Here are the basic guidelines:
All piping should be installed before installing the tub itself.
Lower the tub into place. This will allow a continuous flange to fit against the wall studs and rests on 1 x 4 or 2 x 4 supports. In relation to this, don’t forget to anchor the tub to the enclosure with nails or screws ensconced through the flanges into the studs.
Put together the drain connections. This can be done by way of attaching the tub overflow with the tub drain above the trap, and not beyond it. Note that the trap will have a compression fitting that screw over the arm of the overflow assembly.
Run the hot and cold water lines to the tub or shower mixing valve where they are attached. You can do this by sweating these directly into the hot and cold ports of the mixing valve.
Run a pipe up the wall for the shower head. Note however that on the top of this pipe, you should sweat on a brass female threaded winged fitting that is nailed or screwed into a framing support.
A piece of 1/2” pipe should be extended, but this must be in accordance to the instructions provided by the manufacturer, for the tub spout. Also sweat on a male threaded fitting at the end of the pipe or employ a brass nipple of the proper length as well as a 1/2” cap.
At this time, you will need to have your rough plumbing checked.
Restore water pressure and inspect the drain connection, including the supply pipes for any leaks.
Replace the wall with moisture resistant drywall as a base for your wall covering. Also important to note is to seal joints between the wall and your new tub perhaps with silicone caulk. This caulk will serve as protection against water seepage.
It is now time to install the handles, shower head and Spout. Note that the shower head screws onto the shower arm stub out. And, whether you are installing a new shower head or replacing an old one, always clean the pipe threads and apply a new pipe joint compound. You can also consider a Teflon tape or both to prevent leaks.
Installing a Bathtub Surround
As you may know, a bathtub surround (commonly known as wall kit) is an easy way to provide a handsome, watertight and easy-to-maintain barrier around a tub or shower alcove. These surrounds can be put up over plaster, tile, drywall or any solid and flat wall. Well, there some surround kits in the market these days. Most kits contain either three or five pieces that overlap to account for different dimensions. Also, these kits include instructions, which you should consider reading before you leave the store. When installing a bathtub surround, you may require an adhesive as well as color-matched caulk, so consider buying these from the store.
Now, you want to know the basics for installing a tub surround in your home? Here are the steps:
Step 1: Prepare Walls
Before anything else, it is important for you to save carton to use as a template. Then, start preparing the walls of the alcove by first removing the faucet spout and handles. You can remove these by trimming with screwdrivers, adjustable wrench or Allen wrench, as needed. Proceed to removing any soap dish or other obstacles. Then make any needed repairs to ensure that the existing surface is solid and secure. However, if the surface is slick, such as ceramic tile, consider sanding it with coarse sandpaper. Clean and re-caulk the tub joint.
One particular tip for this step is to consider installing support handrails to make your tub safer, especially if the framing is exposed. Also the rails must be anchored into framing or to wood blocking between studs about 21 inches above.
Step 2: Consider Measuring
Many experts suggest measuring the spout and faucet locations and transfer measurements onto a cardboard template that you cut from the shipping carton. Also, position the template on the wall and make any necessary modifications before tracing the openings onto the end wall panel.
The main tip here is to write “wall” on one side just to remind you which way the template must be positioned, especially when tracing cutouts onto the end panel.
Kitchen Care: Hints for Cleaning That Flawless Brand-New Look
Of the many parts of the home, the kitchen deserves a close attention. Although it is just one room, it is where at any given time you can find a family eating, working on homework, talking on the phone, or simply hanging out with buddies. So it’s no big surprise that the kitchen, as the centerpiece of the home, is also one of the dirtiest and toughest rooms to clean. Many experts have even said that not the bathroom bowl but the average kitchen sink contains the most concentrated combination of harmful microorganisms in the house. Now, isn’t it yucky?
Well, getting a spotless kitchen can seem like an overwhelming task in the first place, but it doesn’t have to be. As what the former director of engineering for the Good Housekeeping Institute, Mark Kalinowski, once said, a clean kitchen can be attained if routine and streamlined tasks are performed in the kitchen on a regular basis. Every home owner or housekeeper can particularly achieve this by using time saving tactics, coupled with proper cleaning tools. These can no doubt significantly lessen the time spent completing the dreaded kitchen responsibilities.
Now below is some of the most recommended time saving tips to ensure that the hub of your home will remain spotless. Just sit back, relax, and read on.
Tips Before You Clean
Make a Clean-Up Checklist
Most experts often recommend forming a clean-up checklist before you consider actual cleaning. According to them, this will help your kitchen shine. Well, one particular reason behind this idea is that taking stock of your cleaning needs and supplies before you start the task will make sure that you will have everything on hand and ready to go. So, consider mapping out the chores you want to accomplish as this will further help in keeping you organized, so nothing is overlooked.
Teamwork is a Great Idea
Why don’t you think teamwork? Yes, that’s it! Teamwork is also vital when considering kitchen or home cleaning in general. So you don’t have to do everything yourself, it is best to enlist the help of your family, including your children. It is worthy to note after all that a good work ethic can be easily learned at an early age. Moreover, it’s a great opportunity for you and your family to spend time together and get some work accomplished.
Be Organized
Also, set aside a certain day every week to take care of the household chores that needs to be done. Having an organized system in fact will allow you more energy to sit back, relax and enjoy the time with your family and friends.
Tips During Cleaning
Get Motivated
One particular great idea here is to get motivated. I know that most of the time, you should restrict the limit of the number of distractions as you clean, but note that it is also necessary to use certain motivators that could pump up your cleaning routine. Speaking of motivators, why don’t you consider a bit of music? It’s great to work while music is on the air, right? Many experts in fact agree with me when it comes to setting up “music” as a cleaning motivator, as it can transform the drudgery of kitchen cleaning into an almost enjoyable experience. As you may know, one of the fastest and perhaps easiest ways to make the tedious duty of spring cleaning less taxing is to pop in a CD while doing your chores. You can even sing or dance with the beat of the music, and that’s enjoyable. Now, I’m motivated!
De-Clutter the Kitchen
Tossing away every mess in place before you begin the heavy duty scrubbing is the first step to cleaning a room. This is most applicable to the kitchen where papers and mail can pile up quickly on countertops. Note that by de-cluttering the kitchen, you will have less mess to sort through while cleaning. It will even be much easier and quicker to wipe down surfaces. So, simply tackle every clutter first.
Consider Cleaning Vacuums
Another time saving tip commonly suggested by home experts is to throw away that old straw broom and dustpan. There are a lot of cleaning vacuums in the market these days that could help you finish the task easily and quickly. To mention, the new Dirt Devil Sweeper Vac with Swiffer is what most of the experts commonly suggest as this combined two innovative technologies into one easy to use and convenient cleaning tool. As noted, the Swiffer allows you to sweep and dust your floor free of dust and allergens. And, if you encounter some large debris, like cereal pieces or cookies crumbs, you can just press a switch on the handle and suck up the mess with its rechargeable vacuum. Great, isn’t it?
Top to Bottom, One Side to the Other
Probably you’ve heard someone telling you to always clean from top to bottom and from one side of the room to the other. Well, my Mom often told me to do this when I was younger and I know that this is worth noting. What I’ve personally learned from this approach is that if taken, there won’t be any time wasted in criss-crossing the room or wiping down the same counter twice. When you’re finished, you’re finished. But still, look critically to see what you may have missed.
Watch What You Are Doing
Perhaps another best tip to save time when cleaning is to be aware of what you are doing. The main idea here is not to waste time cleaning something that isn’t dirty. As commonly noted, the vertical surfaces like walls are almost never as dirty as the horizontal surfaces, like the cupboards and countertops. The upper shelves as well as molding have less dust then lower ones. So, if you find that the entire area doesn’t truly need it, then why spend some time cleaning it?
Tip After Cleaning
When you’re done with all the cleaning tasks, it is best that you take all the kitchen items that you don’t use. You can donate them to a local charity of your choice, or you can open a garage sale for them. Always note that permanently cutting down on any kitchen mess will make it much easier for you to keep this known centerpiece of the home clean and neat.
Well, getting a spotless kitchen can seem like an overwhelming task in the first place, but it doesn’t have to be. As what the former director of engineering for the Good Housekeeping Institute, Mark Kalinowski, once said, a clean kitchen can be attained if routine and streamlined tasks are performed in the kitchen on a regular basis. Every home owner or housekeeper can particularly achieve this by using time saving tactics, coupled with proper cleaning tools. These can no doubt significantly lessen the time spent completing the dreaded kitchen responsibilities.
Now below is some of the most recommended time saving tips to ensure that the hub of your home will remain spotless. Just sit back, relax, and read on.
Tips Before You Clean
Make a Clean-Up Checklist
Most experts often recommend forming a clean-up checklist before you consider actual cleaning. According to them, this will help your kitchen shine. Well, one particular reason behind this idea is that taking stock of your cleaning needs and supplies before you start the task will make sure that you will have everything on hand and ready to go. So, consider mapping out the chores you want to accomplish as this will further help in keeping you organized, so nothing is overlooked.
Teamwork is a Great Idea
Why don’t you think teamwork? Yes, that’s it! Teamwork is also vital when considering kitchen or home cleaning in general. So you don’t have to do everything yourself, it is best to enlist the help of your family, including your children. It is worthy to note after all that a good work ethic can be easily learned at an early age. Moreover, it’s a great opportunity for you and your family to spend time together and get some work accomplished.
Be Organized
Also, set aside a certain day every week to take care of the household chores that needs to be done. Having an organized system in fact will allow you more energy to sit back, relax and enjoy the time with your family and friends.
Tips During Cleaning
Get Motivated
One particular great idea here is to get motivated. I know that most of the time, you should restrict the limit of the number of distractions as you clean, but note that it is also necessary to use certain motivators that could pump up your cleaning routine. Speaking of motivators, why don’t you consider a bit of music? It’s great to work while music is on the air, right? Many experts in fact agree with me when it comes to setting up “music” as a cleaning motivator, as it can transform the drudgery of kitchen cleaning into an almost enjoyable experience. As you may know, one of the fastest and perhaps easiest ways to make the tedious duty of spring cleaning less taxing is to pop in a CD while doing your chores. You can even sing or dance with the beat of the music, and that’s enjoyable. Now, I’m motivated!
De-Clutter the Kitchen
Tossing away every mess in place before you begin the heavy duty scrubbing is the first step to cleaning a room. This is most applicable to the kitchen where papers and mail can pile up quickly on countertops. Note that by de-cluttering the kitchen, you will have less mess to sort through while cleaning. It will even be much easier and quicker to wipe down surfaces. So, simply tackle every clutter first.
Consider Cleaning Vacuums
Another time saving tip commonly suggested by home experts is to throw away that old straw broom and dustpan. There are a lot of cleaning vacuums in the market these days that could help you finish the task easily and quickly. To mention, the new Dirt Devil Sweeper Vac with Swiffer is what most of the experts commonly suggest as this combined two innovative technologies into one easy to use and convenient cleaning tool. As noted, the Swiffer allows you to sweep and dust your floor free of dust and allergens. And, if you encounter some large debris, like cereal pieces or cookies crumbs, you can just press a switch on the handle and suck up the mess with its rechargeable vacuum. Great, isn’t it?
Top to Bottom, One Side to the Other
Probably you’ve heard someone telling you to always clean from top to bottom and from one side of the room to the other. Well, my Mom often told me to do this when I was younger and I know that this is worth noting. What I’ve personally learned from this approach is that if taken, there won’t be any time wasted in criss-crossing the room or wiping down the same counter twice. When you’re finished, you’re finished. But still, look critically to see what you may have missed.
Watch What You Are Doing
Perhaps another best tip to save time when cleaning is to be aware of what you are doing. The main idea here is not to waste time cleaning something that isn’t dirty. As commonly noted, the vertical surfaces like walls are almost never as dirty as the horizontal surfaces, like the cupboards and countertops. The upper shelves as well as molding have less dust then lower ones. So, if you find that the entire area doesn’t truly need it, then why spend some time cleaning it?
Tip After Cleaning
When you’re done with all the cleaning tasks, it is best that you take all the kitchen items that you don’t use. You can donate them to a local charity of your choice, or you can open a garage sale for them. Always note that permanently cutting down on any kitchen mess will make it much easier for you to keep this known centerpiece of the home clean and neat.
Home Improvement: Should You Do-it-Yourself?
Most of the homeowners these days think or plan for home remodeling projects for one particular reason – to address an immediate need or provide for the future of the house. Well, any home remodeling project, whether it be a simple replacement of fixtures or perhaps a major addition, it critically involve at least some pre-planning. Aside from that, there is also a need for the home owner to invest financially for the project. I am pretty sure that no one wants to become involved in a so-called “money pit” situation. Are you familiar with it? It’s actually a series of events in which one home remodeling repair inevitably leads to a dozen unplanned repairs.
Now, if you are thinking of remodeling your house by yourself, knowing that you can eliminate the labor expense and chop a project’s cost in half than hiring a contractor, then you should first take a moment to consider a few important questions before jumping headfirst into a major home Do-It-Yourself project. Always note that home improvements can be like a Chinese puzzle of complexity, with interlocking portions that must proceed in exactly the right direction and order. Planning, as you all know, is the key. So, it is very necessary for you to be clear about your goals, and in the end develop a comprehensive plan for achieving them.
It is also worthy to note that whether you are adding a room, installing new cabinets, installing insulation, or building a deck, spending at least extra little time planning before you actually launch your home remodeling project can no doubt make the process much smoother. If all is well, then the results are far more successful. Isn’t it?
Here are the preliminary questions to ask yourself before hiring contractors or investing in building materials:
Is a building permit needed?
As you may know, some of the home remodeling or improvement projects may involve structural adjustments or elaborate re-workings of current electrical and plumbing circuits. These jobs are perhaps among the most difficult, and maybe dangerous. They may even be susceptible to mistakes which can be quite costly. Plumbing, for example, involves crawling under the house.
So, before a homeowner can start an addition, the city department anywhere in the world which oversees private construction projects must issue a building permit. It is this permit actually that insures that the home improvement plans meet certain building codes, and only those qualified workers will handle the essential rewiring and refitting needs in the house.
Am I capable of performing this home improvement project myself?
One thing to remember here is that even a simple replacement of bathroom or kitchen fixtures perhaps can involve some background knowledge of safety factors. Also, if you are considering wallpapering and interior painting, then you should know that these are other areas where amateurs do-it-yourselfers may find themselves over their heads. Given this fact, it is then worth noting that before tackling any form of remodeling plan, the homeowner should first invest some extra time reading some home improvement books or watching videos produced by professionals. There are also some in-store demonstrations of basic remodeling techniques that are available these days, including some technical support. Some of them are usually provided at any local building supply store.
Will the home remodeling plan address the actual problem?
When it comes to home improvements, most of the homeowners find themselves in a constant state of instability. The truth is instead of investing a substantial amount of time and effort in a particular large remodeling project which may resolve the entire dilemma; they tend to form a number of smaller improvements over time. And, what does this imply is that this can prove to be even more costly to repair later. Repainting a room will not make it larger, for instance. Because of this common consequence, sometimes it is recommendable to just hold off on a certain home remodeling plan until all of the necessary work can be accomplished at one time.
Are licensed contractors available for hire?
Thinking for hiring a professional contractor? If so, please ask yourself first if your remodeling project really calls for a professional help. Perhaps it is best to note that a good contractor can be a life saver. However, if you get a bad contractor, better expect nightmares. Yes, bad contractors can be a nightmare, especially for the nervous homeowners.
Therefore, be careful of who you will appoint to handle the more delicate home improvement tasks. If you have a friend or relative, or if you know someone who has recently made home remodeling similar to your own plans, I think asking the contractor’s name and contact information is worth considering. Aside from that, you have the chance to ask some local building stores for referrals. Note that most of these stores deal with reputable local contractors on a daily basis.
There is one particular thing that you should know about a good contractor though – He or she is always in demand. So, if this is the case, then you may want to plan your home improvement plan around his or her schedule. But please, when it comes to hiring contractors, try not to allow impatience to be your guide. Always think that there may be a very good reason why a certain unknown contractor is available right away. After all, there is always a purpose and a reason for everything.
So, all questions and doubts are settled. Now, what will you do next? To know the answers, just continue reading.
Keys to Proper Planning
Here, I will be discussing about some helpful steps that could help you in planning your home improvement project. What will be mentioned below are based on the experts’ advices that I have gathered online. Here they are:
Consider Setting Your Priorities
Many experts recommend breaking down the various elements of your plans and rating the importance of each aspect. It is so common that people want fast, inexpensive, and high quality outputs. I myself agree to that. So, as a rule you can pick two of these. If you want it fast and inexpensive, the possibilities are pretty good that it won’t be high quality. On the other hand, if you want it fast and high quality, chances are it won’t be inexpensive, and so on.
Now, if you are thinking of remodeling your house by yourself, knowing that you can eliminate the labor expense and chop a project’s cost in half than hiring a contractor, then you should first take a moment to consider a few important questions before jumping headfirst into a major home Do-It-Yourself project. Always note that home improvements can be like a Chinese puzzle of complexity, with interlocking portions that must proceed in exactly the right direction and order. Planning, as you all know, is the key. So, it is very necessary for you to be clear about your goals, and in the end develop a comprehensive plan for achieving them.
It is also worthy to note that whether you are adding a room, installing new cabinets, installing insulation, or building a deck, spending at least extra little time planning before you actually launch your home remodeling project can no doubt make the process much smoother. If all is well, then the results are far more successful. Isn’t it?
Here are the preliminary questions to ask yourself before hiring contractors or investing in building materials:
Is a building permit needed?
As you may know, some of the home remodeling or improvement projects may involve structural adjustments or elaborate re-workings of current electrical and plumbing circuits. These jobs are perhaps among the most difficult, and maybe dangerous. They may even be susceptible to mistakes which can be quite costly. Plumbing, for example, involves crawling under the house.
So, before a homeowner can start an addition, the city department anywhere in the world which oversees private construction projects must issue a building permit. It is this permit actually that insures that the home improvement plans meet certain building codes, and only those qualified workers will handle the essential rewiring and refitting needs in the house.
Am I capable of performing this home improvement project myself?
One thing to remember here is that even a simple replacement of bathroom or kitchen fixtures perhaps can involve some background knowledge of safety factors. Also, if you are considering wallpapering and interior painting, then you should know that these are other areas where amateurs do-it-yourselfers may find themselves over their heads. Given this fact, it is then worth noting that before tackling any form of remodeling plan, the homeowner should first invest some extra time reading some home improvement books or watching videos produced by professionals. There are also some in-store demonstrations of basic remodeling techniques that are available these days, including some technical support. Some of them are usually provided at any local building supply store.
Will the home remodeling plan address the actual problem?
When it comes to home improvements, most of the homeowners find themselves in a constant state of instability. The truth is instead of investing a substantial amount of time and effort in a particular large remodeling project which may resolve the entire dilemma; they tend to form a number of smaller improvements over time. And, what does this imply is that this can prove to be even more costly to repair later. Repainting a room will not make it larger, for instance. Because of this common consequence, sometimes it is recommendable to just hold off on a certain home remodeling plan until all of the necessary work can be accomplished at one time.
Are licensed contractors available for hire?
Thinking for hiring a professional contractor? If so, please ask yourself first if your remodeling project really calls for a professional help. Perhaps it is best to note that a good contractor can be a life saver. However, if you get a bad contractor, better expect nightmares. Yes, bad contractors can be a nightmare, especially for the nervous homeowners.
Therefore, be careful of who you will appoint to handle the more delicate home improvement tasks. If you have a friend or relative, or if you know someone who has recently made home remodeling similar to your own plans, I think asking the contractor’s name and contact information is worth considering. Aside from that, you have the chance to ask some local building stores for referrals. Note that most of these stores deal with reputable local contractors on a daily basis.
There is one particular thing that you should know about a good contractor though – He or she is always in demand. So, if this is the case, then you may want to plan your home improvement plan around his or her schedule. But please, when it comes to hiring contractors, try not to allow impatience to be your guide. Always think that there may be a very good reason why a certain unknown contractor is available right away. After all, there is always a purpose and a reason for everything.
So, all questions and doubts are settled. Now, what will you do next? To know the answers, just continue reading.
Keys to Proper Planning
Here, I will be discussing about some helpful steps that could help you in planning your home improvement project. What will be mentioned below are based on the experts’ advices that I have gathered online. Here they are:
Consider Setting Your Priorities
Many experts recommend breaking down the various elements of your plans and rating the importance of each aspect. It is so common that people want fast, inexpensive, and high quality outputs. I myself agree to that. So, as a rule you can pick two of these. If you want it fast and inexpensive, the possibilities are pretty good that it won’t be high quality. On the other hand, if you want it fast and high quality, chances are it won’t be inexpensive, and so on.
Paint Makes a Difference!
When it comes to improving one’s home, perhaps one of the easiest, quickest and least expensive ways to create a stunning, significant impact to a home is to consider painting. I guess nothing revives perks-up tired walls, weatherworn siding, or adds a touch of style and some sorts of uniqueness better than a new coat of paint. When you say painting, it can be like an instant renovation.
Painting is actually cheap, not to suggest. The truth is, there is something more than just it’s being cheap. Painting in fact involves a serious commitment of time, money and of course, effort. Note that this is a requirement, whether you do it yourself or hire a professional. You want to get it right the first time, so you won’t be back on ladders in a couple of years, right?
Choosing the Right Paint
As you may realize, one of the most important decisions you will encounter when planning a home improvement through painting is choosing the right paint. To tell you honestly, this is so critical to whether or not your paint job will look good and last for a number of years. However, there are instances that choosing the right paint can be tricky. The paints today have gone through such dramatic changes in the past few years that it is now becoming hard for us to know what to purchase. But, don’t despair. There is still a hope for that.
The following information will give you a closer look on how to choose the right paint so you can make clear, informed decisions. Just read on.
The Paint Basics
Essentially, paint is a mixture of pigment, resin and a carrier. The main, white pigment is said to be the titanium dioxide, and relatively small amounts of other pigments are added by the paint dealer to tint the color. Resin, on the other hand, is what makes paint adhere to a surface. And, the carrier is the evaporative liquid that is usually added to thin the mixture so you can brush or roll it on water for latex paints or a solvent for oil or alkyd paints.
Paint also contains clay or other inert ingredients which are added to adjust the paint’s sheen. It may also contain small amounts of secondary solvents that help gloss, drying characteristics and the like.
Further worth noting is the fact that the amount of quality of every ingredient is what determines the performance and price of paint. Paint with plenty of titanium dioxide, for example, has strong hiding characteristics, and since this pigment is the most expensive ingredient, the paint no doubt costs more. On the other hand, those oil or alkyd paints that use odorless mineral spirits as a carrier are pricier than those with regular solvents. Given this fact, it can be concluded then that price is a good indicator of quality.
Latex Paint of Oil/Alkyd?
The most perplexing question for homeowners when it comes to house painting is “Should we use latex or oil/alkyd?” Well, according to some experts this common confusion is rooted in history. It was noted that for years, solvent paints were favored for trim, woodwork, most exterior and some interior surfaces for the reason that they flow uniformly. Also, many have noticed that these solvent paints have superb leveling characteristics, and adhere well particularly to poorly-prepared or chalky surfaces. They even give a tough, hard-shell finish, and most of the exterior alkyds can be utilized in sub-freezing conditions.
However, such conception has been changed nowadays. The change is in the wind, so to say. The fact is, today both state and federal air-quality laws are clamping down on the use of solvents in oil/alkyd paints. Well, the problem is, a gallon of solvent-based paint contains about two quarts of mineral spirits. It is these solvents actually that evaporate into the air as volatile organic compounds, resulting to air pollution.
In the near future, it is commonly heard that the federal Environment Protection Agency (EPA) is expected to issue certain guidelines to all states, setting minimum standards for the paint formulas. As you may know, there are a number of state regulations these days that align-with or exceed-these standards. And, some of the experts say that solvent paints that comply with these standards don’t really have advantages over the water-based paints. The fact is, they dry slower and are more difficult to apply. They even cost more.
After saying all of these, I think the bottom line is this: the technology has changed so dramatically that the considered best paint option in most situations will be the latex. It may eventually become your only option.
Alkyd-Modified, Vinyl-Acrylic, or Acrylic?
So it is given that the most favored type of paint these days is the latex. Now, latex paints are not all the same. Note that although the first known latex paints were named after their synthetic “latex” rubber base, the synthetic rubber is not used anymore. So, now when you say “latex”, it refers to all water-borne paint. However, within that category, you have three choices: vinyl-acrylic, 100 percent acrylic, and alkyd-modified latex.
So, what is best option?
In the first place, the vinyl-acrylic latex is by far the least costly latex paint. But, this is considered appropriate for most interior walls as well as for shorter-durability exterior walls.
The well-known high performance interior paints on the other hand are 100 percent acrylic. Many have claimed that this kind of latex paint has better color retention, better adhesion, and in better gloss than vinyl-acrylic in the case of the enamels.
Finally, most of the high-quality exterior paints are either 100 percent acrylic or alkyd-modified latex. Both of these types are excellent though. However, if the siding was previously painted with an alkyd or is chalking, considering alkyd-modified latex is a nice move to take. It has been said that the alkyd-modified latex does an excellent job of penetrating and anchoring the coating on a chalky surface. But, many of the manufacturers these days consider the 100 percent acrylic as their best products.
“One-Coat Hiding” on the Label
When choosing the right paint, also look at the coverage, sometimes called “hiding”. For many experts, the “hiding” is another distinguishing property of a good paint. So, when a label says “one-coat hiding”, read the fine print. Be aware that an interior or exterior finish that is guaranteed one coat should cover in one coat when properly applied, without any exceptions. I guess it is quite obvious that one-coat hiding is a major label saver and well worth paying a premium to obtain.
There is one particular determining factor for good hiding – the level of titanium dioxide in the mixture. As often said, the more the paint contains titanium dioxide, the better the hiding. Today, most of flat paints use cheap fillers to attain high levels of hiding. The downside is that, the rest of their characteristics, such as scrubbability fall short.
The Scrubbability Rating
Interior paints have a scrubbability rating, which is formed through standardized testing. Basically, this is a good indicator of the toughness of the paint’s film, as well as its ability to withstand physical abuse. However, there are some instances that this rating may not be posted on the can. So if this is the case, a paint retailer should have information on the rating. What you can do is to compare the ratings and you will obtain a good idea of the quality of the paint.
If you are using a flat paint on the interior walls of your house, just note that there is a tendency that it can be washed, but it doesn’t take kindly to scrubbing. If you scrub it with a damp cloth, you will only remove the dirt or smudge but exposed pigments particles actually become burnished or polished, which in turn damages the finish. So, how to avoid this? Simply choose a high performance eggshell paint rather than flat paint.
The Paint’s Sheen
Paint may have any of the several lustres. From dull to shiny, the paint could be flat, eggshell, pearl, satin, semi-gloss, or gloss. Essentially, the paint’s lustre depends upon its mixture of pigment, resin and inert ingredients. It is often considered that the paint with les pigment and more resin is glossier than the reverse. Enamel is also a term that usually denotes an extra-smooth, hard surface coating, which is typically the result of using a lot of resin in the paint formula.
As a homeowner who wants to apply paint for home improvement, it is important for you to know that the glossier a finish, the more durable and washable it tends to be. Perhaps what is important for both exterior and interior walls is the use of flat paint, which is deemed great at hiding irregularities and surface imperfections. The pearl and eggshell paints are a compromise. As commonly noticed, they hide imperfections partially and are more washable than flat paints.
For painting the interior, many experts often recommend flat paint for ceilings, eggshell for walls and semi-gloss or gloss on doors and trim. On the other hand, the exterior calls for flat or satin wall paints and semi-gloss on trim.
Knowing Which Room
When considering painting for home improvement, it is always important to have an idea of how a particular room will be utilized. This is also very critical for choosing the right paint. In functional rooms like kitchen, baths and bedrooms, for example, you might want durability and easy maintenance first. In more decorative rooms, such as living rooms, master bedrooms or dining rooms, note that appearance is often the key factor. And, in a child’s room, safety is very critical. So, choose the right paint that suits best on every room.
Be Brand Conscious and Meticulous
So you’ve made a clear decision regarding the type of paint. The next thing to do now is to go with reputable brands. Of course, you need to tailor your choices to the project, but avoid wasting your time, effort and money on low-quality paint. There are a lot of significant differences between cheap and quality paints, and these differences are often seen in characteristics such as washability and hiding. There is also a possibility that you’ll find a more extensive color palette in the quality lines.
Lastly, always remember to check the warrantee on the label, which is a benchmarking device that typically provides you a fair measure of the differences between quality levels of different paints.
Estimating House Paint Quantity
So, you’ve learned a lot of about the types of paint, the quality, and some factors to consider when choosing the right paint. Now, let us figure out how much paint you will need for your home improvement project.
The first thing to do to identify the needed quantity of paint is to know the square footage of the area to be painted, as well as the spread rate of the paint. Note that the spread rate is typically about 400 square feet to the gallon. But, still check the can to be sure.
Painting is actually cheap, not to suggest. The truth is, there is something more than just it’s being cheap. Painting in fact involves a serious commitment of time, money and of course, effort. Note that this is a requirement, whether you do it yourself or hire a professional. You want to get it right the first time, so you won’t be back on ladders in a couple of years, right?
Choosing the Right Paint
As you may realize, one of the most important decisions you will encounter when planning a home improvement through painting is choosing the right paint. To tell you honestly, this is so critical to whether or not your paint job will look good and last for a number of years. However, there are instances that choosing the right paint can be tricky. The paints today have gone through such dramatic changes in the past few years that it is now becoming hard for us to know what to purchase. But, don’t despair. There is still a hope for that.
The following information will give you a closer look on how to choose the right paint so you can make clear, informed decisions. Just read on.
The Paint Basics
Essentially, paint is a mixture of pigment, resin and a carrier. The main, white pigment is said to be the titanium dioxide, and relatively small amounts of other pigments are added by the paint dealer to tint the color. Resin, on the other hand, is what makes paint adhere to a surface. And, the carrier is the evaporative liquid that is usually added to thin the mixture so you can brush or roll it on water for latex paints or a solvent for oil or alkyd paints.
Paint also contains clay or other inert ingredients which are added to adjust the paint’s sheen. It may also contain small amounts of secondary solvents that help gloss, drying characteristics and the like.
Further worth noting is the fact that the amount of quality of every ingredient is what determines the performance and price of paint. Paint with plenty of titanium dioxide, for example, has strong hiding characteristics, and since this pigment is the most expensive ingredient, the paint no doubt costs more. On the other hand, those oil or alkyd paints that use odorless mineral spirits as a carrier are pricier than those with regular solvents. Given this fact, it can be concluded then that price is a good indicator of quality.
Latex Paint of Oil/Alkyd?
The most perplexing question for homeowners when it comes to house painting is “Should we use latex or oil/alkyd?” Well, according to some experts this common confusion is rooted in history. It was noted that for years, solvent paints were favored for trim, woodwork, most exterior and some interior surfaces for the reason that they flow uniformly. Also, many have noticed that these solvent paints have superb leveling characteristics, and adhere well particularly to poorly-prepared or chalky surfaces. They even give a tough, hard-shell finish, and most of the exterior alkyds can be utilized in sub-freezing conditions.
However, such conception has been changed nowadays. The change is in the wind, so to say. The fact is, today both state and federal air-quality laws are clamping down on the use of solvents in oil/alkyd paints. Well, the problem is, a gallon of solvent-based paint contains about two quarts of mineral spirits. It is these solvents actually that evaporate into the air as volatile organic compounds, resulting to air pollution.
In the near future, it is commonly heard that the federal Environment Protection Agency (EPA) is expected to issue certain guidelines to all states, setting minimum standards for the paint formulas. As you may know, there are a number of state regulations these days that align-with or exceed-these standards. And, some of the experts say that solvent paints that comply with these standards don’t really have advantages over the water-based paints. The fact is, they dry slower and are more difficult to apply. They even cost more.
After saying all of these, I think the bottom line is this: the technology has changed so dramatically that the considered best paint option in most situations will be the latex. It may eventually become your only option.
Alkyd-Modified, Vinyl-Acrylic, or Acrylic?
So it is given that the most favored type of paint these days is the latex. Now, latex paints are not all the same. Note that although the first known latex paints were named after their synthetic “latex” rubber base, the synthetic rubber is not used anymore. So, now when you say “latex”, it refers to all water-borne paint. However, within that category, you have three choices: vinyl-acrylic, 100 percent acrylic, and alkyd-modified latex.
So, what is best option?
In the first place, the vinyl-acrylic latex is by far the least costly latex paint. But, this is considered appropriate for most interior walls as well as for shorter-durability exterior walls.
The well-known high performance interior paints on the other hand are 100 percent acrylic. Many have claimed that this kind of latex paint has better color retention, better adhesion, and in better gloss than vinyl-acrylic in the case of the enamels.
Finally, most of the high-quality exterior paints are either 100 percent acrylic or alkyd-modified latex. Both of these types are excellent though. However, if the siding was previously painted with an alkyd or is chalking, considering alkyd-modified latex is a nice move to take. It has been said that the alkyd-modified latex does an excellent job of penetrating and anchoring the coating on a chalky surface. But, many of the manufacturers these days consider the 100 percent acrylic as their best products.
“One-Coat Hiding” on the Label
When choosing the right paint, also look at the coverage, sometimes called “hiding”. For many experts, the “hiding” is another distinguishing property of a good paint. So, when a label says “one-coat hiding”, read the fine print. Be aware that an interior or exterior finish that is guaranteed one coat should cover in one coat when properly applied, without any exceptions. I guess it is quite obvious that one-coat hiding is a major label saver and well worth paying a premium to obtain.
There is one particular determining factor for good hiding – the level of titanium dioxide in the mixture. As often said, the more the paint contains titanium dioxide, the better the hiding. Today, most of flat paints use cheap fillers to attain high levels of hiding. The downside is that, the rest of their characteristics, such as scrubbability fall short.
The Scrubbability Rating
Interior paints have a scrubbability rating, which is formed through standardized testing. Basically, this is a good indicator of the toughness of the paint’s film, as well as its ability to withstand physical abuse. However, there are some instances that this rating may not be posted on the can. So if this is the case, a paint retailer should have information on the rating. What you can do is to compare the ratings and you will obtain a good idea of the quality of the paint.
If you are using a flat paint on the interior walls of your house, just note that there is a tendency that it can be washed, but it doesn’t take kindly to scrubbing. If you scrub it with a damp cloth, you will only remove the dirt or smudge but exposed pigments particles actually become burnished or polished, which in turn damages the finish. So, how to avoid this? Simply choose a high performance eggshell paint rather than flat paint.
The Paint’s Sheen
Paint may have any of the several lustres. From dull to shiny, the paint could be flat, eggshell, pearl, satin, semi-gloss, or gloss. Essentially, the paint’s lustre depends upon its mixture of pigment, resin and inert ingredients. It is often considered that the paint with les pigment and more resin is glossier than the reverse. Enamel is also a term that usually denotes an extra-smooth, hard surface coating, which is typically the result of using a lot of resin in the paint formula.
As a homeowner who wants to apply paint for home improvement, it is important for you to know that the glossier a finish, the more durable and washable it tends to be. Perhaps what is important for both exterior and interior walls is the use of flat paint, which is deemed great at hiding irregularities and surface imperfections. The pearl and eggshell paints are a compromise. As commonly noticed, they hide imperfections partially and are more washable than flat paints.
For painting the interior, many experts often recommend flat paint for ceilings, eggshell for walls and semi-gloss or gloss on doors and trim. On the other hand, the exterior calls for flat or satin wall paints and semi-gloss on trim.
Knowing Which Room
When considering painting for home improvement, it is always important to have an idea of how a particular room will be utilized. This is also very critical for choosing the right paint. In functional rooms like kitchen, baths and bedrooms, for example, you might want durability and easy maintenance first. In more decorative rooms, such as living rooms, master bedrooms or dining rooms, note that appearance is often the key factor. And, in a child’s room, safety is very critical. So, choose the right paint that suits best on every room.
Be Brand Conscious and Meticulous
So you’ve made a clear decision regarding the type of paint. The next thing to do now is to go with reputable brands. Of course, you need to tailor your choices to the project, but avoid wasting your time, effort and money on low-quality paint. There are a lot of significant differences between cheap and quality paints, and these differences are often seen in characteristics such as washability and hiding. There is also a possibility that you’ll find a more extensive color palette in the quality lines.
Lastly, always remember to check the warrantee on the label, which is a benchmarking device that typically provides you a fair measure of the differences between quality levels of different paints.
Estimating House Paint Quantity
So, you’ve learned a lot of about the types of paint, the quality, and some factors to consider when choosing the right paint. Now, let us figure out how much paint you will need for your home improvement project.
The first thing to do to identify the needed quantity of paint is to know the square footage of the area to be painted, as well as the spread rate of the paint. Note that the spread rate is typically about 400 square feet to the gallon. But, still check the can to be sure.
Home Improvement Tips for the Do-It-Yourselfers
Planning for a home remodeling? Want to do the project by yourself? Well, many of the home owners these days think or plan for a home improvement project by themselves, knowing that they can eliminate the labor expense and chop a project’s cost in half than hiring a contractor. In the first place, do-it-yourself activities are interesting and gratifying. When you do something from start to finish it is immensely satisfying to see the end product. However, engaging in a do-it-yourself task is sometimes tricky; especially if you are not a well-experienced do-it-yourselfer. As what most of the experts often say, there are some precautions that you must follow while undertaking home projects by yourself.
Here are few of the common safety tips for the do-it-yourselfers:
When working with some hazardous materials, it is best for you to wear protective clothing. There are some safety goggles and gloves that you can wear while doing the home improvement task.
Use a mask while working in dusty conditions, especially if you are sawing wood.
If you are considering house painting, keep the room well ventilated and never smoke.
If you are working with materials that provide off toxic fumes, it is always important to make sure that the room is airy and well-ventilated.
Employ good quality equipments while working. One thing to note here is to use the right tools for the job.
Speaking of tools, keep the tools in such a place that they are safe and that children and pets cannot reach.
If you are using knives, cut away from you. Using after them, keep them locked.
When fixing or checking electrical connections, it is much advisable to switch off the power and remove the fuse. And, since we are somehow dealing with electricity here, wear rubber shoes while working with electricity.
While fixing or examining electrical appliances, I think it is best to disconnect the appliance from the socket.
Every homeowner must keep a chemical fire extinguisher at home. Most of the experts often advice to avoid using water to put out a fire caused by electricity. For them, it is best to use a professional for electrical and gas work.
Employ a drill that has a plastic body, as it will not conduct electricity. Also, remove the plug from the socket while fitting parts. And, avoid wearing loose clothes or jewelry as they might entangled in the drill.
Check the ladders you are using. Note that ladders often cause a number of do-it-yourself accidents. So, before assembling a ladder, read the instructions carefully and assemble according to the manufacturer’s guidelines. It is always advised not to lean on one side as you may lose your balance while working.
Whatever the job on hand, it is critical that you plan out your work carefully. Make sure that you can do-it-yourself, otherwise hire a professional to do the tasks. Just consider your skills. Ask yourself if you really can take the job or not. Do not be in a hurry to complete the job. After all, this is not a race. It is then perhaps best to ask someone in your family or friends to help you out.
If the job you are about to perform involves the disposal of dangerous material, it is best to contact your local environmental health department for advice.
Now, after reading those tips, are you ready to start working with your home improvement plan by yourself? Why don’t you start working on your bathroom?
The Bathroom Revolution
A lot of homeowners start working on their home improvement projects in the bathroom to give their home a new look. Do-it-yourself improvements for a bath, in the first place, not only provide you your money’s worth. It helps you to make your bathroom terrific at the end of the effort.
Here are few of the common safety tips for the do-it-yourselfers:
When working with some hazardous materials, it is best for you to wear protective clothing. There are some safety goggles and gloves that you can wear while doing the home improvement task.
Use a mask while working in dusty conditions, especially if you are sawing wood.
If you are considering house painting, keep the room well ventilated and never smoke.
If you are working with materials that provide off toxic fumes, it is always important to make sure that the room is airy and well-ventilated.
Employ good quality equipments while working. One thing to note here is to use the right tools for the job.
Speaking of tools, keep the tools in such a place that they are safe and that children and pets cannot reach.
If you are using knives, cut away from you. Using after them, keep them locked.
When fixing or checking electrical connections, it is much advisable to switch off the power and remove the fuse. And, since we are somehow dealing with electricity here, wear rubber shoes while working with electricity.
While fixing or examining electrical appliances, I think it is best to disconnect the appliance from the socket.
Every homeowner must keep a chemical fire extinguisher at home. Most of the experts often advice to avoid using water to put out a fire caused by electricity. For them, it is best to use a professional for electrical and gas work.
Employ a drill that has a plastic body, as it will not conduct electricity. Also, remove the plug from the socket while fitting parts. And, avoid wearing loose clothes or jewelry as they might entangled in the drill.
Check the ladders you are using. Note that ladders often cause a number of do-it-yourself accidents. So, before assembling a ladder, read the instructions carefully and assemble according to the manufacturer’s guidelines. It is always advised not to lean on one side as you may lose your balance while working.
Whatever the job on hand, it is critical that you plan out your work carefully. Make sure that you can do-it-yourself, otherwise hire a professional to do the tasks. Just consider your skills. Ask yourself if you really can take the job or not. Do not be in a hurry to complete the job. After all, this is not a race. It is then perhaps best to ask someone in your family or friends to help you out.
If the job you are about to perform involves the disposal of dangerous material, it is best to contact your local environmental health department for advice.
Now, after reading those tips, are you ready to start working with your home improvement plan by yourself? Why don’t you start working on your bathroom?
The Bathroom Revolution
A lot of homeowners start working on their home improvement projects in the bathroom to give their home a new look. Do-it-yourself improvements for a bath, in the first place, not only provide you your money’s worth. It helps you to make your bathroom terrific at the end of the effort.
Getting a Home Mortgage
So, you're interested to get a mortgage for your dream house. In order to do this, there are some steps you need to get the right home mortgage for you.
The initial step is to order your credit report from the country's three major credit reporting agencies which are Equifax, TransUnion and Experian. Your credit report is very important in your home mortgage because this determines your ability to pay off the home mortgage you are applying for. Your credit report reflects how up to date you are on paying your credits, your outstanding balance and the amount of money you still owe. A good standing on your credit report assures the lenders that their risk in investing with you will assure them that they will get their money back and assures you that your home mortgage loan gets approval.
In relation to this, financial experts recommend that it is wise for you to check the credit reports once you have them for errors before submitting these to lenders. The reason for this is that, these errors can cost you thousands of dollars more in interest or it could deny you the home mortgage you are applying for.
The second step in taking a home mortgage is to know the current home mortgage rates. Mortgage rates fluctuate and looking at certain economic key indicators such as bonds and Treasury notes can help you decide if it feasible to go for a home mortgage now and can help you get interest savings.
The third step in taking a home mortgage is to decide which mortgage program is best for you. There are so many kinds of programs and loans that are available. These include government loans and non-governmental loans called conventional loans. It is best to be educated and knowledgeable about all these home mortgage options in order to get the best for your situation. Some things that you need to consider when you're in this stage are:
- the amount of money you have for down payment for your home mortgage
- the amount of monthly payment on your home mortgage you can afford without worry and with security
- the number of years you plan to stay on the house or with the home mortgage
- the importance of paying off the home mortgage early
- the ability and an objective to give extra principal payments and,
- your projection of your income's stability or its possibility to increase in order for you not to have difficulties in paying off your home mortgage in the future.
These should all be considered because remember, a home mortgage is a long period investment and requires huge amounts of money.
The fourth step is to check and compare interest rates among the various lenders. This is the most difficult part but this is where you can usually save off in interests when you are already in the middle of a home mortgage program. Be wary also of terms that different lending companies use that may be pointing to the same thing. Other companies might waive off some fees and then add another one, which might cost you more. Take time to know all the figures behind the names they use for the fees that they give.
The fifth step is to look at the whole home mortgage package. Aside from interests, you need to consider other factors in the package such as the type of mortgage, the type of down payment, the presence of prepayment penalties, lock-in period, mortgage insurance, payment schedule, and other features.
And lastly, when you have decided on the lender for your home mortgage, determine the required documents for your loan. These typically include a completely filled up Uniform Residential Loan Application and your credit report fee. Fees are usually collected when submitting a home mortgage applications. Some of which are application fee and appraisal fee. Other requirements and fees needed to be paid for your home mortgage application may vary from one lending institution to another.
The initial step is to order your credit report from the country's three major credit reporting agencies which are Equifax, TransUnion and Experian. Your credit report is very important in your home mortgage because this determines your ability to pay off the home mortgage you are applying for. Your credit report reflects how up to date you are on paying your credits, your outstanding balance and the amount of money you still owe. A good standing on your credit report assures the lenders that their risk in investing with you will assure them that they will get their money back and assures you that your home mortgage loan gets approval.
In relation to this, financial experts recommend that it is wise for you to check the credit reports once you have them for errors before submitting these to lenders. The reason for this is that, these errors can cost you thousands of dollars more in interest or it could deny you the home mortgage you are applying for.
The second step in taking a home mortgage is to know the current home mortgage rates. Mortgage rates fluctuate and looking at certain economic key indicators such as bonds and Treasury notes can help you decide if it feasible to go for a home mortgage now and can help you get interest savings.
The third step in taking a home mortgage is to decide which mortgage program is best for you. There are so many kinds of programs and loans that are available. These include government loans and non-governmental loans called conventional loans. It is best to be educated and knowledgeable about all these home mortgage options in order to get the best for your situation. Some things that you need to consider when you're in this stage are:
- the amount of money you have for down payment for your home mortgage
- the amount of monthly payment on your home mortgage you can afford without worry and with security
- the number of years you plan to stay on the house or with the home mortgage
- the importance of paying off the home mortgage early
- the ability and an objective to give extra principal payments and,
- your projection of your income's stability or its possibility to increase in order for you not to have difficulties in paying off your home mortgage in the future.
These should all be considered because remember, a home mortgage is a long period investment and requires huge amounts of money.
The fourth step is to check and compare interest rates among the various lenders. This is the most difficult part but this is where you can usually save off in interests when you are already in the middle of a home mortgage program. Be wary also of terms that different lending companies use that may be pointing to the same thing. Other companies might waive off some fees and then add another one, which might cost you more. Take time to know all the figures behind the names they use for the fees that they give.
The fifth step is to look at the whole home mortgage package. Aside from interests, you need to consider other factors in the package such as the type of mortgage, the type of down payment, the presence of prepayment penalties, lock-in period, mortgage insurance, payment schedule, and other features.
And lastly, when you have decided on the lender for your home mortgage, determine the required documents for your loan. These typically include a completely filled up Uniform Residential Loan Application and your credit report fee. Fees are usually collected when submitting a home mortgage applications. Some of which are application fee and appraisal fee. Other requirements and fees needed to be paid for your home mortgage application may vary from one lending institution to another.
Factors that Affect A Mortgage Loan
A mortgage loan is no small thing. It is a long period commitment that usually stays with you 15 to 30 years of your life. Because of this, so many important things have to be thought and planned about and so many factors will be decided whether you will get a mortgage loan or not.
These factors can be divided into two. The first one would be those that you need to think about before taking in a mortgage loan and the second would be the factors about you that lenders have to consider before approving your mortgage loan.
Let us first consider you.
Before you can choose the mortgage plan for you, you have to review your financial situation at present and project if your housing needs might change in the future wile you are still tied with your mortgage loan. You can ask yourself these questions to help you with this:
- How long do you think do you plan to stay in your house?
- Are there expectations for you financial income to increase over time which could allow you to pay more for your mortgage loan?
- What do you think are the significant expenses you might make in the future that could affect your capability of paying your monthly interest? College tuition fees, investing in small business plans, etc are examples of these.
The next step is to assess the level of risk you are ready and comfortable in taking. Remember that a mortgage loan takes a long time to close and you have obligations to pay for it seriously and constantly for that length of time. Decide on what mortgage rate you think you can work with. Adjustable rate is risky since interest rates change increasingly which is why it is best to project your income if it can increase over time should you take this. Fixed rate will always be safer because it is stable.
The third step is to determine the length of period you want to have the loan. Most terms are 15, 20 and 30 years. Usually, a shorter term means higher monthly payments. This is good for people whose incomes are higher than average and are stable. But, most average income people go for long term periods because aside from a smaller monthly bill that can fit their budgets, mortgage plans like this bring forth assurance to loaners.
The last step is to assess the closing costs of a mortgage loan and the lowest interest rate that you can get.
Now, let us consider the factors that might affect the approval of your mortgage loan from lenders. There are ten of these which are the following:
1. Credit report. The three major credit bureaus: Equifax, TransUnion and Experian provide your credit report. It is important to review these for errors because according to statistics, errors are present in 40 percent of credit reports. These errors can figure in your mortgage loan which would lead you to get higher interest rates or not get the mortgage loan at all.
2. Credit Cards. Lenders become suspicious when you apply for new credit cards or close current accounts when you are applying for loan mortgage.
3. Outstanding Credit. This figures much in the approval of your mortgage loan. Pay off all credits before applying for the loan.
4. Income. A steady income will give you plus points in securing a mortgage loan so it is recommended that you should avoid changing jobs or quitting your job before applying for a mortgage loan.
5. Available funds. Make sure that you do not make purchases that could consume your available funds before buying a home. Aside from a down payment, you have to consider other expenses such as closing costs.
6. Down payment A bigger down payment assures you of lower interest rates on the mortgage loan.
7. Interest rate. This determines how much you will have to pay each month. It is best to consider "lock-in" fees to guarantee yourself that you still get the advantage should interests rise in the market. Remember that interest rates continuously change.
8. Price Range. From your current financial assessment of your situation and by figuring out your debt-to-income ratio, determine the price of your home. A lender will not approve of a mortgage loan whose price you cannot meet.
9. Lender. Know your lender and inquire about the statistics concerning those mortgage loan applications they turned down and approved. According to financial experts, it is not a good sign if the lender denies 20 percent of those who applied for a mortgage loan.
10. Your honesty. Be honest when filling out all the information the lender requires from you to increase your loan approval. Beware that providing inaccurate information may backfire on you and no lender will be willing to work with you.
These factors can be divided into two. The first one would be those that you need to think about before taking in a mortgage loan and the second would be the factors about you that lenders have to consider before approving your mortgage loan.
Let us first consider you.
Before you can choose the mortgage plan for you, you have to review your financial situation at present and project if your housing needs might change in the future wile you are still tied with your mortgage loan. You can ask yourself these questions to help you with this:
- How long do you think do you plan to stay in your house?
- Are there expectations for you financial income to increase over time which could allow you to pay more for your mortgage loan?
- What do you think are the significant expenses you might make in the future that could affect your capability of paying your monthly interest? College tuition fees, investing in small business plans, etc are examples of these.
The next step is to assess the level of risk you are ready and comfortable in taking. Remember that a mortgage loan takes a long time to close and you have obligations to pay for it seriously and constantly for that length of time. Decide on what mortgage rate you think you can work with. Adjustable rate is risky since interest rates change increasingly which is why it is best to project your income if it can increase over time should you take this. Fixed rate will always be safer because it is stable.
The third step is to determine the length of period you want to have the loan. Most terms are 15, 20 and 30 years. Usually, a shorter term means higher monthly payments. This is good for people whose incomes are higher than average and are stable. But, most average income people go for long term periods because aside from a smaller monthly bill that can fit their budgets, mortgage plans like this bring forth assurance to loaners.
The last step is to assess the closing costs of a mortgage loan and the lowest interest rate that you can get.
Now, let us consider the factors that might affect the approval of your mortgage loan from lenders. There are ten of these which are the following:
1. Credit report. The three major credit bureaus: Equifax, TransUnion and Experian provide your credit report. It is important to review these for errors because according to statistics, errors are present in 40 percent of credit reports. These errors can figure in your mortgage loan which would lead you to get higher interest rates or not get the mortgage loan at all.
2. Credit Cards. Lenders become suspicious when you apply for new credit cards or close current accounts when you are applying for loan mortgage.
3. Outstanding Credit. This figures much in the approval of your mortgage loan. Pay off all credits before applying for the loan.
4. Income. A steady income will give you plus points in securing a mortgage loan so it is recommended that you should avoid changing jobs or quitting your job before applying for a mortgage loan.
5. Available funds. Make sure that you do not make purchases that could consume your available funds before buying a home. Aside from a down payment, you have to consider other expenses such as closing costs.
6. Down payment A bigger down payment assures you of lower interest rates on the mortgage loan.
7. Interest rate. This determines how much you will have to pay each month. It is best to consider "lock-in" fees to guarantee yourself that you still get the advantage should interests rise in the market. Remember that interest rates continuously change.
8. Price Range. From your current financial assessment of your situation and by figuring out your debt-to-income ratio, determine the price of your home. A lender will not approve of a mortgage loan whose price you cannot meet.
9. Lender. Know your lender and inquire about the statistics concerning those mortgage loan applications they turned down and approved. According to financial experts, it is not a good sign if the lender denies 20 percent of those who applied for a mortgage loan.
10. Your honesty. Be honest when filling out all the information the lender requires from you to increase your loan approval. Beware that providing inaccurate information may backfire on you and no lender will be willing to work with you.
Second Mortgage: A Loan Lovelier the Second Time Around?
Most average Americans are able to buy their own homes through a mortgage. And, while paying off the first mortgage, other needs for money arise for necessities such educational plans for the children, cash for improving the house, money for capitalizing on a small business or money to pay off personal debts. A second mortgage can even be used to pay off the first mortgage.
A second mortgage is usually based on the equity - your interest, as an owner, on your home based on the mortgage payments you have paid and the increased value of your home property.
Aside from it being a second to the first mortgage, a second mortgage is different from a first mortgage in terms of interest rates. A second mortgage usually has a higher interest and is usually paid in a shorter time. Aside from this, a single large payment called balloon payment is also made at the end of the paying period
Usually, refinancing is an alternative for second mortgage especially when interest rates are low because higher rates apply on second mortgages than on the first one. On the other hand, there are other features of a second mortgage which makes it more appealing than refinancing. This includes the looser contract guidelines which reduces the amount of time and effort to get that second mortgage. Apart from this, second mortgage may have lower transaction costs that can override the higher interest and which may also, in the long run, cost less than getting a refinancing.
Traditionally, a second mortgage has established repayment schedules and is offered as a fixed loan. But, at present, there are three options from which you can choose from. These are: the traditional second mortgage, a home equity loan and home equity line of credit. We will discuss the features of each briefly below
a. Second mortgage. This loan is ideal for situations where you need the money in lump form especially for home improvement. Second mortgage can be found as either fixed-rate or adjustable from 5 to 20 years but typically 15 years. Seventy five to eighty percent of the appraised value of the home is the loan limit for both merged loans.
In a second mortgage, interest rates are higher than that of the first mortgage especially if this is a fixed second mortgage. Adjustable second mortgage, on the other hand, have lower interests but have higher margins. Loans usually closed in two to three weeks and the amount to be paid during closing is usually two to three percent of the total loan amount. Requirements needed when applying for a second mortgage include home appraisal and credit check.
b. Home Equity Loan. A home equity loan is like the traditional second mortgage but is different in 2 ways. First, unlike second mortgage, this has lower interest rates and second, lenders can waive off closing costs. Most types of this loan being offered are adjustable in the market.
A home equity loan is typically used for home improvements and renovations just like a second mortgage and it can also be used to finance a business.
c. Home Equity Line of Credit. This type of loan is ideal for cases where there is a need for funds periodically such as for debt consolidation or for payments of college plans or tuition fees. Just like in a second mortgage, a credit check and a home appraisal is required before you can receive this type of loan.
The loan amount is usually seventy five to eighty percent of the home's appraised value and the interest is adjustable. Some lenders waive off closing costs but others could total up to $1,000 plus points.
A second mortgage is usually based on the equity - your interest, as an owner, on your home based on the mortgage payments you have paid and the increased value of your home property.
Aside from it being a second to the first mortgage, a second mortgage is different from a first mortgage in terms of interest rates. A second mortgage usually has a higher interest and is usually paid in a shorter time. Aside from this, a single large payment called balloon payment is also made at the end of the paying period
Usually, refinancing is an alternative for second mortgage especially when interest rates are low because higher rates apply on second mortgages than on the first one. On the other hand, there are other features of a second mortgage which makes it more appealing than refinancing. This includes the looser contract guidelines which reduces the amount of time and effort to get that second mortgage. Apart from this, second mortgage may have lower transaction costs that can override the higher interest and which may also, in the long run, cost less than getting a refinancing.
Traditionally, a second mortgage has established repayment schedules and is offered as a fixed loan. But, at present, there are three options from which you can choose from. These are: the traditional second mortgage, a home equity loan and home equity line of credit. We will discuss the features of each briefly below
a. Second mortgage. This loan is ideal for situations where you need the money in lump form especially for home improvement. Second mortgage can be found as either fixed-rate or adjustable from 5 to 20 years but typically 15 years. Seventy five to eighty percent of the appraised value of the home is the loan limit for both merged loans.
In a second mortgage, interest rates are higher than that of the first mortgage especially if this is a fixed second mortgage. Adjustable second mortgage, on the other hand, have lower interests but have higher margins. Loans usually closed in two to three weeks and the amount to be paid during closing is usually two to three percent of the total loan amount. Requirements needed when applying for a second mortgage include home appraisal and credit check.
b. Home Equity Loan. A home equity loan is like the traditional second mortgage but is different in 2 ways. First, unlike second mortgage, this has lower interest rates and second, lenders can waive off closing costs. Most types of this loan being offered are adjustable in the market.
A home equity loan is typically used for home improvements and renovations just like a second mortgage and it can also be used to finance a business.
c. Home Equity Line of Credit. This type of loan is ideal for cases where there is a need for funds periodically such as for debt consolidation or for payments of college plans or tuition fees. Just like in a second mortgage, a credit check and a home appraisal is required before you can receive this type of loan.
The loan amount is usually seventy five to eighty percent of the home's appraised value and the interest is adjustable. Some lenders waive off closing costs but others could total up to $1,000 plus points.
Getting Mortgage Refinancing
If you are one of those people who have difficulties paying your first mortgage and you are looking for options to help you with this, mortgage refinancing might just as well be the solution for you.
Mortgage Refinancing is what usually financial experts recommend leveraging mortgage rates. It is fundamentally paying off your first mortgage and getting a second mortgage. Most borrowers who for mortgage refinancing do so to have immediate equity on the mortgage and to change loan type. Other reasons include to take advantage of improved credit ratings. But, the most popular reasons for mortgage refinancing is to obtain lower interest in the mortgage to lower monthly payments.
Before you can get a mortgage refinancing, various information that were required in your first mortgage will again be asked from you such as your financial records and credit reports for you new loan report. The lender will require information about your debts and current assets, verification of your employment and your income, your financial accounts such as checking and savings and the title of your land. Lenders may also require you to submit an appraisal and the survey of the site where your home is constructed or will be constructed.
Information about your first mortgage such as your current monthly payments and outstanding mortgage balance will also be required by the lender before mortgage refinancing is approved. Aside from these, the status of insurance payments and property tax will also be considered. In cases where you are refinancing from another lender, original lender's contact information should also be submitted.
Of course, when you undergo mortgage refinancing, certain fees and costs are involved. Some fees that are originally paid during a mortgage closing out are paid during a refinance. Some of these are:
- Application fee
- title search
- title insurance fees
- appraisal costs
- prepayment penalties
- loan origination fee
- discount points
- and if applicable, legal service fees.
Some financial institutions offer negotiations on these. And others allow borrowers not to pay these costs but are expected to have a higher interest rate in their mortgage refinancing.
It all sounds easy enough but just as you did on your first mortgage, there are some things you need to consider before going for mortgage refinancing. Fannie Mae, a well-known stockholder owned company that provides guidelines for conforming mortgage loans provides these considerations you need to assess in yourself before considering mortgage refinancing:
- the length of time you think you'll stay in your house
- the number of years left to pay for the existing mortgage
- the ability to afford the costs involved and,
- the ability to save money while paying the loan
To further see the impact of mortgage refinancing to your financial plans and objectives, many mortgage calculators are available online. There are usually different variants of these depending on the type of mortgage refinancing that you want and need. Some calculators compute whether mortgage refinancing will lessen costs, while others are used for refinancing 2 mortgages. Another calculator can be used to study if mortgage refinancing of one mortgage into two mortgages can lessen costs while a calculator for borrowers enrolled in Adjustable Rate Mortgage who want to refinance in Flexible Rate Mortgage is also available.
Aside from self-assessment and mortgage calculators, it is also recommendable for you to ask advice on mortgage refinancing from your financial adviser and on the lending company where you had your first mortgage.
Mortgage Refinancing is what usually financial experts recommend leveraging mortgage rates. It is fundamentally paying off your first mortgage and getting a second mortgage. Most borrowers who for mortgage refinancing do so to have immediate equity on the mortgage and to change loan type. Other reasons include to take advantage of improved credit ratings. But, the most popular reasons for mortgage refinancing is to obtain lower interest in the mortgage to lower monthly payments.
Before you can get a mortgage refinancing, various information that were required in your first mortgage will again be asked from you such as your financial records and credit reports for you new loan report. The lender will require information about your debts and current assets, verification of your employment and your income, your financial accounts such as checking and savings and the title of your land. Lenders may also require you to submit an appraisal and the survey of the site where your home is constructed or will be constructed.
Information about your first mortgage such as your current monthly payments and outstanding mortgage balance will also be required by the lender before mortgage refinancing is approved. Aside from these, the status of insurance payments and property tax will also be considered. In cases where you are refinancing from another lender, original lender's contact information should also be submitted.
Of course, when you undergo mortgage refinancing, certain fees and costs are involved. Some fees that are originally paid during a mortgage closing out are paid during a refinance. Some of these are:
- Application fee
- title search
- title insurance fees
- appraisal costs
- prepayment penalties
- loan origination fee
- discount points
- and if applicable, legal service fees.
Some financial institutions offer negotiations on these. And others allow borrowers not to pay these costs but are expected to have a higher interest rate in their mortgage refinancing.
It all sounds easy enough but just as you did on your first mortgage, there are some things you need to consider before going for mortgage refinancing. Fannie Mae, a well-known stockholder owned company that provides guidelines for conforming mortgage loans provides these considerations you need to assess in yourself before considering mortgage refinancing:
- the length of time you think you'll stay in your house
- the number of years left to pay for the existing mortgage
- the ability to afford the costs involved and,
- the ability to save money while paying the loan
To further see the impact of mortgage refinancing to your financial plans and objectives, many mortgage calculators are available online. There are usually different variants of these depending on the type of mortgage refinancing that you want and need. Some calculators compute whether mortgage refinancing will lessen costs, while others are used for refinancing 2 mortgages. Another calculator can be used to study if mortgage refinancing of one mortgage into two mortgages can lessen costs while a calculator for borrowers enrolled in Adjustable Rate Mortgage who want to refinance in Flexible Rate Mortgage is also available.
Aside from self-assessment and mortgage calculators, it is also recommendable for you to ask advice on mortgage refinancing from your financial adviser and on the lending company where you had your first mortgage.
Getting a Good Mortgage Lead on the Internet
Sometimes, mortgage brokers often fall into prey on mortgage leads that could only waste their time, effort and money in trying to work it out. Some mortgage leads could be filled with data that is inaccurate, incomplete and not completely true. Some leads could not also be new or fresh and could have been handed out already to other mortgage brokers.
So, how do you figure out when to take a bite on an internet mortgage lead without any fear that you are wasting your time and effort working on it? Here are some guidelines to lessen your chances on not falling into any difficult or worthless mortgage lead:
The initial step is to check if the mortgage lead is fresh. When you say "fresh", the mortgage lead is supposed to be with you in real time, meaning instantly or within 48 hours from user request. Within the time, you receive it, is also best to act upon it while the user is interested. Oftentimes, clients become disinterested when the difference from the time they gave their interest and the time you respond increases.
Second is to check if the mortgage lead is accurate. A mortgage lead should contain all of the information below:
- the name of the applicant
- the co-applicant's name
- street address
- city
- state
- Zip code
- E-mail address
- Work phone
- Home phone
- Type of house
- Current value
- Purchase price
- Year purchased
- First mortgage balance
- Interest rate
- Type of Loan: Fixed or Adjustable
- Second Mortgage Balance
- Second Interest Rate
- Type of Second Loan: Fixed or Adjustable
- Monthly Payment on Second Mortgage
- Behind on Payments
- Number of Late Payments
- Credit Rating
- Employer
- Years There
- Income
- Monthly Debt
- Loan Type
- Ln Amount/Cashout Desired
- Call time
- Comments and Questions
Users sometimes send in inaccurate information about themselves. Some software are incorporated by mortgage lead generating companies to reduce erroneous data such as those which check area codes of the telephone numbers supplied by clients against the state they are calling from or those that check their employment companies from the data they enter. Although this software may exist, inaccuracy still poses some problems.
An indirect solution to this is to check on the mortgage lead generation companies and evaluate among them who has employed some guidelines in order to address inaccuracy. There are some pages in the Internet dedicated to this undertaking. Check out various mortgage lead websites and the reviews made about them. MortgageLeadGuide.Com offers a comparison and review of various Internet mortgage lead generation companies.
In their review, they've listed the various mortgage lead companies such as LeadBull.Com, Eleadz.Com, mLeads.Com, LeadStore.com and others. Next to each company name are their leading prices for exclusive leads, non exclusive leads and custom filters. The table also contains brief information about the companies and how they work. And, links to user reviews on the different mortgage lead generating companies are also provided.
The third and final step is to check if the mortgage lead is true. The best way to avoid bogus mortgage leads is to stay away from those that come from websites that offer incentives to clients. This incentives come in the form of points for discounts on purchases or are even given in the form of money for clients who fill out forms for a mortgage. You have to keep in mind that clients who really want a mortgage would not fall into this but rather seek out the company who could do the real work for them.
Following these steps can assure you that you will not fall into following worthless leads. But, you should also take note what other experienced brokers who have worked with internet mortgage lead generating companies recommend that expectations should not be high in closing a mortgage lead from the Internet. Their statistics for closing such deals is 8 to 14%. Also expect accuracy of data to always fall to 80%. And, if you are able to close 8% of these Internet mortgage leads, then you can consider yourself to be doing very well.
So, how do you figure out when to take a bite on an internet mortgage lead without any fear that you are wasting your time and effort working on it? Here are some guidelines to lessen your chances on not falling into any difficult or worthless mortgage lead:
The initial step is to check if the mortgage lead is fresh. When you say "fresh", the mortgage lead is supposed to be with you in real time, meaning instantly or within 48 hours from user request. Within the time, you receive it, is also best to act upon it while the user is interested. Oftentimes, clients become disinterested when the difference from the time they gave their interest and the time you respond increases.
Second is to check if the mortgage lead is accurate. A mortgage lead should contain all of the information below:
- the name of the applicant
- the co-applicant's name
- street address
- city
- state
- Zip code
- E-mail address
- Work phone
- Home phone
- Type of house
- Current value
- Purchase price
- Year purchased
- First mortgage balance
- Interest rate
- Type of Loan: Fixed or Adjustable
- Second Mortgage Balance
- Second Interest Rate
- Type of Second Loan: Fixed or Adjustable
- Monthly Payment on Second Mortgage
- Behind on Payments
- Number of Late Payments
- Credit Rating
- Employer
- Years There
- Income
- Monthly Debt
- Loan Type
- Ln Amount/Cashout Desired
- Call time
- Comments and Questions
Users sometimes send in inaccurate information about themselves. Some software are incorporated by mortgage lead generating companies to reduce erroneous data such as those which check area codes of the telephone numbers supplied by clients against the state they are calling from or those that check their employment companies from the data they enter. Although this software may exist, inaccuracy still poses some problems.
An indirect solution to this is to check on the mortgage lead generation companies and evaluate among them who has employed some guidelines in order to address inaccuracy. There are some pages in the Internet dedicated to this undertaking. Check out various mortgage lead websites and the reviews made about them. MortgageLeadGuide.Com offers a comparison and review of various Internet mortgage lead generation companies.
In their review, they've listed the various mortgage lead companies such as LeadBull.Com, Eleadz.Com, mLeads.Com, LeadStore.com and others. Next to each company name are their leading prices for exclusive leads, non exclusive leads and custom filters. The table also contains brief information about the companies and how they work. And, links to user reviews on the different mortgage lead generating companies are also provided.
The third and final step is to check if the mortgage lead is true. The best way to avoid bogus mortgage leads is to stay away from those that come from websites that offer incentives to clients. This incentives come in the form of points for discounts on purchases or are even given in the form of money for clients who fill out forms for a mortgage. You have to keep in mind that clients who really want a mortgage would not fall into this but rather seek out the company who could do the real work for them.
Following these steps can assure you that you will not fall into following worthless leads. But, you should also take note what other experienced brokers who have worked with internet mortgage lead generating companies recommend that expectations should not be high in closing a mortgage lead from the Internet. Their statistics for closing such deals is 8 to 14%. Also expect accuracy of data to always fall to 80%. And, if you are able to close 8% of these Internet mortgage leads, then you can consider yourself to be doing very well.
Getting a Good Mortgage Broker
Even veteran mortgage brokers agree that it is important nowadays for people who want to get mortgages and loans through brokers to get good ones. Most brokers who have been in the business twenty to forty years ago admit that the mortgage and loan scene at present times is far different from the one twenty to forty years ago.
Before, traditional mortgages come in fixed rate packages with the same price and the same length of paying period. Now, it's different. Leonard Wineburgh, a broker and president of Chicago-based Dwinn Shaffer & Co tells us why. Interviewed in a recent article in the National Real Estate Investor, he said that there were no prepayment penalties before because these weren't existing yet. Aside from this, he claims that there were only a handful of lenders to work with and searching for a loan was not as complex as it is now.
He also noted that loans today have different kinds of provisions that a mortgage broker must work with aside from documents such as appraisals, guidelines from Environment Protection Agency, engineering reports and other paper works that weren't available years ago. He said that loan business is very sophisticated nowadays.
Sophisticated and always changing, yes. Loan companies keep on churning out packages and programs that offer several options and choices in mortgages. Which is a good reason why borrowers should seek a good mortgage broker.
Another reason why a borrower needs a good mortgage broker is to spare him from headaches and other expenses. With work and families taking up our time, it's difficult to keep up with interests and rates that change as frequently as the weather aside from keeping track of lenders that could offer us the lowest and best deals.
These two facts are the reasons why a mortgage broker comes in. A mortgage broker could find the lowest rates easily for their clients with their access to numerous lending contacts. Aside from this, they can negotiate provisions that could be bothersome for us to do personally and find stop-gap financing should a traditional loan comes up with some problems. A mortgage broker can also ensure that the closing for the loan or mortgage comes on schedule following the contract.
But, before getting a mortgage broker, it is important to remember that a broker is not necessarily a good broker. Some deals can either make or break depending on the broker you choose. Here are some guidelines provided by MortgageFit.Com that can help you decide the broker who is right for you:
- The mortgage broker must be affiliated to many lending institutions and should be licensed.
- The mortgage broker should be working at a reputable institution. The name of the company could be checked at the Best Business Bureau or the Chamber of Commerce.
- The mortgage broker should provide you with the names and contact numbers of people who can be contacted for credibility check.
- The mortgage broker should ask you what you want on your loan. He must ask you questions rather than on giving you lots of facts. He should prioritize what you need and should come up with ways to fit this with various deals available in the industry.
- The mortgage broker should have with him various lists of deals that he can offer. This is a good quality because if not, you might get the best deal.
- The mortgage broker should be knowledgeable and competent with everything that concerns a mortgage or a loan.
- The mortgage broker should be paid on commission which will make him or her work harder for you.
- It is recommended that the mortgage broker should have a local branch near you for it to be accessible should there be any problems with your loan.
If you find a mortgage broker who has all these qualities, then you need not worry. You will be in safe hands while dealing with your mortgage.
Before, traditional mortgages come in fixed rate packages with the same price and the same length of paying period. Now, it's different. Leonard Wineburgh, a broker and president of Chicago-based Dwinn Shaffer & Co tells us why. Interviewed in a recent article in the National Real Estate Investor, he said that there were no prepayment penalties before because these weren't existing yet. Aside from this, he claims that there were only a handful of lenders to work with and searching for a loan was not as complex as it is now.
He also noted that loans today have different kinds of provisions that a mortgage broker must work with aside from documents such as appraisals, guidelines from Environment Protection Agency, engineering reports and other paper works that weren't available years ago. He said that loan business is very sophisticated nowadays.
Sophisticated and always changing, yes. Loan companies keep on churning out packages and programs that offer several options and choices in mortgages. Which is a good reason why borrowers should seek a good mortgage broker.
Another reason why a borrower needs a good mortgage broker is to spare him from headaches and other expenses. With work and families taking up our time, it's difficult to keep up with interests and rates that change as frequently as the weather aside from keeping track of lenders that could offer us the lowest and best deals.
These two facts are the reasons why a mortgage broker comes in. A mortgage broker could find the lowest rates easily for their clients with their access to numerous lending contacts. Aside from this, they can negotiate provisions that could be bothersome for us to do personally and find stop-gap financing should a traditional loan comes up with some problems. A mortgage broker can also ensure that the closing for the loan or mortgage comes on schedule following the contract.
But, before getting a mortgage broker, it is important to remember that a broker is not necessarily a good broker. Some deals can either make or break depending on the broker you choose. Here are some guidelines provided by MortgageFit.Com that can help you decide the broker who is right for you:
- The mortgage broker must be affiliated to many lending institutions and should be licensed.
- The mortgage broker should be working at a reputable institution. The name of the company could be checked at the Best Business Bureau or the Chamber of Commerce.
- The mortgage broker should provide you with the names and contact numbers of people who can be contacted for credibility check.
- The mortgage broker should ask you what you want on your loan. He must ask you questions rather than on giving you lots of facts. He should prioritize what you need and should come up with ways to fit this with various deals available in the industry.
- The mortgage broker should have with him various lists of deals that he can offer. This is a good quality because if not, you might get the best deal.
- The mortgage broker should be knowledgeable and competent with everything that concerns a mortgage or a loan.
- The mortgage broker should be paid on commission which will make him or her work harder for you.
- It is recommended that the mortgage broker should have a local branch near you for it to be accessible should there be any problems with your loan.
If you find a mortgage broker who has all these qualities, then you need not worry. You will be in safe hands while dealing with your mortgage.
Mortgage Calculator: Lose that Stress from Doing the Math Yourself
When considering a mortgage loan, knowing how much money you have and will have and how much you are willing to pay for the loan including the interest and principal is very, very important. To help you decide on projecting how much you will be paying bi-weekly or monthly, depending on the payment term you choose for the entire loan period of your mortgage, various mortgage calculators are available.
These mortgage calculators are categorized into 15 classifications depending on the type of mortgage you want and the terms in interests and principal you want to apply. These classifications for mortgage calculators are the following:
a. Mortgage calculator to determine a borrowers ability to afford a house. This type of calculator can be classified into two. There is a mortgage calculator that determines if a borrower can afford a house and mortgage calculator to help the borrower determine if it is better for him to make a small down payment or no down payment at all or save up first, then make a bigger down payment later on.
b. Mortgage calculator for consolidating non-mortgage debt. There are three types of calculators under these. The first one is used for borrowers who want to consider merging non-mortgage debt in their bought mortgage. The second type of mortgage calculator is for those who want to consider refinancing their mortgage by cash-out or by taking another mortgage. The third kind is for borrowers who already have 2 mortgages for a particular loan and are considering other options to help pay off the 1st mortgage.
c. Mortgage calculator to determine the monthly payments of their mortgage. The types of mortgage calculator to be used will depend on the terms you choose. There is a mortgage calculator for fixed rate mortgages, adjustable rate mortgages without negative amortizations, adjustable rate mortgages with negative amortizations, adjustable rate mortgages with flexible amortizations and mortgage payments with temporary buy downs.
d. Mortgage calculator to determine how much interest borrowers can save should he decide to pay an additional amount for the principal value during payment. The mortgage calculator varies depending on the number of payments a borrower is willing to give. These are extra monthly payments, bi-weekly payments applied monthly, bi-weekly payments applied bi-weekly and extra monthly payments to be paid in a specific period.
e. Mortgage calculator to determine if refinancing a mortgage will reduce its cost. This type of mortgage calculator can be applied to a borrower who wants to refinance a mortgage or 2 mortgages. Other calculators are used to determine if refinancing one mortgage into two can reduce costs while others are used to determine if cash-out refinancing is better than deciding to take on a second mortgage.
f. Mortgage calculator for determining the length of time borrowers have to pay insurance premiums applied to their mortgage.
g. Mortgage calculator to determine amortizations. There are 2 kinds of these. One determines the savings a borrower can have on his tax on the interests and the second mortgage calculator determines the appreciation of property being mortgaged.
h. Mortgage calculator to compare two mortgages. These are different types of calculators that compare the various mortgages that include amortizations and non-amortizations, government and non-government loans, fixed rate and adjustable interests.
i. Mortgage calculator to compute points and fees in a mortgage. The calculator is used to determine the rate of return of ARMs (Adjustable Rate Mortgages) and FRMs (Flexible Rate Mortgages) and the amount that can be saved or lost by using paying points for interest reduction on FRMs.
j. Mortgage calculator for determining amounts to be paid for a mortgage insurance and down payment and
k. Mortgage calculator to determine the feasibility of having a mortgage loan in a shorter term.
These mortgage calculators and other various mortgage calculators are available for use in the Internet. Companies such as Freddie Mac, Fannie May, Real-Time-Rates.Com and Mortgage-X have interactive pages in their websites where you can do your calculations online. Aside from these, other sites such as HSH Associates give free downloads of their loan calculators.
These mortgage calculators are categorized into 15 classifications depending on the type of mortgage you want and the terms in interests and principal you want to apply. These classifications for mortgage calculators are the following:
a. Mortgage calculator to determine a borrowers ability to afford a house. This type of calculator can be classified into two. There is a mortgage calculator that determines if a borrower can afford a house and mortgage calculator to help the borrower determine if it is better for him to make a small down payment or no down payment at all or save up first, then make a bigger down payment later on.
b. Mortgage calculator for consolidating non-mortgage debt. There are three types of calculators under these. The first one is used for borrowers who want to consider merging non-mortgage debt in their bought mortgage. The second type of mortgage calculator is for those who want to consider refinancing their mortgage by cash-out or by taking another mortgage. The third kind is for borrowers who already have 2 mortgages for a particular loan and are considering other options to help pay off the 1st mortgage.
c. Mortgage calculator to determine the monthly payments of their mortgage. The types of mortgage calculator to be used will depend on the terms you choose. There is a mortgage calculator for fixed rate mortgages, adjustable rate mortgages without negative amortizations, adjustable rate mortgages with negative amortizations, adjustable rate mortgages with flexible amortizations and mortgage payments with temporary buy downs.
d. Mortgage calculator to determine how much interest borrowers can save should he decide to pay an additional amount for the principal value during payment. The mortgage calculator varies depending on the number of payments a borrower is willing to give. These are extra monthly payments, bi-weekly payments applied monthly, bi-weekly payments applied bi-weekly and extra monthly payments to be paid in a specific period.
e. Mortgage calculator to determine if refinancing a mortgage will reduce its cost. This type of mortgage calculator can be applied to a borrower who wants to refinance a mortgage or 2 mortgages. Other calculators are used to determine if refinancing one mortgage into two can reduce costs while others are used to determine if cash-out refinancing is better than deciding to take on a second mortgage.
f. Mortgage calculator for determining the length of time borrowers have to pay insurance premiums applied to their mortgage.
g. Mortgage calculator to determine amortizations. There are 2 kinds of these. One determines the savings a borrower can have on his tax on the interests and the second mortgage calculator determines the appreciation of property being mortgaged.
h. Mortgage calculator to compare two mortgages. These are different types of calculators that compare the various mortgages that include amortizations and non-amortizations, government and non-government loans, fixed rate and adjustable interests.
i. Mortgage calculator to compute points and fees in a mortgage. The calculator is used to determine the rate of return of ARMs (Adjustable Rate Mortgages) and FRMs (Flexible Rate Mortgages) and the amount that can be saved or lost by using paying points for interest reduction on FRMs.
j. Mortgage calculator for determining amounts to be paid for a mortgage insurance and down payment and
k. Mortgage calculator to determine the feasibility of having a mortgage loan in a shorter term.
These mortgage calculators and other various mortgage calculators are available for use in the Internet. Companies such as Freddie Mac, Fannie May, Real-Time-Rates.Com and Mortgage-X have interactive pages in their websites where you can do your calculations online. Aside from these, other sites such as HSH Associates give free downloads of their loan calculators.
Your Mortgage Rate: What Influences It?
Most, if not all will agree that mortgage rate is the key factor mortgage borrowers look into before availing themselves of mortgages. Mortgage rate is defined as "the standard interest rate given by mortgage lenders" and "the rate of interest paid on the mortgage loan expressed as a percentage".
For Americans who want to get a mortgage, it is essential to know what are the mortgage rates that are applicable in a loan. This is very important because mortgage rate is the deciding factor that dictates the total amount of the mortgage plan and which makes a difference in various loans. Knowing the lowest and the best mortgage rate can help one save thousands of dollars in interests alone.
Aside from the various mortgage rates of lending companies in the US, the mortgage rate in the country varies depending also on the state where the borrower wants his house built.
Because of the key role mortgage rate can play with a loan, it is important for borrowers to find out the current mortgage rates before settling with a mortgage plan. Mortgage rates are seldom steady and it is difficult to determine if these will go down or up but there are certain economic indicators that can be used as point of references when the mortgage rate will be affected.
It has been noted that the rise and fall of bonds and Treasury notes has a direct relationship with interest rates that include mortgage rates. Knowing this relationship can help a borrower determine if getting a mortgage in a certain period of time is feasible for him financially. It will also help him get lower mortgage rate and help him save some costs.
Aside from all these, when one wants to obtain a mortgage, one must also understand that several factors affect the mortgage rate one will have from his loan. These factors that affect mortgage rate are:
a. Amount of loan. If the amount of loan exceeds the loan limits created by Freddie Mac and Fannie May for conforming loans, the mortgage rate increases.
b. The length of the loan. Shorter loans will mean a lower mortgage rate but higher monthly payments. Nevertheless, having shorter loans will assure you that you will be able to keep thousands of dollars later.
c. Down payment - A higher nonpayment greater than 20% - will give the borrower the best possible mortgage rate. Higher mortgage rate is applied to down payments of 5% or less
d. Closing costs. It is better if the borrower pays the closing cost than let the lender pay this. It is usually the case that borrowers, who don't want to pay all of the closing costs, get a higher mortgage rate applied to his loan.
e. Adjustable Rate. ARMs or Adjustable Rate Mortgages can give a borrower a lower mortgage rate on the start of the term but payments will also increase as mortgage rate increases over the next period of years.
f. Credit quality. If a borrower has a good credit standing, it usually follows that he gets approved for lower mortgage rate.
g. Income Level. Aside from good credit standing, borrowers who have monthly income that surpasses their monthly credit obligations are approved for lower mortgage rate. Borrowers with credit reports but have monthly incomes that barely cover their credit obligations will not be given the lowest available mortgage rate.
For Americans who want to get a mortgage, it is essential to know what are the mortgage rates that are applicable in a loan. This is very important because mortgage rate is the deciding factor that dictates the total amount of the mortgage plan and which makes a difference in various loans. Knowing the lowest and the best mortgage rate can help one save thousands of dollars in interests alone.
Aside from the various mortgage rates of lending companies in the US, the mortgage rate in the country varies depending also on the state where the borrower wants his house built.
Because of the key role mortgage rate can play with a loan, it is important for borrowers to find out the current mortgage rates before settling with a mortgage plan. Mortgage rates are seldom steady and it is difficult to determine if these will go down or up but there are certain economic indicators that can be used as point of references when the mortgage rate will be affected.
It has been noted that the rise and fall of bonds and Treasury notes has a direct relationship with interest rates that include mortgage rates. Knowing this relationship can help a borrower determine if getting a mortgage in a certain period of time is feasible for him financially. It will also help him get lower mortgage rate and help him save some costs.
Aside from all these, when one wants to obtain a mortgage, one must also understand that several factors affect the mortgage rate one will have from his loan. These factors that affect mortgage rate are:
a. Amount of loan. If the amount of loan exceeds the loan limits created by Freddie Mac and Fannie May for conforming loans, the mortgage rate increases.
b. The length of the loan. Shorter loans will mean a lower mortgage rate but higher monthly payments. Nevertheless, having shorter loans will assure you that you will be able to keep thousands of dollars later.
c. Down payment - A higher nonpayment greater than 20% - will give the borrower the best possible mortgage rate. Higher mortgage rate is applied to down payments of 5% or less
d. Closing costs. It is better if the borrower pays the closing cost than let the lender pay this. It is usually the case that borrowers, who don't want to pay all of the closing costs, get a higher mortgage rate applied to his loan.
e. Adjustable Rate. ARMs or Adjustable Rate Mortgages can give a borrower a lower mortgage rate on the start of the term but payments will also increase as mortgage rate increases over the next period of years.
f. Credit quality. If a borrower has a good credit standing, it usually follows that he gets approved for lower mortgage rate.
g. Income Level. Aside from good credit standing, borrowers who have monthly income that surpasses their monthly credit obligations are approved for lower mortgage rate. Borrowers with credit reports but have monthly incomes that barely cover their credit obligations will not be given the lowest available mortgage rate.
The Basics of Mortgage
Let's face it, not everyone has enough money on his bank account to buy a house. If you are an average American, chances are you need a mortgage loan.
There are many types of mortgages and these can be classified into 2 categories. These are conventional and governmental loans. Mortgages from both categories can be further categorized as fixed rate loans, adjustable rate loans and different hybrids or combinations from these mortgage loans.
The US government provides mortgages which can be found from three government departments. These are the US Department of Veterans Affairs (VA), US Department of Housing and Urban Development (HUD) and The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture. Aside from these, other mortgage plans for low cost to moderate housing plans are also available in different cities, states and counties. Most of these provide fixed rate mortgages and low interest rates.
Mortgage plans that are not included among these are under conventional mortgages. There are 2 kinds of mortgage under this category. These are conforming mortgage loans and non-conforming mortgage loans. Conforming mortgage loans follow the guidelines and conditions that were set up by 2 stock-holder owned corporations: Fannie Mae and Freddie Mac. These two companies purchase mortgage loans from lending institutions and package these into securities that are then sold to investors.
Both organizations set guidelines on down payments, suitable properties, loan amounts, borrower credit and income requirements on mortgages. And every year, loan limits for persons applying for their first mortgage are made known. To see their tables for loan limits, interest rates, and other information, visit the Fannie Mae (www.fanniemae.com) and Freddie Mac(www.freddiemac.com) websites.
There are also other mortgage loans available in the market. These non-conforming loans include: Jumbo loans and B/C loans. Jumbo mortgage loans are those that are above the maximum loan established by Freddie Mac and Fannie Mae. It is a kind of mortgage that has a higher interest than conforming loans because loans are acquired and bought in lower degree.
B/C mortgage loans, on the other hand, refer to plans that are offered to persons who have borrowed mortgage loans earlier but have filed for foreclosure and bankruptcy. This is also for borrowers who have had a record of late payments.
As mentioned earlier, conventional and governmental mortgages can be classified into fixed rate mortgage and adjustable mortgage. From the term "fixed rate", fixed rate mortgage loans are those whose monthly payments remain fixed over the period of the loan. There are so many kinds of these ranging from 10 - 30 years but the more popular terms for mortgage are 15 and 30. You should note that a shorter mortgage period assures you a smaller interest to pay.
If you want to avail of mortgage loans where monthly payments can change periodically, then you could choose a plan under adjustable rate mortgages. The interest in this type of mortgage loan changes depending on the type of index made to the interest rate. Some of these indexes include Constant Maturity Treasury (CMT), Prime Rate, Certificate of Deposit Index (CODI) , 12-Month Treasury Average (MTA), Cost of Savings Index (COSI), Certificates of Deposit (CD) Indexes, Treasury Bill (T-Bill), 11th District Cost of Funds Index (COFI), London Inter Bank Offering Rates (LIBOR) and Fannie Mae's Required Net Yield (RNY)
The Internet is a rich source for information on mortgage and so many companies offer online resources and services for those who want to avail of these loans. But before choosing the right type of mortgage there are some considerations you have to think about such that your mortgage plans will work out with your financial objectives. These are:
-The amount you can pay monthly for the mortgage
-How much you can pay for down payment
-How long you plan staying on the house
-Consider if you plan to make extra principal payments
-And since mortgages take over long periods of time to cover, it is also important that you consider the stability of your income.
There are many types of mortgages and these can be classified into 2 categories. These are conventional and governmental loans. Mortgages from both categories can be further categorized as fixed rate loans, adjustable rate loans and different hybrids or combinations from these mortgage loans.
The US government provides mortgages which can be found from three government departments. These are the US Department of Veterans Affairs (VA), US Department of Housing and Urban Development (HUD) and The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture. Aside from these, other mortgage plans for low cost to moderate housing plans are also available in different cities, states and counties. Most of these provide fixed rate mortgages and low interest rates.
Mortgage plans that are not included among these are under conventional mortgages. There are 2 kinds of mortgage under this category. These are conforming mortgage loans and non-conforming mortgage loans. Conforming mortgage loans follow the guidelines and conditions that were set up by 2 stock-holder owned corporations: Fannie Mae and Freddie Mac. These two companies purchase mortgage loans from lending institutions and package these into securities that are then sold to investors.
Both organizations set guidelines on down payments, suitable properties, loan amounts, borrower credit and income requirements on mortgages. And every year, loan limits for persons applying for their first mortgage are made known. To see their tables for loan limits, interest rates, and other information, visit the Fannie Mae (www.fanniemae.com) and Freddie Mac(www.freddiemac.com) websites.
There are also other mortgage loans available in the market. These non-conforming loans include: Jumbo loans and B/C loans. Jumbo mortgage loans are those that are above the maximum loan established by Freddie Mac and Fannie Mae. It is a kind of mortgage that has a higher interest than conforming loans because loans are acquired and bought in lower degree.
B/C mortgage loans, on the other hand, refer to plans that are offered to persons who have borrowed mortgage loans earlier but have filed for foreclosure and bankruptcy. This is also for borrowers who have had a record of late payments.
As mentioned earlier, conventional and governmental mortgages can be classified into fixed rate mortgage and adjustable mortgage. From the term "fixed rate", fixed rate mortgage loans are those whose monthly payments remain fixed over the period of the loan. There are so many kinds of these ranging from 10 - 30 years but the more popular terms for mortgage are 15 and 30. You should note that a shorter mortgage period assures you a smaller interest to pay.
If you want to avail of mortgage loans where monthly payments can change periodically, then you could choose a plan under adjustable rate mortgages. The interest in this type of mortgage loan changes depending on the type of index made to the interest rate. Some of these indexes include Constant Maturity Treasury (CMT), Prime Rate, Certificate of Deposit Index (CODI) , 12-Month Treasury Average (MTA), Cost of Savings Index (COSI), Certificates of Deposit (CD) Indexes, Treasury Bill (T-Bill), 11th District Cost of Funds Index (COFI), London Inter Bank Offering Rates (LIBOR) and Fannie Mae's Required Net Yield (RNY)
The Internet is a rich source for information on mortgage and so many companies offer online resources and services for those who want to avail of these loans. But before choosing the right type of mortgage there are some considerations you have to think about such that your mortgage plans will work out with your financial objectives. These are:
-The amount you can pay monthly for the mortgage
-How much you can pay for down payment
-How long you plan staying on the house
-Consider if you plan to make extra principal payments
-And since mortgages take over long periods of time to cover, it is also important that you consider the stability of your income.
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