Fixed-rate and adjustable-rate home loans are two of the most common mortgages used today. But what exactly are the differences? What are the advantages and disadvantages? And which one is right for you?
Like any homeowner, I want to use every square inch of home I pay for in my monthly mortgage. If there are mice, radon problems, pet smells left behind by previous occupants, or dampness issues, I’m unlikely to enjoy—if I even use at all—the space the basement offers. Now that I own a home that has a basement, Im learning to deal with all of these issues. Today though. I’ll only write about dealing with damp cellars.
To the uninitiated, "locking a loan" sounds pretty final-- fiercely so. But actually, you’re not locked into the deal (not just yet, anyway). It’s just a term that makes the process more secure on both ends. Look at this way: as your loan application is going through the process of approval, federal interest rates could fluctuate. But if your loan is locked at a rate offered by your lender/broker and accepted by you, that’s a promise: that rate will still be available to you for the period of time specified in the contract.
It's been a while since we posted a color of the week on the blog, so we thought we'd brighten up your Friday afternoon with teal! Teal is an eye-catching jewel tone, and often goes really well with gold, red, and mustard yellow.
To see all the colors that we've been pinning - including coral, mint, and lavender - check out our Color Schemes Pinterest board for inspiration!
Here are some of my favorite teal pins from this week:
For the past few weeks, we’ve been taking you through May’s market data on where the most home are selling for below asking, and where they’re not.
Inventory down, demand up, bidding wars and rising prices: That’s been the thrust of national news for real estate in the U.S. this summer. But that doesn’t mean buyer’s markets have ceased to exist on the local level, or that the chance to get a good price on a home while interest rates are so low has passed you by.
When the tenant of the house we just bought finally moved out, we got a look—for the first time—at the wood floors under the carpet. Hard wood, promised the seller. And I guess they were, at one point...some point long ago in history. Since then, they’ve been tarred, layered over with linoleum, layered over that with glue, stapled with plywood, and covered in laminate. Over that went the carpet. Getting down to the wood, we nearly broke every tool we have (we’ve since made many runs to Home Depot), including our fingernails.
What is a PMI? If you're trying to get qualified for a loan, you've heard those initials (among other mysterious terms of lending lingo) spoken, and most of the time everyone takes for granted that you understand them. But what do they mean, exactly? Put in the most simple terms, PMI stands for private mortgage insurance. From there though, things get more complicated. That insurance doesn’t do much to insure you personally; rather, it ensures that banks will get money back even if you default on your loan. PMIs come into play when the applicant can’t or doesn’t want to pay 20% down.