by Stacey Doyle on December 8, 2008 in Real Estate / Home Ownership
The do’s and don’ts of winterizing your home.
Now that the winter is on its way, it’s time to make sure that your living space can handle the season. Contractors know your concerns and may try to dupe you into costly updates you don’t really need. To avoid signing up with unscrupulous contractors who may bill you for unnecessary home services, let’s review these tips for winterizing your home.
Tips for Winterizing Your Home
Let’s get ready for winter!
DO work with qualified professionals when having work done to your house. If you’re handy, it will save you money to do the work yourself, but if you need expertise, make sure that you find reputable people to help you address your home requirements. These online services may be able to help you find the right help:
- Angie’s List is a site and online community where you’ll find thousands of unbiased reviews and reports of service companies. Service providers included in the site range from handymen to health service professionals. Join here!
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Service Magic is a site that focuses on connecting homeowners with prescreened service professionals. The site even has a specific category for “winterizing your home” and finding the right workers for this job. Join here!
- ReliableRemodeler is a contractor referral service. Once you submit a description of your project to the site, you’ll be matched with 4 local contractors; you’ll then receive free estimates. Join here!
DON’T forget to check with the Better Business Bureau on background information of the service providers you are considering for your winterizing job. Do your due diligence.
DO have your furnace and ducts inspected by a professional to ensure everything is working properly. Last minute furnace repairs can be very expensive, especially if the burner breaks down on a holiday.
DON’T get a new furnace or burner without getting a second opinion. In some instances, it may be sufficient to repair the old furnace or add insulation to keep your home warmer. We added insulation to our attic and pipes last year. This year, we are using about 1/3 less oil to heat our home!
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by Stacey Doyle on October 17, 2008 in Debt, Credit and Loans, Real Estate / Home Ownership
What can we do to survive this credit and mortgage crisis? Plenty.
Did you know that foreclosures were up by 79% in 2007 from the year before? Subprime loans, predatory lending and the housing bubble have all led to a financial crisis of global proportions today. So how can little people like us pull through this major mortgage crisis? Here are a few tips to help get our heads above water during this period:
Tips To Survive The Mortgage Crisis
1. Pay The Mortgage Off First
Let’s start with prioritizing how we pay our bills. Here’s the order in which I pay my bills:
- Monthly mortgage first!
- Groceries, electricity, heat and primary utilities
- Phones, cable and internet, and less important utilities
- Insurance premiums — they need to be up to date to protect our assets
- Car loan and credit cards
While some bills may remain unpaid causing a major impact on your credit rating, losing your home is the ultimate problem and should be your biggest concern. Remember that paying the mortgage on time keeps a roof over your head so it should always be a top priority.
2. Cut Costs And Tighten Your Belt
Now is not the time to purchase designer handbags, new cars or go on that luxury vacation unless you are completely financially secure. Historically speaking, the economy is likely to get worse before it gets better, so it’s best to stay financially conservative and save the money we have by putting away our credit cards (at least, for the time being). Some suggestions? Rent movies and cook dinner at home instead of going out on Friday nights. Try to focus on covering your basic expenses and maintaining the best possible credit rating.
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by Stacey Doyle on October 2, 2008 in Real Estate / Home Ownership
Let this mortgage loan guide help you as you work on your home financing options.
Dealing with the real estate market has felt like a roller coaster ride lately. From the housing bubble that burst to the government takeover of Fannie Mae and Freddie Mac, something unpredictable is always going on. In this confusing market, it helps to understand the basics of home financing.
Start Out With Mortgage Loan Basics
Knowledge is power. Before you apply for a loan, it’s a great idea to gather some key information that will be needed for the financing process:
1. Find out your current credit rating, otherwise known as your FICO score, because lenders certainly will. A poor credit history usually means higher interest rates, or the possibility that you may not even qualify for a loan. If your credit isn’t stellar, then take time to improve your credit score or shop around for a reputable lender specializing in difficult credit situations.
2. Figure out how much you can afford to borrow. Develop a home buying budget. A mortgage payment should not exceed one-third of your monthly income because you have to pay for utilities, homeowners insurance, taxes, home repairs and other everyday expenses. Many online lenders and financial sites have loan calculators to help you figure out what you can borrow.
3. Determine the cost of borrowing money. Be aware of the current Annual Percentage Rate (APR) to get the most competitive rates. Carefully review terms, fees and rates before committing to the loan.
The Pros and Cons of Different Mortgage Loans
Fixed Rate Mortgages (FRM)
Do you dislike surprises? If you prefer a predictable monthly budget, a fixed rate mortgage is the perfect loan. You pay the same interest rate for the term of the loan: the loan interest and principal never changes. With a FRM, you never have to worry about your monthly payment fluctuating along with market changes.
Tip: If you want to pay off your loan more quickly, you can take out a 15 year FRM. For lower monthly payments with the same predictability, take out a 30 year FRM.
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