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Most conventional lenders require private mortgage insurance for borrowers who put down less than 20 percent of the homes value. PMI is a form of insurance that protects lenders from financial losses if a homeowner defaults on a mortgage. PMI can increase the cost of homeownership by several hundred dollars per month, but there are some ways to avoid the additional expense.

You May Be Able to Get Around PMI With a Conventional Mortgage
If you cant put down 20 percent, you may be able to take out a second mortgage or a home equity loan at the same time that you take out your first mortgage. If no individual mortgage is for more than 80 percent of the homes purchase price, you wont have to purchase PMI.

You may also qualify for lender-paid mortgage insurance (LPMI). The cost would be factored into the interest rate over the life of the mortgage, so you would have a higher interest rate than you would if you purchased PMI yourself. LPMI must be paid for over the entire loan term.

You Could Cancel PMI for a Conventional Loan Later
Private mortgage insurance is required for homebuyers who have put down or paid off less than 20 percent of their homes value. Once you reach 20 percent equity, you will be able to ask to have your private mortgage insurance canceled. If you dont make that request when you reach 20 percent equity, the lender should automatically cancel the PMI when you have 22 percent equity.

After you have paid your mortgage for a few years, you may be able to refinance and switch to a new loan. That might eliminate PMI, but you would have to pay fees and closing costs.

Some Lenders Dont Require PMI
You may be able to get a mortgage through a conventional lender that doesnt require private mortgage insurance. If you do, the company may charge you a higher interest rate than a lender that requires PMI.

If you qualify for a loan through a government agency, such as the Department of Veterans Affairs, you may be able to avoid PMI. Federal Housing Administration loans require mortgage insurance, often at rates that are lower than the costs for PMI on a conventional loan. The downside is that you would not be able to cancel FHA private mortgage insurance unless you refinanced the loan.

Weigh Your Options
How much you might have to pay for private mortgage insurance would depend on many factors, including your loan-to-value ratio and credit score. Although most conventional lenders require private mortgage insurance, some dont. You might also qualify for a government loan without PMI. In many cases, you could wind up paying more in the long run without PMI due to a higher interest rate or mortgage insurance payments over a longer period of time. Research several types of loans and compare costs to figure out which would be the best solution for you.

Published with permission from RISMedia.

Appeal to the health-conscious homebuyer with these five features…

Air Purifier

Air purifiers can protect from bacteria and viruses, as well as increase air quality.

Water Filter

Filtration systems remove contaminants and soften water – this means drinkable water from every tap, as well as healthier skin and smoother hair when bathing.

Fitness & Wellness Area

A fitness area makes it easy to incorporate a workout into the day, and a wellness area is always an added bonus.

Clean Products & Materials

Clean building materials and non-toxic products help maintain the well-being of homeowners.

Proximity to Nature

Neighborhoods with biking and walking trails will draw homebuyers who like to be active.

Published with permission from RISMedia.

Your front porch is your homes calling card, setting the stage for presenting the rest of your house in its best light, and creating a memorable welcome for visitors. Thats why choosing the right decor and, more importantly, the right paint color is a critical step.

According to interior design experts, the best place to start when selecting a front porch paint color is by evaluating your landscaping, looking for colors that complement your grass, trees, shrubs and flowers. Also take into consideration any architectural elements that will come into play, such as brick, stonework, metal gutters and roof details. Any color you choose needs to work well with these various fixed elements.

Color experts also advise taking into consideration your homes exposure. For example, a front porch with southern exposure would be better suited to paler shades of paint, while the lighting from a northern exposure accentuates the cooler tones in a color.

Here are some suggested paint colors to consider:

A muted shade of green will tie into the greenery surrounding your home to create a pleasing cohesive look, without detracting from your landscaping.

A deep blue paint will bring a sleek sense of style to your front porch, making your home stand out from the street.

A warm blue will help offset a stand-out yard and garden. Look for colors that are reminiscent of summer skies.

An off-white shade is always dependable and brings a crisp, fresh look to your home. Look for a warm but neutral hue that blends nicely with your homes overall exterior.

A silver shade of grey brings a sophisticated look to your front porch and helps highlight its architectural features. It also works well with just about any exterior color.

Source: Martha Stewart

Published with permission from RISMedia.

Whether youre planning to completely remodel your kitchen or want to give it a new look without making a major financial investment, flooring tile is one of the most important elements. The floor is one of the first things that guests notice when they come to visit and it typically experiences significant foot traffic on a daily basis. Choosing kitchen tiles can feel overwhelming since there are so many materials, colors and design options available. Here are some things to consider when making a selection.

Think About Your Familys Needs and Your Budget
The prices for kitchen tile vary widely. Before you start fixating on a specific design or type of tile, set a budget for materials and installation so you can focus your attention on realistic options.

Kitchen floor tile can be made from a variety of materials. Choose one with your familys lifestyle in mind. Porcelain tile is harder and denser than ceramic and is also less porous. Glazed porcelain is more slippery and scratches more easily than non-glazed porcelain. Ceramic tile is softer, more porous and easier to install and clean than porcelain. If you use the kitchen a lot for cooking, eating and socializing, or if you have kids or pets, choose a durable tile that will not crack easily. Clay, limestone and quarry tile are good options.

Be sure to choose tile that is intended to be used for flooring. It will have a slightly raised or textured surface to provide traction. Tile designed for counters and walls is smoother and too slippery to use on a floor. It also may not be durable enough for daily foot traffic.

Think about the color and style of your kitchen cabinets. Choose floor tiles that will complement the cabinets and give the kitchen a cohesive appearance.

Choose tile that will be easy to clean and that will resist stains. A darker color may do a better job of hiding dirt and stains, but it may also make the kitchen look smaller. Some tiles may need to be cleaned with a specific product. Ask about cleaning requirements before you make a choice.

Kitchen tile comes in many sizes. Choose a size that is appropriate for the dimensions and layout of your kitchen.

Get Professional Advice
Homeowners are often shocked by the number of options available when it comes to kitchen flooring tile and confused by the differences between them. Since the kitchen is typically the room that is used the most, you should talk to a flooring professional so you can make an informed decision. If you plan to redo the kitchen floor yourself, measure the room at least twice so you order the right amount of tile. Make sure that you have the appropriate tools for the job and follow the manufacturers instructions carefully.

Published with permission from RISMedia.

Design a library that will give your abode major appeal with these tips.

Identify the Style

Determine the look that youre going for. Is it a moody traditional look or an eclectic modern one?

Consider the Functionality

If your library will function as a home office, include space for a desk and keep the overall ambiance in mind.

Built-in Bookcases

Consider the size of your book collection and if youll be using the shelves to display artwork or other objects.

Comfortable Seating

Whether its a chaise lounge or plush leather chairs, the furniture should be comfortable and sophisticated.

Thoughtful Lighting

Recessed lighting is best for reading, whereas wall sconces can contribute to the ambiance.

Published with permission from RISMedia.