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Here are five features that millennials look for when purchasing a home.

Privacy

Whether its a gated community, a building with security, or a backyard enveloped by trees, privacy is important.

Eco-friendly

By investing in sustainability, youre increasing the value of your home.

Smart Tech

Millennials see smart home technology as a way to save time while also delivering extra peace of mind.

Proximity to Nature

Whether theyre in the city or the suburbs, communities with walking, hiking and biking trails will speak to millennials.

Home Office

Having an office or designated workspace is conducive to their lifestyle, which mixes work and play more freely than past generations.

Published with permission from RISMedia.

For many couples, buying a house together is a dream. Things may not go smoothly in reality, though, if you and your partner have a stark difference in credit scores. Getting approved for a large enough mortgage with a relatively low interest rate could be a challenge.

How Different Credit Scores Could Make It Hard to Buy a House
Credit scores are based on several factors, including an individuals payment history, the number and type of accounts, the percentage of available credit used and the average age of the accounts. The three credit bureaus (Equifax, Experian and TransUnion) each report their own credit scores. A high credit score can help a mortgage applicant qualify for a competitive interest rate.

If you and a co-borrower submit a joint mortgage application, the lender will pull each of your credit reports and look at your median credit score along with your co-borrowers. The lower of the two scores is the one the lender will use to set your interest rate. If you or your partner has a credit score that is significantly lower than the other, a lender might quote you a much higher interest rate than it would have quoted if only the person with the higher credit score had applied for a mortgage.

How to Buy a House When One Partner has Bad Credit
If one of you has a low credit score that would force you to pay a higher interest rate, you might be able to qualify for a lower rate if the person with better credit applied for a mortgage alone. The lender would only consider that persons income when deciding how much money to loan you to buy a house. That may or may not prevent you from buying the home you wanted.

If one person took out a mortgage, you could put both of your names on the title so that you would jointly own the house, but only the person whose name was on the mortgage would be held responsible for repaying the loan. That could allow you to buy a home, but things could get messy if your relationship ends.

Consider Delaying a Home Purchase to Address Bad Credit
If you would not be able to get a large enough mortgage with only one persons income and you would have to apply jointly, you might be able to get a better interest rate if the person with bad credit worked on improving it. Paying bills on time and lowering credit card balances and credit utilization ratios could bump their credit score up enough to qualify for a lower interest rate.

You may have to put off buying a house for several months, or possibly a year or longer. That might be frustrating, but it could save you tens of thousands of dollars in interest over the life of the loan.

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There are few architectural movements that can compete with the American Craftsman when it comes to exuding a sense of character and coziness. Having emerged toward the end of the 19th century, this style has been in demand among homeowners for over a hundred years and certainly wont be going away any time soon. As the name would suggest, these homes emphasize quality and craftsmanship, which is why theyre particularly appreciated by those with an eye for detail. Here are several hallmark features that make the American Craftsman style so appealing.

Charming Faades
Often designed with overhanging eaves and large covered porches at the front entrance, a Craftsman home feels inviting before you even step inside. Low-pitched gable roofs and tapered columns give the faade unique curb appeal thats both low-key and classic. Plus, theres just something about a Craftsman-style home that looks especially in its element when surrounded by lots of trees and plantings, which makes them ideal for any landscape design enthusiasts.

Large Fireplaces
At the center of almost every Craftsman home is a fireplace that the family can gather around. Oftentimes, youll even find more than one throughout the house. A prominent red brick fireplace with wood cabinets on either side is a quintessential feature that contributes to the balance between cozy and refined.

Thoughtful Details
Perhaps most importantly are the small details that make a Craftsman home stand out, such as beamed ceilings, built-in bookshelves and wainscoting. While a large living room with a prominent fireplace makes for a grand entertaining space, there also tends to be more intimate sitting areas, like window seats and reading nooks.

Natural Materials
Of course, given the features found throughout the interiors, a Craftsman house generally showcases an extensive use of wood and stone. From the fireplace to the built-ins, natural materials are on full display, creating an ambience thats distinguished and welcoming.

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If a heavy rain came along and youre stuck gathering pots and towels, and scratching your head about the next steps, dont panic. While no one wants to deal with a leak in their roof, many homeowners will face a problematic roofing situation at some point. Knowing how to effectively deal with it can be the difference between a minor inconvenience and an extremely costly issue. Here are the steps to take if you find a leak in your roof.

Contain the Damage
Water moves quickly and leaves damaging dampness wherever it manages to spread. If you notice an area in your home that is leaking, its imperative to address that spot immediately. Simply wiping up any excess water, moving furniture or appliances out of the way and containing the leak with pots or pans, can prevent a lot of excess damage. While your roof and ceiling may be a headache, the last thing you want to deal with are issues caused by moisture on your other belongings or parts of your home.

Assess Where the Leak is Located
Your roof is simultaneously one of the most expensive fixtures and the most vital protector of your home. Even a minor leak can cause serious damage to the building itself, in the form of rot and mildew or dangerous electric malfunctions, as water is introduced to your wiring or appliances. If you are unable to make or schedule an immediate repair due to inclement weather, assessing where the leak is located can help you temporarily seal it. Even the simple action of tarping a trouble spot can mitigate damage during a heavy rainstorm.

Call a Professional
It is true that small leaks may be relatively easy to fix, but only expert advice can tell you whether you have larger issues at hand. While many areas of your home are easy and cost-effective to DIY, your roof is such an important investment that it is far better to opt for a professional. A skilled roofer can assess not only the initial damage, but the best and most cost-effective steps to prevent damage in the future. After all, regular inspections and preventative maintenance are key to keeping costs low.

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Refinancing your home loan could help you lower your interest rate and monthly payments. Lenders look at many factors, including the amount of equity an applicant has, to decide whether to approve a refinance and what terms to offer.

Conventional Mortgage Refinance
Conventional lenders set their own requirements when it comes to the amount of equity needed to refinance a mortgage. Its generally easier to qualify for a mortgage refinance if you have at least 20 percent equity, but some lenders will approve an application from a homeowner with less equity and charge higher fees and interest rates.

If you have less than 20 percent equity, youll most likely need to have private mortgage insurance, which may cost hundreds of dollars per month. Sometimes a lender will waive the PMI requirement if a borrower has less than 20 percent equity but has a track record of consistently paying bills on time.

If your house has declined in value since you bought it and you have less than 20 percent equity, you will have to pay for private mortgage insurance, unless your lender waives it. If you didnt have to purchase PMI initially but you would have to after refinancing, you might not save much money overall.

FHA Refinancing Options
The Federal Housing Administration has less stringent requirements than conventional lenders. It can approve a refinance even if you owe more than your home is worth. With a streamlined refinance, you cant get more than $500 cash at closing or add closing costs to the amount of the loan. Your mortgage insurance must be extended to the new loan. For other, non-streamlined FHA refinances, you can refinance up to 85 percent of your homes value. When refinancing through the FHA, you will always have to purchase mortgage insurance.

VA Mortgage Refinancing Program
The Department of Veterans Affairs has a streamlined refinancing process called the VA Interest Rate Reduction Refinance Loan that can be used to refinance an existing VA loan. IRRRL doesnt require an appraisal, credit underwriting or mortgage insurance, and any VA lender can process an application.

The VA limits the amount of liability it will assume for a loan. If you have high equity, good credit and money for a down payment, you may qualify for a higher loan amount and a lower interest rate. You may be able to include closing costs in the amount of the new loan, but cash back at closing is not an option.

Should You Refinance Your Mortgage?
The amount of equity you have will affect your ability to qualify for a loan and the terms that will come along with it. Discuss your options with several lenders so you can make an informed decision.

Published with permission from RISMedia.