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A property tax bill is easy enough to get. Local governments typically assess property tax and send homeowners a bill in the mail. Paying the tax, and saving for it, are the hard parts.

The amount of the tax is largely based on where the property is and how much its worth. They can easily be thousands of dollars and can usually be paid in two installments over one year.

There are a few ways to save for the average property tax bill in the U.S. One of the easiest is to spread the payment out over 12 months with your monthly mortgage payment. This is called an escrow account, where the money is held and automatically paid to your tax collector. Homeowners insurance payments can also be paid into an escrow account, and by paying both bills on time, youll avoid penalties.

One possible drawback to this is that if youre not paying enough to your lender to cover the entire property tax bill, the financial institution will still pay your tax bill in full on your behalf and send you a notice of the shortfall. You may be required to pay it all at once, or the shortfall amount may be spread over the next year. Some banks may charge interest and fees to do this.

If the opposite happens and too much money is collected in the escrow account for taxes, the bank may send you a refund or lower your tax payment for the coming year.

Another option is to set up a separate savings account yourself and deposit money for your property taxes automatically each month. This allows you to keep your money as long as possible until the taxes are due and collect interest on your money before paying the bill.

If youd rather avoid that step, but still want to make monthly payments, some cities allow homeowners to pay their property taxes monthly so that they arent faced with one large bill.

You could set up a pre-authorized payment to your municipality to deduct money from your bank account on a set day each month. It then holds the money and pays your property tax bill on the due date.

However you decide to save money to pay property taxes, be sure to pay the bill on time. If you dont, it could result in payment penalties. In the worst-case scenario, a lien could be placed on your home if you dont pay your property taxes.

This article is intended for informational purposes only and should not be construed as professional advice.

Published with permission from RISMedia.

Buying a new home is an exciting experience, especially when it’s your very first home purchase. In the midst of the excitement and celebration, there are some steps you shouldnt ignore. Now is the time to get your ducks in a row to ensure that your first year of homeownership goes as smoothly as possible.

Embrace Your Inner Handyman
Learning as much about home maintenance and DIY projects as you can will serve you well when beginning your journey into homeownership. Find a local hardware store and see what classes they offer. Many hardware stores offer workshops on everything from painting walls to installing a kitchen backsplash. Make it a priority to hone your general handiness around the home so that when you are presented with an urgent required repair, youll know what to do.

Hold Off on Big Personalization Projects
Owning your first home can be such an exciting experience, and if you were previously renting, it can be very tempting to jump headfirst into a big personalization project. However, since you just invested a large chunk of change to cover a down payment, closing costs and moving expenses, it can be more prudent to save your remaining funds to cover any emergencies and replenish your savings. In the meantime, you can make further plans for your dream renovations.

Update Your Insurance Policies
Your mortgage lender will require that you get homeowners insurance. However, homeowners insurance isnt the only thing that you need to be concerned about when it comes to updating your policies. Having a home and a mortgage means that you”and your partner, if you purchase a home jointly”are responsible for a very large sum, regardless of health. If you share your home with anyone who relies on your income to pay the mortgage, you’ll need life insurance that names that person as the beneficiary so that they will be able to afford the home if you die suddenly. Similarly, you’ll want to have disability-income insurance to replace your income in the event of a disabling event.

Becoming a homeowner is an exciting transition, but it does come with its share of obstacles and tasks. Ensure that you start out your homeownership on good footing by following these tips.

Published with permission from RISMedia.

If youve ever felt like a room in your home needs a little extra energy, an accent wall just might be the perfect solution. By having one wall stand out from the rest of the room, it provides exciting visual appeal that draws the eye and leaves a lasting impression while breaking the monotony. Here are a few exciting ways you can create an accent wall in your home.

Fabric Wall Covering
By introducing a plush fabric, like silk or mohair, to one wall, you can instantly give any room a unique aesthetic while creating a luxurious look. Even a more traditional option, such as a neutral-toned linen wall covering, can provide a distinguished feel without being too flashy. Using a textured surface like fabric can help to warm a room up or add depth, depending on what you hope to achieve.

Exposed Brick
Whether youre in the city or the countryside, an exposed brick wall evokes a sense of character in practically any setting. While it might be more commonly associated with industrial chic- and bohemian-style lofts, theres no reason why you cant mix it up in a traditional residence with a red brick wall. If you feel like that might be too much, another option is to paint the brick white and let it blend in a little bit.

Wallpaper
There are tons of great choices for high-end wallpaper that can easily transform a room into an entirely new space. From mesmerizing floral patterns to classic prints, the right wallpaper will bring a room to life while supplementing the existing color scheme. And if you find the perfect one, you might just want to go ahead and cover the entire room with it.

Bold Paint
Of course, the most common way to create an accent wall is simply by painting one wall an exciting color that complements the rest of the room. It doesnt necessarily have to be a vibrant shade of yellow or orange, however. A dark, moody blue, for example, can make an equally powerful design statement that everyone is sure to take note of.

Published with permission from RISMedia.

Getting pre-approved for a mortgage can be complicated and time-consuming. If youre planning to buy a house, you might not want to go through that process again and again with numerous lenders, but you should. It could pay off in the form of significant savings over the life of your loan.

Reasons to Request Several Quotes
Lenders offer mortgages with a variety of terms. Mortgage points, also known as discount points, are fees that you can pay upfront to lower your interest rate and save money each month. The mortgage points, as well as interest rates and fees, all vary by lender, often substantially. Borrowers who shop around typically save thousands of dollars. The more quotes you get, the more information youll have to help you make a decision.

Getting multiple quotes can also give you leverage to help you negotiate. If one lender makes an attractive offer, but with a higher interest rate and/or fees than a competitor, your preferred lender may be willing to match the other companys offer.

When and How to Apply for Mortgage Quotes
To complete the pre-approval process, each lender will take a careful look at your employment, income, debts and credit history to decide whether it would be willing to loan you money and, if so, how much and under what terms. Mortgage interest rates change frequently, so its important to conduct your research within a relatively short period of time, choose a lender and act quickly.

A mortgage broker can make it easy to apply for mortgage pre-approval from several lenders. You can give a broker your information once so he or she can submit a series of applications on your behalf. Another option is to contact lenders yourself, either online or by phone, and request quotes.

Would Shopping Around Hurt Your Credit Score?
A hard inquiry, or a credit check that a company makes to decide whether to loan you money, can have a small negative effect on your credit score. If you shop around for a mortgage or auto loan and get quotes from several lenders, however, those will be treated as one event and will only impact your score once.

The two largest companies that design credit-scoring systems are FICO and VantageScore. FICO treats multiple hard inquiries for a mortgage as one event if they occur in a 45-day period, and VantageScore treats them as one event in a two-week period.

Compare Lenders to Save Money on Your New Home
Many home shoppers dont request multiple mortgage quotes, either because they dont realize how much money they could save or because they feel overwhelmed by the thought of contacting several lenders and comparing numerous sets of facts and figures. Its an important step that can yield substantial savings and is worth the relatively small amount of time that would be required. Request quotes from several types of lenders, including banks, credit unions and online institutions, so you can get the best deal possible.

Published with permission from RISMedia.

It never seems to fail that kids acquire more toys than parents can keep up with. While it can be good to cull through toys once-in-a-while to prevent against excess that causes clutter, there is a lot to be said for good toy storage practices. Great toy storage solutions can ensure that your children can access their favorite toys without creating a mess too big for them to handle. These savvy solutions may be just what your home–and your children–need to keep toys and books cared for and contained.

Pegboard Organizer
Keeping toys out of the way but still easy to access is always a challenge. Pegboards are the perfect solution to this issue. Toys can be in view at all times but hung up utilizing vertical space. This is an excellent solution for kids of any age, since its so easy to put items back after use. Hang up nerf guns and swords, badminton rackets, art supplies and more!

Picture Ledges
Not just for pictures, these slim shelves serve as the perfect option to display illustrated childrens books. Lean books against the wall on the shelf to make them accessible for the youngest members of your household while adding a whimsical and artistic display to any bedroom or toy room.

Multi-Use Cubby Shelves
Cubby shelves are go-to options for toy storage for many households. Far superior to the traditional toy box, they allow toys to be grouped with like items. This means your child wont take out every toy they own to get to the last piece of their favorite set that happens to be sitting at the bottom of the toy bin. Cubby shelves with multiple uses are even more ideal than their predecessors. Cubby shelf benches are perfect for walkways, toy rooms and bedrooms, and desk options are ideal for school-aged children.

Lidded Rope Or Jute Baskets
Lidded baskets are an excellent way to keep your childs favorite toys in living areas without losing an adult aesthetic. Rope or jute baskets have a modern and minimalist style that heightens any room (even if the baskets are secretly housing your childrens collection of stuffed animals).

Toy storage is a challenge that most parents must navigate in some way. These toy storage options can help you maximize your space and keep your home organized, all without sacrificing fun in the process.

Published with permission from RISMedia.