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If you own a house and you recently got married or are planning to soon, you and your new spouse may want to share the cost of the mortgage. You might think that you can simply contact your lender and add your spouses name to the mortgage, but the process is actually more complicated than that.

Why Youll Need to Refinance Your Mortgage to Add Your Spouses Name
Any time a change is made to an existing mortgage, a refinancing process is required. Before the lender agrees to add your spouses name to the loan, the company will want to make sure that the two of you will be able to repay the loan. That means you and your new spouse will need to demonstrate that youre both creditworthy.

How the Process Works
Before you try to make any changes to the mortgage, your spouse should request copies of his or her credit reports, check them for errors and dispute any inaccurate information. Then you can contact your lender and explain that you want to add your spouse to the mortgage.

Youll have to fill out an application and submit documentation showing both your incomes and assets. The lender will consider that information, as well as how much home equity you currently have and the type of loan, to decide whether to refinance the mortgage.

Whether you stick with your current lender or apply for a mortgage from a different company, you arent guaranteed an approval just because you were granted a loan in the past. If a lender approves the application, any future mortgage statements will include both your and your spouses names.

Potential Problems
Whenever a mortgage is refinanced, the homeowner(s) have to pay for an appraisal and closing costs. Those could total thousands of dollars that you might not have been expecting to pay.

If your spouse has a low credit score because of high credit card balances, late or missed payments, bankruptcy, or foreclosure, the mortgage application could be rejected. The lender might decide to approve the application but charge a higher interest rate than you had for the initial loan, which could raise your monthly payments. Refinancing the mortgage could also change the payoff date.

Is Adding Your Spouses Name to Your Mortgage the Right Move, Right Now?
When planning a life with your new spouse, its natural to want to share expenses, but things can be complicated if you have different financial circumstances. Before you add your spouses name to your mortgage, make sure you understand how his or her financial situation could affect the terms of the loan. If your spouse has bad credit, it might be a good idea to wait until he or she has had time to bring up the scores before you seek a joint mortgage.

Published with permission from RISMedia.

Homeowners insurance will protect you if your home is damaged by a storm, fire, theft or vandalism, or if an accident results in injuries. Your coverage and rates are based on the value of your home and its contents and the level of risk, but those variables can change over time. You should periodically review your homeowners insurance policy to make sure you have the right coverage.

When Your Policy Is up for Renewal
If your insurance renewal date is approaching, you should receive a letter detailing your current coverage limits and future premiums. Before you agree to the terms, review the document and figure out if your existing coverage is still adequate for your needs. If the company has made changes to its policies, see how they will affect your coverage and premiums. If your rates are higher than youd like, you might want to switch to a higher deductible or look for a less expensive policy with a different insurer.

When You Make Changes to Your Home or Belongings
If you make major home improvements, be sure that your insurance company knows. A new room, deck or shed can affect your coverage needs and rates. If you install a pool, youll need to have high liability coverage in case theres a serious accident. Some companies dont cover trampolines or deny homeowners insurance coverage altogether when one is involved.

On the other hand, upgrades that make your home safer may lower your rates. If youve installed a security system, sprinklers or other safety features, you may qualify for discounts.

Your coverage for property is based on the total value of belongings in the house. If you recently bought something expensive, or if you received something of value as a gift or inheritance, you may need to adjust your coverage or get a floater or endorsement to cover those items. If someone recently moved in with you, you may need to increase your coverage to include the value of that persons possessions.

When Your Family or Lifestyle Changes
Marriage, divorce, the birth or adoption of a child, or a family member moving in or out, can all affect your coverage needs. If youve recently experienced any of these events or anticipate them, contact your insurance company to discuss any changes you should make to your policy.

Insurance companies consider dogs risky because they could bite someone and cause injuries. If you get a dog thats classified as an aggressive breed, your insurance company may raise your premiums or exclude coverage for your pet altogether.

Using your house to make money can also affect your insurance coverage. If you start a home-based business or rent out your house, youll need to have an appropriate business insurance policy.

Think About How Changes Could Affect Your Insurance Needs
Your homeowners insurance needs may change anytime your life changes. Whenever something significant happens in your life or at your home, talk to your insurance company or agent to make sure you have the right coverage.

Published with permission from RISMedia.

Homeowners insurance rates are based on many factors. One of the most important is the likelihood of someone getting injured or killed on a policyholders property. Having an attractive nuisance in your yard could make your insurance rates significantly higher than your neighbors.

What Is an Attractive Nuisance?
An attractive nuisance is a feature of a property that is both attractive and dangerous to children. Some common examples are a pool, fountain, pond, trampoline, playground equipment, tree house, or broken-down vehicle or appliance. Children are naturally drawn to these things out of curiosity or a desire to have fun and often have no idea how dangerous they can be.

What Is the Attractive Nuisance Doctrine?
Court cases have established that homeowners who have an attractive nuisance on their property have a responsibility to take extra measures to protect children from harm. A homeowner can be found responsible for a childs injuries or death if the homeowner knew that there was a chance that a child might not understand that an object was dangerous and that a child could be injured or killed by it, and yet the homeowner did not take reasonable steps to keep children safe. A homeowner can be held liable even if a child was trespassing on the property.

What Are the Insurance Impacts?
Homeowners insurance companies charge higher rates for people who have an attractive nuisance on their property because of the possibility that a child could be injured or killed and the insurance company could have to pay a large amount to settle the case. If you have an attractive nuisance on your property, you might be able to reduce your premium by taking significant, concrete steps to protect children.

If you have a pool, you can install a fence around it that is high and difficult for children to climb and that has a locked gate. A pool cover or an alarm that goes off if someone enters the pool unsupervised can also prevent accidents. If you have a tree house, fencing in the area around the tree, or the entire yard, can keep kids out. Making sure the tree house is well maintained and doesnt have any broken wood or loose nails can prevent injuries to children who are allowed to use it. If you have a trampoline, installing safety nets and putting a fence around the trampoline or the perimeter of the yard can help you keep your homeowners insurance rates down.

Talk to Your Insurance Company
Many homeowners buy or build things to provide fun for their families and dont understand how their insurance rates could be affected. If you have an attractive nuisance on your property, an insurance company will see it as a major liability risk. Talk to your carrier about measures you can take to protect children and keep your rates down.

Published with permission from RISMedia.

Trees can beautify your yard and provide privacy and shade. They can also cause problems, such as fallen leaves and fruit that make a mess. Be sure to choose the right species so you dont wind up regretting your decision.

Why Do You Want to Plant Trees?
Hardwoods tend to grow slowly and have a long lifespan. Trees that grow faster are usually smaller and have softwood. They generally dont live as long as hardwood trees.

If your house gets too much direct sunlight and you want to have shade as soon as possible, select a species that grows quickly. Tulip trees, honey locusts and willow oak are popular choices. You should also choose fast-growing trees if youre interested in the flowers or fruit theyll produce.

Conifers can provide privacy, and taller varieties can offer shade and block wind. Pine trees grow well in a variety of climates. Spruce trees are also popular.

How Much Work Are You Willing to Do?
Deciduous trees have leaves that often turn brilliant colors in the autumn before they fall to the ground. The leaves need to be raked or blown and collected, and the branches then remain bare until spring. Only choose deciduous trees if youre prepared to do the work of collecting leaves or to pay someone else to do it.

Evergreen trees may have broad or needlelike leaves. They keep their leaves throughout the year and can provide picturesque views in any season.

How Much Space Do You Have?
Choose trees thatll be an appropriate size for your house and the rest of the property when theyre full-grown. Plant shorter trees near the house and taller ones in other parts of the yard.

If you have a relatively small area available to plant trees, select ornamental species thatll produce fruit, berries or colorful leaves. Japanese maple, crabapple, citrus and Chinese dogwood trees are some good choices.

What Are the Climate and Soil Like?

Consider your regions climate when choosing trees for your yard. The range of temperatures, the acidity or alkalinity of the soil, and the amount of rainfall are all important factors.

If you live in or near a city, the air quality can affect your choice of trees. Pollutants, poor drainage, compacted soil and other urban environmental conditions can make it hard for some species to thrive. Oak, Norway maple, gingko and Washington hawthorn trees may be good choices.

Get Help Choosing the Right Trees
Since trees generally live for decades or even centuries, its important to think carefully about which species to plant. Visit a local nursery or garden center, talk to the professionals about your reasons for wanting to plant trees, and ask for advice specific to your region and needs.

Published with permission from RISMedia.

Home theaters are becoming more commonplace as homeowners look to create convenient, comfortable and fun spaces where their families and guests can sit back and enjoy the show. If youre planning to upgrade an existing home theater, or perhaps install a new one, youll want to be sure itll provide the best viewing experience for years to come”and that means top-of-the-line fixtures, furniture and electronics.

Finding a contractor who can source the best-quality wiring, lighting fixtures and electronics is an important factor in creating a high-end home theater that conforms to your expectations, say the design experts at HGTV. Youll want to be sure that all the wiring is discreetly secreted behind the walls, so make sure that as the space is being built out, the wiring scheme is accounted for early in the process.

When it comes to the audio-visual and electronic equipment, the sky is the limit in terms of sight, sound and media delivery. You might choose to pair a giant projection screen with a set-top box that can serve HD content, or opt for a more traditional setup of a big-screen TV and Blu-ray player. Whichever way you’re leaning, you’ll want to give your theater installer free rein to select the best audio-visual products on the market.

Now you can turn your attention to the decor. Many high-end home theaters reflect a traditional cinema feel, featuring stadium seating, noise-cancelling wall paneling, and furniture with special features and amenities. The scope and layout of the room will be a major consideration when it comes to the variety of furniture and accessories you’ll choose.

Larger, more elaborate home theaters sometimes employ a design that reflects a movie-house experience with fixed armchair seating, while smaller spaces may be more akin to a luxurious media room and feature arrangements of chairs and couches where guests can simply settle in where they please.

Remotes have become very customizable. Some let you program them using your PC, while others use your smartphone to allow you to customize everything from dimming the lights and changing the temperature to getting the program started, all with the touch of a button on the backlit display of the remote.

Published with permission from RISMedia.