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Many people dream of owning a home but feel overwhelmed by the idea of saving tens of thousands of dollars for a down payment. In some cases, borrowing money for a down payment can be a smart move, but there are some important caveats to consider.

When Does It Make Sense to Borrow for a Down Payment?
Many lenders require buyers who put down less than 20 percent of a homes purchase price to obtain private mortgage insurance (PMI) to protect the lender if the buyer defaults. PMI can cost hundreds of dollars per month, on top of mortgage payments, and needs to be paid until the homeowner has 20 percent equity. If you put down 20 percent, youll be able to avoid PMI. If loan payments would cost less than PMI, borrowing to make a large down payment might make sense.

Potential Sources of Funds
If you own another property, you might be able to use a home equity loan or a home equity line of credit to finance a down payment. The interest rate would probably be relatively low, but using your current home as collateral to buy a new one would mean you could lose both houses if you were unable to afford all your payments.

Another option is to take a loan from your 401(k). You could get a low interest rate, but you could also lose a substantial amount of potential savings since any money you withdrew would not be able to accumulate compounded interest.

A personal loan could be quick and easy to obtain and could have a much lower interest rate than credit cards, but it would raise your debt-to-income ratio. That could make a lender reluctant to give you a mortgage.

A variety of federal, state and local programs can help homebuyers secure loans with favorable terms, as well as down payment assistance. Since many of those programs require low down payments, you could buy a house, but you would have to pay for PMI since your down payment would be less than 20 percent. Depending on your circumstances, you might or might not be better off borrowing money from another source to put down 20 percent.

Borrowing money from family or friends could help you avoid high interest rates and have a flexible repayment schedule. Before you take a loan from family or friends, make sure you can repay it. Failing to meet your obligations could cause irreparable harm to your personal relationship.

Weigh Your Options
PMI can significantly increase monthly housing costs for years. If you can put down 20 percent and avoid PMI, you may save thousands of dollars in the long run. You might be able to borrow money from several sources, but think carefully about the pros and cons. Discuss your options with a financial planner and your real estate agent.

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

Published with permission from RISMedia.

Your home is your haven, and its style can say a lot about your personality. One feature can even hint at your traits when guests arrive”the door knobs!

According to Weiser, a security solutions provider, the following knob finishes can be indicative of your personality as a homeowner:

Bright Brass. Ideal for those with a sense of humor, bright brass knobs may be found in a home with colors that spark the imagination and promote positivity. The person with an affinity for this style may be a fan of pop music, chain restaurants and trips to Vegas.

Iron Black. Ideal for those whod prefer to be a fly on the wall, iron black knobs may be found in a home with understated decor. The person who chooses this style may be a fan of traveling to faraway countries and ethnic cuisine.

Satin Stainless Steel. Ideal for someone who likes a clean, modern aesthetic, satin stainless steel knobs may be found in an open-concept home with lots of windows. The person gravitating toward this style may be a fan of alternative music, jeans, the beach and sushi.

Rustic Pewter. Ideal for someone with a business sensibility, rustic pewter knobs may be found in suburban homes. The person opting for this style may be a fan of classic rock, sporting events, cheeseburgers and national parks.

Venetian Bronze. Ideal for someone who leans toward nostalgia, Venetian bronze knobs may be found in homes with a cream and rose color palette and Victorian decor. The person selecting this style may be a fan of classical music, designer clothes and fine dining.

Which style best reflects your personality? Does your personality match the knobs in your home? Feel free to knock on my door any time for your real estate needs!

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Homeowners and buyers alike are increasingly embracing the natural beauty of hardwood floors. Unfortunately, even with proper upkeep, wood floors can get unsightly dents and scratches over time due to normal wear and tear.

If you have hardwood floors in need of repair, the experts at HomeAdvisor offer the following tips, two of which might surprise you:

Walnuts. Take a quick peek into your kitchen cupboard. If you have walnuts, then you have a solution for light wood scratches. Simply crack open the shell and remove the meat of the nut. Then, rub the inside of the walnut over any blemishes in the floor and blend the oils from the nut into the wood using your finger. It should disguise the scratch!

Wood Filler. If youd like to try a DIY repair on a larger blemish or crack, look to wood filler. It comes in many varieties, but its basically a putty-like substance used to fill gouges in wood. There are several different colors available that can be matched to your existing flooring. Or, you can choose a filler that accepts wood stain. Note that filler doesnt have the color variation of natural wood, so the more problem areas you have, the more noticeable this fix will be.

Mayonnaise. Heres another light-scratch solution that may be hiding in your kitchen. Believe it or not, many DIYers swear by mayonnaise. To try this hack, first clean the affected area. Then, apply mayonnaise directly to the wood and let it sit for a few minutes. After a while, wipe it away with a towel. The oil from the mayonnaise should fill in the scratches to match the color of the wood.

Wood Stain Marker. For slightly deeper scratches, a wood stain marker may do the trick. These markers come in several different shades and can darken problem spots so they blend right in with the floor. Just clean the area around the damaged floor, touch up with the marker and wipe away the excess. Dont forget to spot test your marker color first to be sure its a good match. If your home has several trouble areas, consider talking to a pro about getting the floor refinished.

Professional Help. For deep scratches or significantly gouged flooring, youll probably want to hire a professional. Depending on how bad the damage is, the pro can sand and refinish or repair your hardwood floors. Some projects may require replacing a few boards. But a quick call can have your floors gleaming again in no time.

Published with permission from RISMedia.

Even if you love your house or apartment, not having enough closet space can be frustrating. If youre pining for more room to stock your clothes, kids toys or other items, there are simple solutions that dont require knocking down walls or moving.

Reduce.This is the first step to making more room in your closet. Were all guilty of hanging onto things we dont use. Make a habit of reducing your closet clutter seasonally. Ask yourself if you wore or used an item in the past six months”or even the past year. If the answer is no, donate it to a charity, bring it to a consignment shop or have yourself a yard sale. The two latter options could also help put some extra cash in your pocket.

Get creative with storage.Dont settle for simple shelves. Cubbies, bins and wire racks are great storage solutions to streamline your space. Adding rods or racks to the back of your closet door or the sides of your closet can provide additional stash space. Check online and browse the aisles of your local home improvement store to find even more creative storage products. If youre a renter, though, make sure to review your lease and consult your landlord before doing any major installations that might be against the rules.

Stagger.Theres no need to have only one or two hanging rods for clothes. Stagger your rods at different heights and lengths, and arrange garments accordingly. This will not only give you more storage space, but also make it easier to put together matching outfits”which can save you both time and frustration in the morning.

Look to the ceiling.Does your shelving reach all the way to the ceiling? If not, you could be missing out on several feet of storage space. Add another shelf (or three) to the top of your closet, and use that space to store out-of-season clothes or things you dont reach for on a daily basis.

With these simple solutions, you can make more storage space and stay organized, helping ensure you no longer cringe every time you open your closet to put something in or take something out.

Published with permission from RISMedia.

Many homeowners know the feeling of unease that accompanies finding mice or other rodents in their home. Whether in the kitchen, attic, basement or dining room, a rodent sighting can incite surprise and fear in even the most composed homeowner. Unfortunately, these common pests are resourceful creatures that can enter a building or home through the smallest opening or crack, and they require very little space to travel inside. In fact, mice can easily fit through spaces as small as a nickel!

Rodents seek shelter indoors, especially during the cooler fall and winter months, and once inside can cause more than just an unpleasant infestation. Rodents put homes at risk for electrical fires by gnawing through wires. More frequently, though, rodents serve as vectors, carrying bacteria, such as salmonella, on their bodies and contaminating food sources, kitchen surfaces and equipment.

Fortunately, there are 10 simple steps homeowners can take to prevent rodent infestations:

1. Install door sweeps on exterior door, and repair damaged screens.
2. Screen vents and openings to chimneys.
3. Seal cracks and holes on the outside of the home, including areas where utilities and pipes enter the home, using caulk, steel wool or a combination of both.
4. Store food in airtight containers, and dispose of garbage regularly.
5. Keep attics, basements and crawl spaces well ventilated and dry.
6. Replace loose mortar and weather stripping around the basement foundation and windows.
7. Eliminate all moisture sites, including leaking pipes and clogged drains that provide the perfect breeding site for pests.
8. Inspect items, such as boxes, grocery bags and other packages, brought into the home for rodents.
9. Store firewood at least 20 feet away from the house, and keep shrubbery trimmed and cut back from the house.
10. If you suspect a rodent infestation in your home, contact a licensed pest professional to inspect and treat the pest problem immediately. Rodents are known to reproduce quickly, and a small problem can turn into a big issue overnight if left untreated.

Source: National Pest Management Association/PestWorld.org

Published with permission from RISMedia.