Uncategorized

Most Americans need a car to travel to and from work, run errands and take their kids to after-school activities. People also need a place to live. If you want to purchase a house in the near future, splurging on a brand-new vehicle could make it difficult or impossible to qualify for a large enough mortgage to buy the home you want.

How a New Car Loan Could Affect Your Ability to Get a Mortgage
When you apply for a mortgage, a lender will consider your debt-to-income (DTI) ratio, which is the total cost of car, student and other loans, as well as credit card bills and other debts. Most lenders dont want a borrower to have a DTI ratio above 35 percent of gross income. If you buy a new car with a high monthly payment and have other debt, your DTI ratio might be too high to qualify for a mortgage, or a lender might approve you for an amount thats too low to buy a house in your area, unless you come up with a huge down payment.

To qualify for a mortgage at a low interest rate, youll need your credit to be in the best shape it can be. A new car loan would lower your credit score temporarily because of a hard inquiry when the lender checked your credit report, as well as the increased debt load. Making auto loan payments on time each month could raise your score, but that could be a long process.

Consider a Used Car
If your car is on its last legs and you need to replace it, consider purchasing a used vehicle. Since cars depreciate quickly, a car thats one or two years old would cost significantly less than a new one, but it would likely have low miles, be in excellent condition and still be covered by a warranty. You could get a reliable vehicle with a much lower payment than you would with a new one, and you would pay less for car insurance. Your debt-to-income ratio would be lower than it would be if you bought a new car, and youd be able to qualify for a bigger mortgage and buy the house you wanted.

Prioritize Large Purchases
If you want to replace your car and buy a home, youd be better off focusing on a house first. Since a home is probably the largest purchase youll ever make, you want to be sure that your credit score is as high as possible and that a lender will be confident in your ability to pay a mortgage. If you cant put off replacing your vehicle, buy one used to keep your debt obligations down so you can qualify for a mortgage to purchase your dream home.

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

Published with permission from RISMedia.

Bringing a historic home into the 21st century is a balancing act of the highest degree. You want the latest luxuries without having to get rid of the charming period details of yesteryear. Whether youre in the market for a home that exudes Old World craftsmanship or youre ready to breathe new life into your historic residence, here are a few tips to get you started on the right track.

Find a Specialist

The first order of business is to find a contractor or consultant who specializes in the restoration of historic homes. An expert will be able to guide you through the process, knowing exactly what needs to be preserved and what needs to be updated. The last thing you want is someone whos ready to rip it down to the studs without respecting the residences history, so do your due diligence.

Kitchens & Bathrooms

With all due respect to kitchens and bathrooms of the past, these are living spaces that we generally want to equip with top-of-the-line features. Dont hold back when it comes to modern shower systems and cutting-edge appliances. While you can certainly choose to maintain a timeless aesthetic, it can also be fun to contrast contemporary with traditional.

Preserve the Period Details

What was it that drew you to the home in the first place? Often, its the original details, like antique floors, door casings, or stonework. Whenever its possible to salvage or reclaim these elements, it goes a long way toward maintaining the houses character and sense of authenticity.

Integrate Technology

Wireless smart home systems allow you to discreetly outfit a historic property with the latest technology. Rather than installing a touchscreen to control your home automation system, you can take the reins on your smartphone to manage lights, thermostat, and more, often times without even requiring additional wiring.

Published with permission from RISMedia.

These inexpensive must-haves should be at the top of your shopping list if you want to make your next laundry day a breeze.

Dryer Balls

A more eco-friendly option than dryer sheets, and a less messy option than fabric softener, wool dryer balls keep your clothes from sticking together and allow hot air to circulate more evenly and efficiently, reducing drying time.

Mesh Laundry Bag

If you’re constantly losing your socks or find yourself replacing delicate undergarments after they’ve been destroyed by your washer’s agitator, a mesh laundry bag will be your best friend.

Washing Machine Lint and Hair Catcher

These are truly a must-have if you find that your clothes come out of the dryer covered with more dog or cat hair than your lint catcher could take out.

Dye-Catcher Sheets

Whether you’re washing your new red towels or some brand-new denim jeans, these sheets could be a lifesaver for the first few loads.

Published with permission from RISMedia.

Anyone who wants to sell their home should get their mind in the gutter because if a houses gutter system isnt working properly, it can lead to many problems.

Gutters serve an extremely important purpose”directing water away from your house. Without gutters, rainwater can damage roofs, enter homes, flood basements, destroy gardens and even damage the houses foundation.

Savvy homebuyers will know if there are issues with your gutters if, for example, they see water pooled near your home. Taking some time to make sure your gutters are in tip-top condition is the right thing to do.

Keep them clean. This is a very simple process that will keep your gutters flowing. All you have to do is climb a ladder and use your hands to remove leaves, twigs, sticks and other debris from your gutter. Safety is the biggest concern, so be sure someone is holding the ladder, and wear work gloves to protect your hands. Also, be sure the downspout openings are clear.

Make sure theyre secure. Gutters that are separated from your home can lead to all sorts of problems, so do an inspection for loose areas. If you do see troublesome spots, tighten the hangers. Be sure to check downspout brackets. If you dont want to make these repairs yourself, call a professional.

Get on guard. Gutter guards can be effective and are a great selling point because the new owner wont have to clean the gutters. They prevent large items like leaves from entering the gutters while still allowing water to flow. However, not all models are full proof. Be sure to do your homework before investing in them.

Is it time for new gutters? This is a drastic and costly process, but if your gutters are beyond repair, it may be worth it to invest in a new system. There are many options, including the material the gutters are made of and whether to buy seamless or less expensive sectional gutters. And if you do go this route, go all-in and choose a color and style that complements your house and enhances its physical appeal.

Published with permission from RISMedia.

You make a lot of changes when getting a home ready to sell, but one thing that all sellers should consider doing is changing out any antiquated fixtures that might make a room seem old and be a turnoff to a house hunter.

Replacing fixtures is relatively easy and often inexpensive, and can be a great way to add some value to your home in the eyes of a prospective buyer.

Start by going room to room and jotting down a list of the fixtures you have. Include all lighting, faucets, doorknobs and switches. Compile a list of any problems or irregularities, and then think about the best way to replace or fix them.

Once completed, pay a visit to your local home improvement store and buy some updated fixtures that you can use to make things better. And no need to hire a contractor for any of this” these should all be simple DIY projects that you can do by watching a YouTube video or reading a book from the library. If you’re really not handy, ask a friend or relative for help or do hire someone, but these shouldn’t be time-consuming at all.

For example, to replace lights, you can add a dimmer, replace the light plate with something more colorful or shinier and it only takes a little bit of work with a screwdriver. New light fixtures can also change the nuance of a room and brighten up any dark area. You might be worried about “playing” with electricity, but simply cut off the power in your fuse box, and you will be fine.

In the kitchen and bathroom, faucet and drain stopper changes are something that’s easy and can add some shine to the sinks. And if you’re making changes in the bathroom to the faucet, you should also do the shower so that everything matches. Speaking of showers, putting in a new showerhead that offers massage or heavy jets is also something people like.

With doorknobs, shiny is in and can really make a door or closet stand out in a room. Be consistent throughout the house so that you don’t have different doorknobs for different rooms in the same hallway. That look could be unsettling.

Remember, when working with fixtures, there are plenty of low-cost options that look great and will attract buyers in the process. Replacing fixtures is an easy way to spend a relatively small amount and get a big return in the home’s look, which can ultimately lead to a faster sale.

Published with permission from RISMedia.