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The interest rate on a mortgage will have a major impact on the amount of money you pay each month and the total you pay over the life of your home loan. Even a difference of a fraction of a percentage point can have a significant impact over decades, so you should do what you can to secure a low interest rate.

Get on Firm Financial Footing
Lenders use a borrowers credit score to assess the riskiness of a potential loan. The higher your credit score, the easier it will be for you to secure a mortgage with a low interest rate. You can improve your credit score by paying your bills on time and paying down credit card debt. Check your credit report for errors and have any you find corrected.

A lender prefers borrowers who have a record of steady employment because theyre likely to be able to pay their mortgages on time. If you recently started a job, consider staying there for at least two years before applying for a mortgage.

A significant down payment can help you get a low interest rate and avoid needing to pay for private mortgage insurance. Before you apply for a mortgage, save up as much money as you can for a down payment.

Choose the Right Mortgage and Lender
An adjustable-rate mortgage (ARM) has a low interest rate for a period of several years before the rate readjusts. If you plan to move before the rate would change, an ARM could help you secure a lower rate than you could with a fixed-rate mortgage.

If you have a high and steady income and want to pay off your mortgage as quickly as possible, a 15-year, fixed-rate mortgage is a good idea. Your monthly payments would be higher than they would with a 30-year mortgage, but you would have a lower interest rate. That means that more of each payment would go toward principal, you would pay off the loan faster, and you would pay significantly less in interest over the repayment period.

Shop around and compare interest rates from a variety of lenders, including banks, credit unions and online lenders. Different institutions may offer dramatically different terms.

It may take several weeks from the time you sign a purchase agreement until you close on your home. In the meantime, interest rates could change. If you were approved for a low rate, ask your lender to lock it in so you dont get stuck with a higher rate at the time of closing.

Get the Best Rate You Can
The interest rate on your mortgage can mean the difference between comfortably affording your monthly payments and struggling to make ends meet. A low rate could help you save tens of thousands of dollars over the term of your mortgage. Before you apply for a mortgage, strengthen your financial position so you can qualify for a low interest rate.

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

Published with permission from RISMedia.

Odors are a huge turnoff for potential homebuyers and can be difficult to remove. The truth is that most homes have some sort of smell to them. Most often, the people who live there dont even notice.

This is especially true of pet odors. Owners become accustomed to their pets smell, such as from litter boxes for cats or from shedding. Visitors, however, are going to notice these odors, especially if the home is not properly cleaned.

Pet owners should use a carpet deodorizer when vacuuming”one that is designed to remove animal smells. Check your furniture for odors as well. If you smell your pet, wash the cushion covers or use a deodorizing product if they arent machine washable. If the pet smell is very prominent, consider having the carpets and furniture professionally cleaned. Cat owners should clean out the litter box daily and should wash it with water and liquid soap regularly.

Non-pet owners arent off the hook odor-wise. Many things can make a home smell, but there are four easy steps to take to cut down on strong odors.

1. Think about what you cook. Even with an exhaust fan, things like fish and bacon can produce odors that linger. Baking cookies before showings or open houses is a classic trick to give a house a pleasant smell.

2. Light a candle. Scented candles can add a pleasing smell to the home and set a relaxing mood. Pick candles with more neutral smells or think seasonal (pumpkin in the fall, pine during the holidays, etc.).

3. Take out the trash. Empty all trash containers around the house before showings or open houses. Focus on the kitchen as its likely to contain food scraps. Also consider washing the trash container if you havent in a while. Empty trash baskets are more visually appealing anyway.

4. Maintain a clean fridge. Cleaning a refrigerator is a must when selling a house. Empty it out regularly so that food odors dont build up. Dont forget to add a box of baking soda to absorb odors.

And if the weather permits, open up the windows. Even if its just for a short amount of time, its the simplest way to clear out odors!

Published with permission from RISMedia.

If youre looking to add a bit more green to your design scheme, youre not alone. House plants are a popular way to add fresh beauty, and clean up your air while youre at it. However, keeping a house plant healthy is a responsibility, even if its a small one. Consider the following plants that are both beautiful and easy to manage.

Aloe. You really cant go wrong with succulents, and these cool plants can also help ward off sunburn. Just strip off a leaf, open it up, and rub the ooey-gooey insides on your sun-kissed skin.

Orchids. These sweet blooms are beautiful and low maintenance. Just keep a small misting bottle beside your plant and give it a gentle spray once a week.

Peace lily. These graceful plants dont need a lot of light, so theyre perfect for perching in your living room.

Snake plant. Dont let the slithery name fool you. Another succulent, this interesting upright plant can deal in bright or low-light settings, and can survive with minimal amounts of water.

English ivy. If you want a hanging plant, this vine is for you. Place this ivy on a shelf or mantel and let the vines hang down. You can let the plant run wild, or prune it back for a more manageable look.

Published with permission from RISMedia.

Homes cost a lot of money to maintain. But are you spending extra money unnecessarily on upkeep? Here are seven of the most expensive mistakes you could be making in your home:

1. Using Traditional Light Bulbs.If you still have incandescent light bulbs in your home, you could be throwing a lot of money away every month on inflated electric bills. Over its life span, an incandescent bulb can use almost $200 worth of electricity. A CFL will only use about $40 worth of electricity over the same time period. Even better is the LED bulb, which only uses around $30 per bulb. Think what replacing every light bulb in your home could do to your home’s bottom line!

2. Letting Faucets Leak.A leaky faucet that drips one drop per second can waste more than 3,000 gallons per year, which is enough water to take more than 180 showers. Some people live in areas where water is plentiful, but for others in areas plagued with drought, this could be costing a fortune. Fix or replace your leaky faucet, and save a ton on your water bill.

3. Using the Wrong Air Filter Size.We all sometimes forget to change out the air filters for our HVAC systems or accidentally buy the wrong size. But using the wrong filter or a dirty one can increase your power bill and cause expensive problems for your furnace down the road. Use the correct filters for your system, and set a reminder to change them after the recommended amount of time. You won’t regret it.

4. Not Customizing the Temperature.Invest in a customizable thermostat. If you’re away at the office all day, you can program your heater to shift down a few degrees while you’re gone and then shift back up shortly before you return home. Heating or cooling an empty home wastes a lot of money in energy costs.

5. Not Adjusting Air Vents Properly.Is one room in your home hot, while the others are cold? Oftentimes homeowners will crank up the air conditioning in the whole house to combat hot temperatures in one area. Instead, adjust air vents to direct the flow of air more evenly throughout your entire home. Professionals will come regulate this to ensure your entire home is receiving the same amount of air conditioning or heating.

6. Overwatering the Lawn.Many homeowners have their sprinkler systems programmed to come on in the early morning hours for optimum lawn health. This can become a problem, however, if you’re never around to see what you’re actually watering. A broken sprinkler head could be causing a fountain, or the trajectory of your sprinkler may be directed at a fence instead of your lawn. Periodically run your sprinklers during the day so you can see how theyre performing when you’re not around.

7. Ignoring Leaky Windows and Doors.Leaky windows and doors are great places for cold winds or hot air to enter your home. Many homeowners simply ignore them and crank up their heaters or AC. Caulk leaky windows and put rubber seal around doors to maintain your indoor climate.

Use these tips to cut maintenance costs on your home today.

Published with permission from RISMedia.

Homeowners insurance is an important financial safeguard to protect you, your home and other assets from potential disasters or accidents. Its also an added expense homeowners need to budget for. Depending on the size and location of your home, as well as which insurance provider you choose, policy prices can vary widely. To help you save money while maintaining quality coverage, the Insurance Information Institute offers the following tips:

Shop Around
To secure the best deal, do some comparison shopping by getting quotes from at least three insurance providers. Don’t consider price alone, though. Because you’d be dealing with a company after an accident or other emergency, test an insurers customer service while you’re shopping, and choose a company whose representatives take the time to address your questions and concerns.

Raise Your Deductible
A deductible is the amount of money youre responsible for paying toward an insured loss. The higher your deductible, the more money you can save on your premium; therefore, if you can pay above the minimum $500 or $1,000 deductible, for example, you may reduce the cost of your homeowners policy. If you live in a disaster-prone area, your insurance policy may have a separate deductible to cover major disasters, so take this into account when considering whether to raise your standard homeowners deductible.

Bundle Policies
Many companies that sell homeowners insurance also sell auto insurance and umbrella liability policies. If you buy two or more insurance policies from the same provider, you may be able to reduce your premium. To ensure you’re getting the best price, make certain any combined price from one insurer is lower than buying the coverages separately from different companies.

Make Home Improvements
If you live in a disaster-prone area, youll have more insurance options to choose from if you take certain preparedness steps, such as installing storm shutters and shatterproof glass or reinforcing your roof. Also consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage. These precautions may prevent excessive damage and the related work and stress involved in rebuilding.

Ask About Discounts
Consult your insurance professional about available discounts, which vary from company to company and state to state. For example, most insurers provide discounts for home security devices, such as smoke detectors, dead-bolt locks or burglar alarms, but be aware that some of these measures aren’t cheap and not every system qualifies for a discount. You may also be eligible for a discount if youve been a long-term policyholder with the same company.

Review Coverage Annually
Review your home inventory and any upgrades to your house. Make sure your homeowners policy covers any major purchases or additions to your home, and also check that you’re not spending money for coverage you don’t need. For example, if an expensive piece of jewelry or painting is no longer worth what you paid for it, you’ll want to reduce or cancel that items floater insurance and pocket the difference.

Every dollar saved on your homeowners insurance policy is a dollar you can use elsewhere, but that doesnt mean you should skimp on protection. Use these tips and consult a professional to help ensure youll have proper coverage at the best price.

Published with permission from RISMedia.