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One of the most important steps in buying a house is saving enough money for a down payment. Depending on the type of mortgage you obtain, you could have to put down as much as 20 percent, or significantly less. Even if your lender only requires you to put a small percentage of the purchase price down, that will still total thousands of dollars. There are many ways to come up with the money.

Seek Government Help
The federal government and many states offer down payment assistance programs. Rules and amounts available depend on location, the size of the loan and the buyers financial circumstances.

Beef up Your Savings Account
A small amount of money, if set aside consistently each time you get paid, can add up over time. The key is to transfer money to a savings account no matter what. If you dont have the discipline to do that yourself, set up automatic transfers.

If you expect to get a tax refund or year-end bonus, resolve to use it for a down payment. You can use part of it to reward yourself, but focus on your long-term goal of owning a home.

Pay off Debt
If you have credit card balances with high interest rates, you are probably paying thousands of dollars per year in interest. That is money that could be used to fund a down payment on a home. Create a plan to pay off your credit card bills as soon as possible. That could mean cutting expenses, working overtime, getting a second job, paying a little more toward your credit card bills each month, consolidating your balances, or taking out a loan with a lower interest rate.

Once you have eliminated your debt and interest payments, the money you had been putting toward those bills each month can be devoted to saving for a down payment. Paying off credit card debt can also improve your credit score and help you get a lower interest rate when you apply for a mortgage.

Tap Into Retirement Funds
In some cases, you might be able to withdraw money from an IRA to fund a down payment on a house. Depending on the type of account you have, you might have to pay taxes and penalties. If you have a 401(k), you can borrow money to buy a house, but you will have to pay it back with interest. Any money that you withdraw from your retirement savings wont be able to accrue interest, so think carefully before choosing one of these options, especially if youre getting close to retirement age.

Figure out a Strategy
Saving money for a down payment can feel overwhelming. It may take several years, depending on your price range and financial circumstances. Explore your options and come up with a plan, preferably one that combines a variety of approaches.

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

Published with permission from RISMedia.

Most homeowners understand that regular maintenance can help them avoid expensive repair bills, but with work and family responsibilities, its easy to postpone or forget important chores. Sometimes homeowners want to take care of their properties but are unaware of potential dangers and how to prevent them. Here are some of the most common tasks homeowners overlook that can lead to costly problems:

Roof
The roof can become damaged by storms, fallen branches or animals, and you may be unaware of a problem unless the roof begins to leak. Make a habit of inspecting your roof or having it checked by a professional every year. Any problems that are found should be fixed as soon as possible to prevent much worse damage.

Gutters
Gutters should be cleaned twice a year to remove leaves and other debris and to prevent clogs. This is a messy chore that no one likes, but it can prevent roof and siding damage, flooding, mold, and ice dams. If you dont want to clean the gutters yourself, hire professionals, and consider installing gutter guards to cut down on cleaning.

Chimney
If your family enjoys relaxing in front of a fire in the winter, your chimney has probably accumulated a layer of soot and creosote, a highly flammable substance thats produced when wood burns. The chimney should be professionally cleaned to prevent a fire. Even if you dont use your fireplace, birds and other animals may have built nests in the chimney, and they might wind up inside your house.

HVAC System
Heating and cooling units and ducts can become clogged with dust and condensation. Replacing the filters is an easy way to address this issue, but many homeowners forget. You should also have your HVAC system inspected once a year by a professional who can spot problems you might miss.

Water Heater
Sediment that builds up in the bottom of a water heater can lead to discolored tap water. Flushing your water heater is a simple way to remove sediment and protect your family from health problems caused by contaminated water.

Dryer Vent
A plugged dryer vent is a frequent source of high utility bills, and it can also cause a fire. A vent can become clogged with lint, and pests can also build nests there. Removing the vent and cleaning it out with a wet/dry vac can help you save money and prevent a fire.

Refrigerator
Refrigerator condenser coils cool and condense refrigerant. If they get clogged with dirt, dust or pet hair, the refrigerator wont work efficiently, which will lead to higher utility bills and cause the appliance to wear out faster than it should. Condenser coils should be cleaned at least annually.

Make Maintenance a Priority
With everything going on in your life, its easy to put home maintenance on the back burner, but that can lead to unsafe conditions and expensive bills. If you havent completed these important tasks recently, set aside some time to tackle them or hire professionals.

Published with permission from RISMedia.

The mortgage process can be complicated if you jump in without any prior knowledge on home-buying and lending. The best tool you can arm yourself with is an understanding of how your mortgage interest rate is calculated.

Credit Can Make or Break You

Your credit score will determine how reliable you are in the lending world. The higher your score, the lower your interest rate will likely be. Check your credit on one of the three major credit reporting agency sites”TransUnion, Experian and Equifax”or your credit card company may have a free credit report service (although these aren’t as reliable). Take steps to improve your FICO score for a better chance at a lower interest rate.

Size and Location Matter

• State or County: Even your place of residence can affect your interest rate.
• Mortgage Lenders: Shop around with multiple lenders, including local ones. Interest rates can vary from company to company, even if they’re located in the same town.
• Loan Size: The size of your home can also impact your interest rate. The bigger the loan, the higher your interest rate will be if you’re not putting more money down.
• Down Payment Size: Your mortgage interest rate may also depend on how much you’re putting down and if your loan includes closing costs and private mortgage insurance (PMI). Putting down less than 20 percent can increase your risk factor and may require PMI, but your interest rate may be lower depending on the loan.

Not All Loans Are Created Equal

Loan Length: Your loan term plays a bigger role in interest rate calculations than you think. Have you decided whether you want to pay off your loan in 15 or 30 years? You may pay more per month with a shorter term, but you’ll be paying less interest over the life of your loan. Short-term loans may also have a smaller interest rate.

Fixed or Adjustable: You’ll also have to consider whether a fixed- or adjustable-rate loan is right for you. Your interest rate can change over time if you choose an adjustable-rate loan. It typically starts off lower than with a fixed-rate loan, but will likely increase depending on market conditions.

Loan Type: Interest rates can also vary according to your loan type. Choosing a loan can be overwhelming, but talking to multiple lenders can help you understand your best options. Some of the more popular loans are conventional, Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans. While FHA loans have less down payment restrictions and a smaller interest rate, your monthly payment can be more expensive due to the required PMI added on. VA loans can have smaller interest rates and don’t require PMI like FHA ones do. Although conventional loans may have higher interest rates, they are widely accepted in the real estate industry as dependable.

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

Source: Consumer Financial Protection Bureau

Published with permission from RISMedia.

Pests, carbon monoxide and mold”oh my! These hazards can be hiding in a home and, if left unchecked, could cause serious health issues or become costly. Thankfully, these and many other issues are easily manageable. If you want to ensure your home isnt at risk, HomeAdvisor suggests starting with these six possible household problems:

1. Unknown Termite Problem.Termites can do serious damage to your home each year without many warning signs. While detecting evidence of termites can be difficult, addressing the issue is simple. Many pest control specialists will offer a personalized solution and provide information about preventing termite damage. If you live in an area thats prone to termites or you suspect your home has termite damage, consult a professional.

2. Environmental Threats.Unknown to many homeowners, general home inspections might not check for some safety factors. Unless you specifically include an item for examination, many inspectors will not check for asbestos, radon gas, lead paint, toxic mold or pests. If left unmitigated, these contaminants could cause serious damage to your home and health. Call a specialist immediately if you suspect your home is at risk. In addition to inspecting your home for toxic contaminants, a specialist will identify the best course of action to remove offending hazards.

3. Leaky Plumbing.On average, plumbing leaks account for 10,000 gallons of wasted water each year, enough to fill a swimming pool. In fact, if your toilet is constantly running, you could be wasting 200 or more gallons of water each day”thats 73,000 gallons of water every year. Plumbing leaks can significantly add to your water bill. However, fixing them is as easy as taking a trip to the hardware store or hiring a plumber.

4. Inefficient Water Heater.Replace your water heater if it doesnt heat efficiently or requires constant repair. The average replacement cost is estimated at under $1,000. In addition to reduced energy efficiency, faulty water heaters can also pose a safety threat. Damaged heaters can explode, causing severe damage to your home and potential injury to household members. Consider having a pro inspect your water heater for signs of failure.

5. Carbon Monoxide.Carbon monoxide is a major safety issue all homeowners should address. Fortunately, there are easy ways to protect your household, such as installing carbon monoxide detectors and ensuring the proper function of your gas-, oil- and charcoal-burning appliances.

6. Water Damage.Preventing water damage is simple. Begin by inspecting your gutters for clogs. Sticks and leaves can collect in your gutters and cause water to pool near your home. Standing water will seep into the soil and damage your homes foundation and basement. Next, look for leaky pipes and faulty connections. Slow drips can cause mold and mildew growth over time. Constant moisture will also damage your flooring, subflooring and ceiling if the leak is in your second story. If you discover mold or water damage, call a specialist to protect your home and family.

Published with permission from RISMedia.

Germany leads the world in energy efficiency, followed by Italy, Japan, France and the United Kingdom, according to an international scorecard. The United States is tied for eighth with South Korea.

What are other countries doing so much better than the U.S.? Can the big steps that Germany, for example, is taking to be more green be broken down for individuals to do?

The 2016 International Energy Efficiency Scorecard from the nonprofit American Council for an Energy-Efficient Economy, or ACEEE, looked at performance in buildings, industry, transportation and overall national energy efficiency efforts.

Those are broad areas and apply to entire countries. But there are plenty of small things that an individual or a family can do to save energy that are more widely used around the globe. Here are a few:

Build better: If youre adding on to your home or remodeling, consider green building materials that will make your home more energy efficient. Forty percent of all energy is consumed in buildings, and most of that is used for heating.

Buy green: When choosing a refrigerator or freezer, pay a little more money upfront if you have to for the one thats more energy efficient. Products with the Energy Star certification clearly make it easy to see how much energy something uses and how much it costs per year to power it. Look for the most energy efficient product you can when shopping, such as light bulbs and consumer electronics.

Ride a bike: Germany has extensive bicycle transportation networks, with more than 200 long-distance bicycle paths. Riding a bike to work every day may be difficult, but try riding on errands a few miles from home to see if it improves your health and lowers the gas bill for your car.

Take public transportation: The German public transportation system is so large that 88 percent of Germans live near a bus or train stop. Share your car or take the bus to work and save money and help the environment.

Recycle: If your citys garbage collector doesnt have a recycling program, ask for one. Germany has a complicated recycling system where items must be sorted and recycled properly. Recycling helps reduce pollution, conserve resources and save energy. For example, about 95 percent of the energy used to produce an aluminum can from virgin materials can be saved by using recycled aluminum instead.

Published with permission from RISMedia.