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Mortgage lenders used to require a minimum of 20 percent down, but many financial institutions now accept much lower down payments. Nevertheless, homebuyers often still think they should make the largest down payment possible. That could be a mistake.

Why Many Homebuyers Make a Large Down Payment
If a borrower puts down less than 20 percent, a lender requires the borrower to pay for private mortgage insurance (PMI) until reaching 20 percent equity. PMI is designed to protect a lender if a borrower defaults on a loan, but it can add hundreds of dollars per month to the cost of homeownership. Buyers who put down at least 20 percent usually do so to avoid paying for PMI.

Why You Should Consider Putting Down Less
Many people, particularly first-time buyers, focus on the cost of a house itself but dont plan for closing costs, which can total thousands of dollars. Buyers also tend to underestimate the costs of homeownership. Maintenance, repairs and property taxes can add up quickly. New owners often decide to purchase appliances and furniture or to make renovations. Making a low down payment and setting aside money for necessities and desirable upgrades can give you some breathing room.

When you make a down payment, that money gets tied up in the house in the form of equity. You could access those funds through a home equity loan or a home equity line of credit, but both involve an application and approval process that could take weeks or months. If you make a smaller down payment and have an emergency fund, you wont be stuck if you lose your job or face a surprise medical bill or urgent repair.

Avoiding PMI could lower your monthly payments, but making a large down payment could prevent you from using that money for other things. For example, you could make a smaller down payment and contribute more to a retirement account or college savings plan for your kids. If you havent saved as much as youd like and your retirement age is approaching or your children are in or nearing high school, you might be better off making a smaller down payment and investing in other goals so the money can have as much time as possible to grow.

Choose the Right Down Payment Amount for Your Circumstances
When shopping for a home, think carefully about how much money to put down. A large down payment could help you avoid PMI, but it might leave you strapped for cash in an emergency or unable to invest as much as youd like for retirement and college. Consider your entire financial situation, and talk to your real estate agent and financial advisor.

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

Published with permission from RISMedia.

The positive or negative response we get upon entering a room is nearly instantaneous. We dont need to carefully examine each corner or turn over every pillow to decide if a room makes us feel good or not. But what gives us such a strong first impression? Many of the ways we experience a room have to do with a psychological response that happens behind the scenes. This is why most homebuyers end up choosing a house based on theemotional responsethey get within moments of entering a home”not the detailed list of pros and cons theyve made.

There are various factors that go into how we experience a room, and in fact, many of the principles of feng shui are based on the intangible influences of design. Here are three different ways we shape our impression of a room:

Senses
How we perceive a room with our senses tells us what we know to be true about the room and provides a way of describing it. Through our sense of sight we experience colors, each of which will elicit a different impression. Our eyes also pick up on important details such as patterns, scale and lighting. Our sense of smell is the most tied to memory, so a pleasant one, like scented candles, will connect us with memories that inspire positive emotions, while a foul smell, like garbage, will really turn us off. Textures used to decorate a room should also be taken into consideration. Materials such as silk, wood, linen or wool give satisfaction to our sense of touch.

Emotions
Our personal feelings significantly impact how we experience a room and will usually take precedence over our ability to rationalize. With that in mind, there are many decorating details that can trigger subtle (or not so subtle) emotional responses.

Art is one example. If the subject matter features a depressing scene or sad characters, it’ll definitely bring down the mood of a room. If you had some cut flowers on your coffee table, but they’ve wilted and dried out, thats another detail that’ll put a damper on someone’s emotional response. Its important to think about the kind of symbolism placed in a room and how it might influence our emotions.

Spatial Harmony
If furniture placement and scale is out of sync or doesn’t make sense, it can negatively affect how we experience a room, especially a small one. Chairs that are placed too far away from each other make conversation difficult, while being too close together will make a room feel cramped. It’s important to consider how the furniture, decorations and room are meant to interact with each other.

As you can see, theres a lot more to interior decorating than just picking the right shelf ornament. If you keep these principles in mind, guests won’t be able to quite describe why they feel so good in your home.

Source: Mikkie Mills/RISMedias Housecall

Published with permission from RISMedia.

Create an atmosphere that stimulates the magic and whimsy of childhood.Inspire playful adventures and peaceful nap times with these kids bedroom theme ideas.

Black, White and Green

A modern take on a “boy” theme, this color scheme is perfect for any child who loves sports and wants to bring their joy of the game into their room. Create a sports theme that your all-star will adore for years to come.

Nautical Nods

A nautical theme offers childhood fun with a grown-up approach. Create a nautical beach feel and sail the high seas with deep reds, navy blues and white paired with a dappling of seashells for a whimsical feel.

Jungle Vibes

What is more exciting to a child than the idea of exploring an untouched jungle? Feature an accent wall of banana leaf wallpaper paired with texture, like an animal print area rug, to ensure that your child can enjoy a jungle oasis.

Published with permission from RISMedia.

Published with permission from RISMedia.

Everyone wants a great kitchen. One of the most enjoyed spaces in the home, the kitchen is used for cooking, gathering and entertaining with family and friends. However, a great kitchen doesn’t necessarily have to be a large one. If you have a tiny kitchen, below are a handful of tips to help you get the most out of it and make it feel larger:

Make use of walls.Instead of hanging pictures on your kitchen walls, hang your pots and pans. You can even find great fixtures to hang your plates and wine glasses from the ceiling or walls.

Add a mirrored backsplash.While you may not want to take up precious wall space with mirrors, a mirrored backsplash can add depth and girth to your room, making use of an area that would otherwise have no purpose.

Build up.Need more cabinet space? Look up! If your existing cabinets don’t extend to the ceiling, you’re wasting precious footage. Consider having additional cabinets built where you can store things you rarely use, like that Crock-Pot that comes out once a year or your holiday china dishes.

Abolish clutter. Nothing cramps an already small space more than clutter, and a clean countertop can do wonders for a small space. Streamline your gadgets, sell or donate what you don’t need and store away what you don’t use every day.

Light it right.A well-lit space can really open up your kitchen and make it seem not only more inviting, but also much larger. For natural light, consider adding a bay window or skylight, if possible. To lighten up your kitchen during the nighttime or gloomy days, install energy-efficient lighting throughout your kitchen to maintain that airy, open feel.

These are just five ways you can maximize your tiny kitchen. There are many other tricks, as well as storage products, that can help you get the most out of your space. Do some research to get inspired, and be creative!

Published with permission from RISMedia.