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Most people who want to purchase a house cant afford to pay cash and therefore need to take out a mortgage. The type of loan you choose will depend on your financial circumstances and plans and can have a significant impact on your monthly costs, so its essential to understand all your options.

Government or Conventional?
The federal government administers several programs to help homebuyers in specific circumstances. The Federal Housing Administration offers loans with down payments as low as 3.5 percent for first-time buyers. The U.S. Department of Veterans Affairs provides loans for current and former servicemembers that require little or no money down. The U.S. Department of Agriculture offers loans for people to purchase homes in rural areas.

If you dont qualify for a government-backed loan, you may be able to secure a conventional mortgage through a bank, credit union or private lender. Since conventional loans arent insured by the government, they are riskier for lenders. Youll need a better credit score to qualify and likely need to put more money down.

Fixed-Rate, ARM or Balloon?
Youll also need to decide whether a loan with a fixed or adjustable interest rate is better for you. A fixed-rate loan can help you plan for the future since youll know exactly how much your mortgage payments will be. That predictability can be extremely valuable if you have or plan to have kids and need to save for college and retirement.

An adjustable-rate mortgage (ARM) will have a low introductory rate, and then the interest rate will periodically adjust based on market conditions. If you have a relatively low income now and expect it to rise in the future, an ARM may be a good choice for you. An ARM may also make sense if you plan to live in your house for only a few years before moving.

The term of the loan is another important part of the equation. A 15-year mortgage will have higher monthly payments than a 30-year loan, but a 15-year loan will have a lower interest rate, which means youll spend less money on interest payments over the repayment period.

With a balloon mortgage, the homeowner makes monthly payments over a period of five to seven years, and at the end of that period, the remaining balance comes due. A balloon mortgage will only make sense if youre absolutely certain that youll sell your home before the balloon payment is due. If you dont, refinancing may not be possible, depending on your credit score, income and the value of the house at that time.

Select a Mortgage Carefully
Buying a house is likely the biggest financial move youll ever make, so choosing the right mortgage is critical. Think about your current and future financial picture, conduct research, compare terms offered by different lenders, and use online calculators to figure out how much youd pay in a variety of scenarios.

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

Published with permission from RISMedia.

With these styles, youre guaranteed a kitchen thatll stand the test of time…

Farmhouse Kitchen

A rustic-inspired design, neutral colors combine with exposed wood beam ceilings and butcher-block countertops.

Mediterranean Kitchen

A kitchen that feels like you’re always on vacation. Dark wooden surfaces and ornate lighting create a romantic ambience.

White Kitchen

From coastal getaways to urban abodes, theyre coveted for being light and breezy. Marble countertops and stainless-steel accents are popular.

Modern Kitchen

Colors range from all black to bright and bold, but theres always a sophisticated feel to this minimalist aesthetic.

Traditional Kitchen

This is a surefire way to design a kitchen that combines luxury with timeless appeal.

Published with permission from RISMedia.

Just because bedrooms are not usually the first thing people see when walking into a home, it doesnt mean theyre not worthy of some love. There is no better investment than one which gives you peace of mind, and a well-equipped bedroom can give you even more than that. A good nights sleep can take away your headaches, lower your stress levels, alleviate your muscle cramps, and put you in a good mood.

Here are four tried and true ways to achieve bedroom nirvana:

Sleep on a cloud: It doesnt have to be down. Even a quality egg crate can add that cloud-like feeling to your bed. Top that with some fluffy pillows and comforters and you will be on the stairway to heaven. Soft bed sheets, whether you go for quality cotton or all-out with silk, will put an additional layer of comfort between you and your mattress.

Color-code for success: In recent years, color-coding has been all the rage in interior design. The psychology of color has allowed us to determine what hues are the most soothing. The rule for serene bedrooms is shades of white and toned-down browns, blues, and pinks. Going for warmer colors can add coziness, and bright colors can help you wake up energized. Decide what your sleeping pattern needs the most, and paint those walls.

Dim the lights: Nothing kills a comfort vibe faster than a white fluorescent light. Leave those for ICUs, and switch to yellow light. This swap will work even better if it comes with a dimmer switch you can rely on. The key is to keep your room in tune with your mood so that your tired brain is not jumping through hoops to get you some Zs.

Aim for space: Space is a two-way street. On the one hand, you need space for mobility and to keep your room from feeling stuffy or looking cluttered. Yet, certain furniture is a must. Make sure that your bed is big enough to fit everybody who sleeps in it, buy a reliable night stand, add sitting spaces with chairs or ottomans, and provide your room with other surfaces to house your belongings. If everything you are carrying falls seamlessly into place as soon as you enter your bedroom, then consider yourself a winner.

With these minor fixes you can turn your bedroom into an actual haven. Given that you spend at least a third of your day within those four walls, why not get comfortable?

Published with permission from RISMedia.

Published with permission from RISMedia.

Homeowners insurance companies routinely review policies to decide whether to renew or cancel them. Your insurer could decide to cancel your policy for several reasons, but you might be able to convince it to reconsider.

Too Many Claims
A homeowners insurance company might cancel a policy if a homeowner filed several claims in a short period of time and the company paid out more than it collected in premiums. If the claims were related to a common problem, you might be able to persuade the company to keep you as a customer if you made changes or repairs to address the underlying issue and prevent future claims. The company might also be willing switch you to a policy that excluded that specific peril or that had a higher deductible.

Unsafe Conditions
If you put off maintenance for so long that your house is dangerous, the insurance company might be unwilling to cover you. The risk of damage to the house, its contents and people could simply be too great for the company to accept, unless you offered to make major repairs to make the house safe.

Change in Risk
Perhaps you made a change to your property that increased the risk of an accident. For example, if you installed a swimming pool, a child could drown, which could result in a liability claim against the insurance company. The company might be willing to continue to insure your home if you installed a fence with a locked gate and alarm around the pool.

Missed Payments
If you havent paid your premiums on time, the insurance company might decide to cancel your policy. If you lost your job or had an unforeseen medical problem that left you unable to work, the insurer might be willing to work out a payment plan and keep you as a customer.

Illegal Conduct
An insurance company also considers the behavior of policyholders. If you have a criminal record, the company might be concerned about damage or liability related to future illegal acts that you might commit on the property. If you caused intentional damage to your home to file an insurance claim and got caught, the company could cancel your policy.

Risky Location
Sometimes an insurance company makes individual policy decisions by looking at characteristics of a wider area. For example, if your home and others in the neighborhood were burglarized recently, the insurance company might consider the entire area too risky to insure. It might be willing to keep you as a customer, however, if you installed a home security system.

Talk to Your Insurer
If your homeowners insurance company has notified you that your policy will be canceled, call and discuss the reason for the impending cancellation and find out if theres anything you can do to change the companys decision. If not, youll need to start looking for coverage with another company before your current policy ends.

Published with permission from RISMedia.