Uncategorized

Home insurance may be one of the last things youll think about when buying a home, but in some situations, insuring your biggest asset isnt so easy. And without insurance, you wont be able to qualify for a home loan.

Here are five things that can make getting home insurance difficult, or at least more expensive:

A lot of claims: A long list of insurance claims at an address by previous owners can increase insurance rates. For an insurer, too many claims can mean theres an underlying maintenance problem that needs to be fixed, and its likely a big one. You can find out how many insurance claims were filed at the home in the last five years by buying a Home Sellers Disclosure Report from the Comprehensive Loss Underwriting Exchange.

Natural disasters: If the home is in an area where natural disasters strike, then youll probably need to buy extra insurance because the basic homeowners policy wont cover it. That extra insurance may be expensive, though you might be able to mitigate it by taking certain precautions, such as installing storm shutters in a hurricane zone, for example.

Old homes: Just like us, homes wear out with age. Old pipes and electrical systems can break, and an insurer may deny coverage until such things are updated. Or they may charge more for homes where some items may not be up to current building codes.

Backyard fun: A pool or trampoline in the backyard can be listed by an insurance company as an attractive nuisance for neighborhood children to get into while youre away. An injury or death in that situation would be horrible enough, and you could also be held liable in a lawsuit, meaning your insurer would likely have to pay up. Putting a fence and other precautions around them can help protect you, but insurers may still be wary and charge higher rates.

Vacant homes: If you buy a foreclosed or vacant home, theres a chance that pipes and other parts of the home can fall apart faster or be destroyed by vandals or evicted owners. This could lead to repairs being done before you can move in, possibly requiring extra insurance to cover vandalism, fire or other risks that can occur when a home remains empty.

If youre faced with any of these issues, remember that you can probably still find an insurance company that will cover you if you cant resolve them. The rates may be higher than normal, but at least youll be covered.

Published with permission from RISMedia.

Published with permission from RISMedia.

The Department of Veterans Affairs (VA) assists active-duty military members, veterans and surviving spouses who wish to buy a house. The VA offers loans with fewer fees and competitive interest rates that can help military families afford to buy homes in a variety of financial circumstances.

Eligibility
Active-duty military members, reservists, National Guard and veterans are eligible for VA loans. Spouses of military members who died on active duty or as a result of a service-related disability are also eligible.

Active-duty members of the military usually qualify after they have served for six months. Reservists and members of the National Guard are typically eligible to apply after six years, but they become eligible after 181 days of service if they’re called to active duty. If they serve during a war, active-duty members, reservists and National Guard members become eligible after 90 days of service.

To apply for a VA loan, the borrower needs to obtain a Certificate of Eligibility (COE). In many cases, a lender can obtain the COE on behalf of the borrower.

Loan Terms
A VA loan is issued by a private lender and is guaranteed by the Department of Veterans Affairs. Since the loan is guaranteed, the borrower is not required to obtain mortgage insurance. This can save military members and veterans hundreds or thousands of dollars every year. A borrower doesn’t need to make a down payment to qualify for a VA loan.

VA loans do require a one-time funding fee for applicants. The fee amount depends on the type of veteran and whether he or she is making a down payment. Fees for reservists and members of the National Guard are slightly higher than those for active-duty members of the military. The fee is lower if the borrower makes a down payment.

Although the VA doesn’t require a minimum credit score to qualify for a loan, individual lenders do have requirements. Borrowers must also prove that they have enough income to cover the mortgage payments, and they shouldn’t have too much debt. The guidelines are, however, more flexible than they’re for private loans. Lenders will consider a borrowers overall financial circumstances.

The amount an eligible veteran can borrow depends on the location of the house. A VA loan can only be used to purchase a primary residence, not to buy or refinance a vacation or investment property.

The VA offers assistance to borrowers who are having trouble making their mortgage payments. It can negotiate with lenders directly to help struggling borrowers. Veterans may be able to work out alternate payment plans or modify the terms of the loan to avoid foreclosure.

Valuable Assistance for Military Families
Veterans who have served their country are eligible for many benefits, including assistance with buying a home. The VA offers loans with many attractive features”such as no down payment, no mortgage insurance and competitive rates”that can save veterans thousands of dollars compared to traditional loans so they can realize their dreams of homeownership.

Published with permission from RISMedia.

Here are the basics of what you need to know when using wood in the bathroom.

Choose the Right Type

Teak, ipe and cedar wood make great candidates, as they are naturally resistant to rot and moisture.

Ventilation Is Key

An exhaust fan will help to remove the steam and allow the wood to dry quickly after each use so that it doesnt get damaged over time.

Keep It Safe With a Sealant

Just as you would apply a sealant to your wooden deck, its wise to do so in the bathroom to protect the wood from moisture. This can be done with a natural oil, such as linseed oil.

Published with permission from RISMedia.

The suns ultraviolet rays can do more than cause sunburn and contribute to skin cancer. They can also damage your home, both outside and inside. Sunlight can cause siding, roofing, furniture, fabrics, and flooring to change and deteriorate over time.

How to Prevent Damage to Your Homes Exterior
A window can act like a magnifying glass and reflect sunlight, focusing it on a relatively small portion of a nearby houses siding. This can cause older vinyl siding to melt. If youve noticed that your siding has started to melt because of sunlight reflected off your neighbors windows, or if youre concerned about the possibility, planting trees or bushes around your house can protect the siding and increase your homes value. You can also replace your current siding with a newer model thats designed to resist damage from high temperatures.

The suns rays can cause roofing shingles to deteriorate, which can eventually lead to leaks. You can shield your roof from sun damage by applying a coating with high emissivity and reflectivity rates. It will create a waterproof barrier to draw heat away from the roof and keep the surface cooler.

How to Protect Belongings Inside Your Home
Sunlight streaming through windows can cause furniture, carpeting and artwork to gradually fade. You can protect your homes furnishings with curtains or shades, window film or UV-repelling sprays.

If you have leather furniture, a leather conditioner can help prevent fading and cracking. You can use a sealant to protect your wood furniture from discoloration. Choose a sealant thats appropriate for the type of wood used in your furniture.

Exposure to sunlight can also cause artwork to fade. Paintings on canvas can be treated with archival protection sprays, while framed art can be covered with museum-grade glass or UV-blocking acrylic.

Sunlight can damage hardwood floors and cause the color to change dramatically over time. If some areas are covered with furniture and rugs and others arent, the result can be a floor with a patchwork of different colors. You can protect your hardwood floors with pigment-based stains and finishes that contain UV inhibitors. Periodically rearranging rugs and furniture can also help prevent certain areas from becoming significantly discolored.

Protect Your Property From the Suns Effects
Many people dont realize how much damage sunlight can cause to their home until they notice serious problems and need to pay for repairs or replace furniture and other possessions. Fortunately, there are many simple but effective ways to protect your homes exterior and interior from the sun. Take action now to avoid expensive bills later.

Published with permission from RISMedia.