Published with permission from RISMedia.
Uncategorized
Options If Your Mortgage Is Underwater
Owing more money on your mortgage loan than your home is worth”commonly referred to as being underwater on a home mortgage”can seem hopeless.
There were 6.7 million underwater homes in the U.S. at the end of the first quarter of 2016, representing 12 percent of all properties with a mortgage, according to RealtyTrac. The numbers are dropping since a peak of 12.8 million homes in 2012, when 28 percent of all properties with a mortgage were underwater.
For people still underwater, those numbers dont offer much solace. However, there are some options for underwater homeowners, including:
Short sale: If you have to sell your home, a short sale may get you the most money. Your lender has to agree to let you sell it for less than you owe, which may lead to the home being sold quicker than it would otherwise.
Your lender must agree to the lower price, and it will take the loss, and your credit score will fall. Lenders can also reject short sale offers on your home, causing the deal to fall through.
Refi: Refinancing your home loan wont increase the homes value and may still leave you underwater, but youll have a lower interest rate and a lower monthly mortgage payment.
It can be almost impossible to refinance with negative equity. The federal governments Home Affordable Refinance Program, or HARP, helps by giving lenders incentives to help underwater homeowners. Loans can be refinanced at 105 percent to 125 percent of a homes value.
To be eligible for HARP, the loan must be owned or guaranteed by Fannie Mae or Freddie Mac, and the borrower must be current on mortgage payments, having not missed a payment during the past 12 months. If you dont have a good credit score or high enough income, you could be denied for HARP.
Another option is the federal Home Affordable Modification Program, or HAMP. A financial hardship that puts the mortgage in default must be shown. This isnt a refinancing option, but a way to change the contract terms to lower your payments for up to 60 months.
Walk away: If you dont think your homes value will ever come back, you can walk away from your home by no longer making monthly payments and defaulting on the loan”called a strategic default.
Some consider this unethical, and the foreclosure that will eventually occur will hurt your credit score and stay on your credit report for seven years.
Published with permission from RISMedia.
How to Master Transitional Style in Your Home
Here are a few guiding principles to master transitional style.
Mix It Up
Both antique and contemporary furniture can coexist side-by-side to create a timeless feel.
Light Colors
Variations of whites, grays and soft earth tones are versatile and avoid being pegged to a specific look.
Look to the Lines
A careful combination of soft traditional style curves and sleek modern lines is one of the most important characteristics.
Keep an Open Mind
The rules arent always steadfast, so take the time to tailor the look to your personal tastes.
Published with permission from RISMedia.
What You Should Know About Biophilic Home Design
Looking for a living space that will help you reconnect with Mother Nature? Heres what you should know about biophilic design.
The Basics
At its core, this design movement is all about creating a living space that feels like its a part of nature.
Design Solutions
Breaking down the barrier between indoor and outdoor spaces is a big part of biophilic design.
A retractable glass wall lets in sunlight in the winter and can open to the outdoors in the summer.
The Benefits
When we feel closer to nature,were more relaxed and in tune with our surroundings.
Additionally, biophilic design requires using clean, natural materials to build homes that use less energy.
Published with permission from RISMedia.
Here’s How to Bring Warm Minimalism into Your Home
Minimalism has been having a moment for some time now. As trends evolve and tastes change, however, were seeing a slight twist being put on the less-is-more movement. The result is warm minimalism.
For those who enjoy the lack of clutter but find minimalism to be too sparse, this might be your new favorite look in interior design. Focused on achieving a living space that strikes a balance between simple and cozy, here are a few tips to bring the look into your home!
Bare necessities
Like the form it emerged from, warm minimalism is all about stripping down to the essentials and eliminating chaos. This doesnt just mean doing away with the trinkets and knick knacks, but cutting down on eclectic patterns and intricate color schemes in order to create an environment that exudes a sense of harmony.
Sleek but Warm
The key is to pick out dcor with warm textures and sleek lines so that your home still feels inviting. After all, the last thing you want is for it to look like an empty house you just moved into. Organic materials like wood and stone work well and, rather than having sterile white walls, try a light cream color. Cozy, neutral tone furniture, especially leather, will fit into the mix and complement the base textures.
Curated Objects
This is where you can infuse a bit of personality, but be careful because it can also make or break the entire aesthetic. A few thoughtfully curated objects, like antiques or handmade crafts, that can stand on their own without overpowering the room are ideal. If youre only using a few small pieces to fill a large area, its okay for them to be a bit more intricate, like an ornate mirror or piece of artwork. Ceramic pottery with a visually appealing houseplant or tree is another great way to fill the space without introducing clutter.
Published with permission from RISMedia.