Which Type Of Pool Is Right For You? We Look At The Best Designs For Your Backyard

The decision to install a pool is generally one that is applauded by at least certain members of the family. Whether you have children or not, however, having a pool at home is certainly something you can enjoy for yourself.

But what if you don't think your yard is particularly suited to a pool? Don't rule out the idea just yet; instead, consider some of these different pool designs to suit different sizes and styles of backyards.

Make The Most Of Your Small Backyard

For a relatively small backyard, you should always choose the right pool design that will ensure you make the most of the space.

A particularly good option for a smaller backyard is opting for an above-ground pool and having a custom wood deck built around one side of it. The addition of the the wood deck will offer easy access for the kids to get into the pool, and will also give you a place to sunbathe while watching the kids splash around.

Single-Use, Modern Yard: Fiberglass Pool

For an ultra-modern backyard that is relatively small, and especially for a single-use backyard that is going to be dedicated to your swimming pool, a fiberglass pool might be your best option. Since the pool arrives in one single piece, already fully finished, the installation process is very quick and efficient.

Offered in a variety of different shapes, sizes, and styles, you can surely find a fiberglass pool that fits your single-use yard, and you could even have it ready to use within one week. You'll find that the smooth surface of a fiberglass pool is appealing. These pools are also easy to maintain as only a few chemicals are required for cleaning.

With this type of pool that you'll commonly find in vacation homes with modern, polished concrete backyards, you can turn your home into your favorite holiday destination, and much quicker than you might have guessed.

Customizable Concrete Pool For A Large Yard

If you have a large yard and aren't concerned about using up too much space by having a swimming pool put in, why not opt for the most customizable concrete variety? A concrete pool can be constructed in virtually any shape or size you choose, allowing you to put your best creativity to use.

You can opt for texturized pool surfaces as well as well as plenty of add-ons and built-in features, such as a custom entry or a ledge for sunbathing. Customized concrete pools usually take about 12 weeks to build. You can also opt to have a concrete or tile surface installed around the pool, while still leaving plenty of grass and gardening space in your backyard.

These pools are also a great option for irregular backyards, as they can be customized to fit into virtually any shape, just as long as your yard is large enough.

When it comes to house shopping, you can opt to buy a house that already has a pool. Or if you'd prefer to be more involved in the process, you can simply look for a house with a suitable yard.

How Pre-Qualifying Helps You Find the Right Home

Too often, home buyers are disappointed when they find their dream home only to discover they are not able to get a mortgage to purchase the property. There are methods that potential buyers can use to ensure this does not happen to them. One of these options is to ensure you obtain a pre-qualification from your lender.

It is important to understand the difference between a pre-approval and a pre-qualification. While both are helpful, they do not carry the same weight.

What Are The Differences Between These Options?

A pre-qualification allows a borrower to determine how much money they may be able to borrow. For most borrowers, this allows them to start the house-hunting process with a mortgage amount in mind. Borrowers should understand, while the loan amount can be calculated, changes in interest rate as well as the borrowers credit are not evaluated in this process. In general, the lender will request specific information from the borrower including income and expenses as well as ask about their credit. None of this information is verified by the lender before sending a pre-qualification letter.

On the other hand, a pre-approval requires the borrower to provide a number of documents to the lender, typically the same documents borrowers need to apply for a loan. Oftentimes, this leads borrowers to speculate as to whether a pre-qualification is useful.

Why Pre-Qualification Helps

There are many valid reasons why potential homebuyers should ask about pre-qualifying for their mortgage. Some of these include:

• Home prices - if a borrower is eligible for a mortgage of $200,000 they will know they will have to seek homes in a specific price range. If a borrower is only able to put down 10 percent, they know the maximum home price they can afford is $220,000.
• Down payments - in most cases, borrowers who can afford to put down a large down payment will have more options available to them. In some cases, understanding how much mortgage a borrower may qualify for beforehand allows them to save additional money for a down payment.
• Estimates of dollars needed - another advantage to pre-qualifying is borrowers can get an idea of what additional closing costs they may need to qualify for a mortgage. This can be very helpful for a first time home buyer.

Pre-qualifying for a loan can save a home buyer from being disappointed. There are few things that are more upsetting than finding a home you love only to discover you are not eligible for the loan you need in order to purchase that home.

If you're contemplating a pre-qualification, call your trusted mortgage professional today for more information.

Thinking About Buying An Investment Property? 6 Tips To Ensure You Don't Get Fleeced

Purchasing an investment property is one of the most important decisions that you'll ever be a part of. As such, it's a necessity to make your decisions with only the most careful of consideration.

Here are the six tips that you need to heed in order to ensure that you don't get fleeced.

Find The Right Property At The Right Price

Yes, this is a whole lot easier said than done. However, it's not impossible. All it takes is some patience and research.

You have to determine what everything in your area is selling for in order to be able to spot a bargain! Further, you need to know that various property classes will outperform each other. For example, land and home units will appreciate differently.

Figure Out The Cash Flow

It's always a good idea that you know how to maintain your mortgage repayment obligations over the long term. It's recommended that you analyze the cost of servicing any loan only on an after-tax basis. By taking this approach, you have the power to calculate and put the cost into actual terms that make sense for you.

Look For A Good Property Manager

Finding a good property manager who is a professional in his or her field is vital. Your property manager's job will be to make certain that everything is in order between you and any of your tenants. A good property manager can extract the best possible value for you from your property and help to keep your tenants in line as well.

Choose The Appropriate Type Of Mortgage

There are many options available for financing the investment property that you choose, so it's best to get sound advice. Options such as a variable rate loan and a fixed rate loan are both popular choices, but your specific circumstances will dictate what's most suitable for you. Consider that variable rates often end up being cheaper over time, yet fixed rates at the right time are ideal.

Take Equity From Another Property

Leverage the equity from your residence or another investment property. Doing this is actually an ideal way to purchase your investment property. Equity can be calculated by way of calculating any difference between what you owe on your mortgage and the overall value of your property.

Comprehend Both The Market And Dynamics When Buying

It's best to analyze what other properties are available in the area when you're looking at an investment property. It's very advisable to actually talk to both local people and real estate agents in the neighborhood. They can give you hints on small, yet vital, things like which side of a street is considered more desirable.

These are the six tips to help make sure that you don't ever get fleeced when buying an investment property. They can make the difference between purchasing a great property that has a high return on investment and purchasing a lemon.

Call your trusted mortgage professional today for some answers and more information.

Small Business Owner? Here's What You Need To Know About Mortgages

If you are an entrepreneur or a small business owner, you probably know that there are a lot of advantages to this lifestyle - the freedom, the exciting challenges, the opportunities and the ability to make a living doing what you love.

However, you also know that being a small business owner can make some things more challenging - such as apply for a mortgage for your home.

Many small business owners find it tough to get approved for a mortgage, because their income can be erratic and the banks want to see proof of consistent earnings over a significant period of time.

However, it is possible to qualify for a loan as a small business owner. Here are some important things that you need to know about the process:

Ask Your Mortgage Lender What They Look For

If you ask your mortgage lender, they will probably offer you a checklist for putting together all the information needed in your mortgage package. It should have instructions on what specific documents you need to include if you are self-employed.

Filling Out The Right Forms

When applying for the loan, you will need to fill out IRS Form 4506-T, which is a Request for Transcript of Tax Return. This is basically a form that will allow the lender to look at your tax returns from the IRS, which shows proof of your earnings.

You are not able to show lenders copies of your tax returns. They must get them directly from the IRS themselves.

Submitting A Profit And Loss Statement

It can also help to ask your accountant to prepare a Profit and Loss Statement, which highlights the amount of money that you have brought in compared to the expenses of setting up your business.

If you present several of these on a quarterly basis, it will prove to the bank that your business is growing and is profitable enough to cover your mortgage.

The important thing to remember is not to give up on the idea of owning a home just because you are a small business owner. Ask your accountant for help and take the time to submit the right proof of earnings, so that you get the mortgage for your dream home.

What's Ahead For Mortgage Rates This Week - June 2, 2014

Last week's economic news was fairly quiet due to the Memorial Day holiday on Monday and no scheduled news released on Wednesday.

Home Prices Post Modest Gains, But Growth Rate of Home Prices Slows

Tuesday's release of the S&P Case-Shiller Home Price Index for March showed that home prices are edging up, but at a slower pace than last year. Home prices increased by 12.40 percent year-over-year as compared to February's reading of 12.90 percent year-over-year.

Analysts expected prices to fall as construction picks up and more homes are listed for sale. Lower demand due to strict mortgage lending standards and high home prices continued to keep many moderate-income and first-time home buyers on the sidelines.

FHFA Reports Home Prices Increased By Over 6 Percent

FHFA, the agency that oversees Fannie Mae and Freddie Mac also released its home price index for properties connected with Fannie Mae or Freddie Mac owned or guaranteed loans. As of March, FHFA reported that home prices increased by 6.50 percent year-over-year as compared to February's year-over-year reading of 6.90 percent.

Consumer confidence rose by 1.30 percent for May with a reading of 83.0, which matched expectations.

Last Thursday's news included the weekly Jobless Claims report, which showed 22,000 fewer jobless claims than expected with a reading of 300,000 new jobless claims reported. Thursday's reading was also lower than the prior reporting period's reading of 327,000 new jobless claims filed.

The four-week rolling average of jobless claims also showed improvement with 11,250 fewer claims filed and an average reading of 311,500 new weekly jobless claims filed. This was the lowest number of jobless claims filed since August 2007. Analysts look to the four-week rolling average as more accurate than the weekly readings, which can be volatile.

U.S. jobs have increased by 200,000 jobs per month over the last three months reported.

Pending Home Sales Up for Second Consecutive Month

Pending home sales in April rose by 0.40 percent from the March reading of 97.4 to 97.8. The April reading was the highest for pending home sales since November. Pending home sales provide an estimate of future home sales.

Lower mortgage rates likely supported expanded home sales. Freddie Mac reported that the average rate for a 30-year fixed rate mortgage was 4.12 percent, a drop of two basis points from last week. The rate for a 15-year fixed rate mortgage fell by four basis points to 3.21 percent.

The average rate for a 5/1 adjustable rate mortgage was unchanged at 2.96 percent. Discount points were unchanged at 0.60 for a 30-year fixed rate mortgage and 0.50 percent for a 15 year mortgage. Discount points dropped from 0.40 to 0.30 percent for a 5/1 adjustable rate mortgage.

What's Ahead

In addition to construction spending for April, this week's economic news includes several reports that can provide insight about employment and consumer spending.

News events include Motor Vehicle Sales for May, The Fed's Beige Book report, and Thursday's usual release of Freddie Mac's average mortgage rates and weekly Jobless Claims. Non-farm Payrolls and the national unemployment rate for May are also scheduled for release