Do Fence Me In, Here Are A Few Good Yard Fencing Options

Whether you just got a puppy, have newly mobile children or built a pool, there are a multitude of reasons for wanting to keep people and animals in your yard, while preventing other from entering.

Picking the perfect fence can be difficult, so below we've outlined the main fencing materials to choose from and characteristics to consider about each.

Wood

Wood seems to be the most common material used in yards across the country — especially when wanting privacy. Depending on the type of wood you purchase, you'll probably want to stain the planks to protect them from rot and ultra-violet light. Be prepared to retreat and maintain your wooden fence about every four years.

Chain Link

This economical option does its job well as a security fence. It'll keep pets in and people out. And with the new black or green plastic coating chain link comes in, it almost blends into any background.

Chain link fences shouldn't require any maintenance for at least 10 years, and they usually come with warranties for at least that long.

Wrought Iron

If you're in the market for an ornate fence that you can see through and provides high security, then wrought iron should be your pick. These fences are actually made from steel and aluminum and need virtually no upkeep. Don't expect to see any issues for at least 20 years.

Vinyl

You like the look of wood, but you hate the upkeep. Well, if you're willing to spend the extra dough, usually four to five times the cost of wood, then you can have a man-made product that looks like the real thing.

Faux-wood fencing is usually seen in white, but can come in a variety of colors and even look almost identical to actual wooden planks. The best part is — no maintenance required!

Whatever your reason for building a fence, such as privacy, security, safety or to add curb appeal, you'll have hundreds of options to choose amongst. Be sure you carefully consider each of the main fencing materials above, along with their look and maintenance requirements before you make the investment.

Do Those Additions Really Add Value To Your Home?

When you own a home, there are additions that you can make to the property that will improve the value of your home. For example, a newly renovated kitchen or bathroom is a popular choice that will really make the home more desirable to buyers.

Also, adding storage space or a well-thought-out family room or other practical space can be a very good investment that will bring up the home's value.

However, there are other projects that are not really worth your time or money and will allow very little opportunity to recover your costs when it is time to sell the property. Here are a few examples of things that you think might add to the value of your home, but really don't.

An Elaborately Landscaped Garden

A beautifully landscaped garden might make the home more visually attractive to buyers when they are looking at the property, but it will not likely add to the selling price.

This is especially true if the new buyer is not interested in putting in the effort to keep the garden well-maintained and sees it as a burden. If they don't have time to do the landscaping, they will need to hire a gardener which will add to their expenses.

A Hobby Specific Room

Are you tempted to convert a bedroom into a room that is specific to one of your particular interests, such as an art studio, a library or a wine cellar? This will not add a lot of value to the home, because the next buyer is not likely to share your passions.

It might even make the home less than desirable, because the next owner will not want to spend the time and money renovating the room back into a bedroom.

You can create a hobby room; just make sure that you make non-permanent chances to the room so that you can quickly and easily switch it back to a bedroom.

A Renovated Garage

Redoing your garage and turning it into a family room or a play room might give you a short term benefit, but you might regret it when you go to sell the home. Most people want a garage to serve its original purpose – as a place to protect their cars from the elements and store their shovels, garbage cans, leaf blowers and other outdoor things.

These are a few examples of home additions that will not add to the resale value of your property. To find out more about selling your home, contact your mortgage professional. 

How Does An Interest-Only Mortgage Work?

When you have been researching your different options for a mortgage on your home, you might have heard of an "Interest-Only Mortgage". What exactly does this type of mortgage mean and how does it work?

Usually when you take out a loan, you must pay back the capital debt (the amount you borrowed) and the interest on that debt. An interest-only mortgage offers a cheaper option for purchasing a property, because you will only be making payments on the interest and not the capital.

Compared to a repayment style mortgage where you are paying down the principle of the loan, an interest-only mortgage will have much lower monthly payments.

However, when you reach the end of the mortgage term with an interest-only mortgage, you will not have paid off any of the original principle of the loan. This means that you will still not be any closer to owning the home than when you started, whereas with a repayment mortgage you would be in full possession of the property.

You will reach the end of the loan term, still owing the lender $250,000 or whatever the value of the house was. Also, if you do not pay off that lump sum at that point, the lender will charge you interest on the entire loan for the full time.

From the description of how it works, it seems like there would never be a good situation for taking out an interest-only mortgage. However, if you are stretched financially and you are desperate to get onto the property ladder it might be a viable option. Some people take on an interest-only mortgage so that they can buy their first home, then when their income goes up they switch to a repayment mortgage.

These types of mortgages are often used by buy-to-let investors, who are able to claim their tax back against the mortgage interest. If this is your goal, you might find this strategy advantageous.

To find out more about mortgages and determine the best option for your needs when buying a home, contact your trusted mortgage professional.

Don't Let Confusion With Mortgage Jargon Cost You

A recent study of US and UK home buyers, conducted by the London based Nationwide Building Society, found that more than 40% of people buying homes were confused by the jargon that lenders used to describe mortgages.

When it comes to taking out a mortgage on your home, could confusing mortgage jargon be costing you money and causing you to make ill-informed choices?

According to the study, only 31% of home buyers understood what the term "LTV" meant, an acronym that stands for "loan to value" and describes the ration between the amount of the mortgage and the value of the home.

Not only did the survey show that many mortgage borrowers were confused about what the terms meant, but they also were shy about asking for explanations of various words that they didn't understand.

In order to make a wise financial decision and choose the right mortgage for you, it is essential to do your research and understand exactly what you are signing up for. If you are unsure of what a mortgage term means, don't be afraid to ask your lender for clarification.

Here are a few of the common mortgage jargon words that many homebuyers don't understand:

Adjustable Rate Mortgage

This is a loan that has an interest rate which will fluctuate over time, such as every three years or every year after the first five years. This type of mortgage can be advantageous if you plan to sell the home within the first few years of owning it. Another option is a fixed rate mortgage, which does not fluctuate.

Qualifying Ratios

This is a calculation that your mortgage lender will make in order to determine the largest mortgage that you could possibly afford to obtain. The calculation is made by looking at your income, your existing debt and other factors.

Stips Or Stipulations

If your mortgage lender mentions "stips" they are probably talking about stipulations, which are the requirements that are submitted in order to clear your mortgage to close. This includes verifications of your bank statement as well as proof of employment and rent. Verification of Rent and Verification of Employment are often abbreviated as VOR and VOE.

HUD

This refers to the US Department Of Housing Development Settlement Statement that you will be required to sign when taking out a mortgage. This document contains the details of the arrangement, including all fees agreed upon.

These are just a few examples of mortgage jargon that you might not be familiar with. If you have any more questions about taking out a mortgage on a home, contact your trusted mortgage professional.

What's Ahead For Mortgage Rates This Week-September 30, 2013

Last week brought a variety of housing related news. Highlights included the S&P/Case-Shiller Home Price Index for July, which showed a 12.40 percent year-over-year increase in national home prices. This was up from 12.10 percent in June.

The FHFA Housing Price Index reading traces home prices on properties securing mortgages owned or backed by Fannie Mae and Freddie Mac. The year-over-year reading for July showed an increase of 8.80 percent as compared to a year-over-year reading of 7.80 percent in June.

Rising mortgage rates and rising home prices have caused some buyers to leave the market, while others are jumping in before mortgage rates move higher. Pent-up demand for homes and short supplies of homes for sale are expected to sustain buyer interest and home prices.

The Consumer Confidence Index for September fell to 79.70 percent for September as compared to August's reading of 81.80 percent, but was slightly higher than the expected reading of 79.50 percent.

Sales Of New Homes Surpass Expectactions

Sales of 421,000 new homes in August surpassed expectations of 420,000 sales and the revised number of 390,000 sales of new homes in July. A short supply of existing homes for sale is attracting buyers to new homes.

Freddie Mac's weekly Primary Mortgage Market Survey provided good news as average mortgage rates fell. The average rate for a 30-year fixed rate mortgage was 4.32 percent as compared to last week's 4.50 percent. 

The average rate for a 15-year fixed rate mortgage was 3.37 percent as compared to last week's reading of 3.54 percent. Discount points were unchanged at 0.70 percent.  The average rate for a 5/1 adjustable rate mortgage was 3.07 percent, which was four basis points lower than last week. Discount points were unchanged at 0.50 percent.

Pending home sales fell by 1.60 percent in August as compared to July; the National Association of REALTOR cites higher home prices and mortgage rates along with depleted supplies of available homes as reasons for fewer signed contracts in August.

The West reported a drop of 1.60 percent in pending sales and the Midwest reported 1.40 percent fewer pending sales in August. The Northeast came out ahead with 4.00 percent more pending home sales in August.

Weekly jobless claims were reported at 305,000 new jobless claims as compared to expectations of 327,000 new jobless claims and the prior week's reading of 310.000. The Federal Reserve recently cited the national unemployment rate of over seven percent as a clear indication that employment levels are not recovering quickly.

Next Week's Economic News

While few housing and mortgage related reports are set for release next week, the calendar should provide indications of overall economic conditions. On Tuesday, Construction Spending for August will be released. Wednesday brings the ADP employment report for September. This report tracks private sector jobs.

Thursday brings Freddie Mac's PMMS report of average mortgage rates and the weekly jobless claims report.

The federal Non-farm Payrolls and National Unemployment Reports for September are set for release on Friday.

5 Cool Ideas For Green Home Remodeling

Every home seems to have a never-ending remodeling list. As you consider tackling your next project, it usually pays off if you also think about helping the environment.

Green remodeling can last longer, utilize recycled materials and typically end up saving you money in the long run. Below are several environment-friendly ideas that will have your neighbors green with envy.

1. Rain Gardens

Rain gardens are a shallow depressions in your yard planted with native shrubs and flowers. When there is a large rainfall, all the water rushes along roadways picking up dirt and pollutants along their way to drainage systems and eventually rivers and streams.

Rain gardens catch water run-off, which reduces the street flooding and makes for cleaner water sources.

2. Reclaimed Hardwoods

Using reclaimed wood is all of the rage right now - and it's easy to see why. Reclaimed wood helps the environment by being recycled and repurposed from other structures. Turning an old barn into your new hardwood floors not only saves trees and looks great, but is an interesting conversation point.

3. Paper Covers Rock

Most kitchen remodels usually include the discussion of to go with granite or quartz countertops. However compressed paper or glass surfaces are actually better for the environment. Instead of harvesting natural resources, you'll be recycling resources that have already been used.

4. One Shower Head

It's tempting to use multiple showerheads and powerfully flushing toilets. However, reducing your water usage saves you money. Install low-flow water fixtures and limit yourself to just one fantastic showerhead in each bathroom. You'll help the earth and your pocketbook by saving water.

5. Passive Solar Design

Solar panels are a great way to trap the sun's energy and reduce your utility bills. However, if you're not ready to directly tap into the grid, then there are ways you can remodel your home using passive solar design. Concrete floors and thick concrete, brick or plaster walls soak up the suns rays during the day and release them at night when the temperature drops.

Going green doesn't have to hamper your lifestyle or your home's design. With the five green remodeling ideas above, you'll add value to your home, help the environment and put money back in your bank account.

4 Quick Tips On Becoming A Young Real Estate Investor

Investing in property at a young age seems like a bit of a daunting prospect sometimes. Most young people don't have a lot of disposable income, often have poor credit and perhaps even student loans.

When you are in your early 20s, you are not likely thinking about investing in property and are probably focusing on other things. However, investing in property at a young age can bring you a lot of advantages.

It requires a different approach and style and you might be the only one of your peers who is doing so, but you will definitely reap the benefits later on in life. When you invest long-term, you will start building your financial independence.

Some might believe that it is impossible for a young person to start investing so early in life, but investing in your 20s is completely possible.

You are not "too busy", in fact you will find that you have even less spare time as your responsibilities grow when you get older. You will need a little bit of money to get started, but often you can purchase your first property with as little as 3.5% down.

If you want to get started early, here are some tips that will help you along the way:

1. Get into very good saving habits from a young age by putting aside your money from first jobs. When you want to take out a mortgage, you will typically need to be able to show savings of 3% of your purchase price.
2. Maintain a clean credit history and pay all of your bills on time in order to build a great credit rating, so that you can obtain a mortgage with a good rate.
3. Make the most of technology and social media to learn more about investing in property and to find the best opportunities. You have a wealth of information on investing, all at your fingertips.
4. Find an older mentor – someone with successful experience who can give you tips on how to choose the right investment.

Another main advantage to investing when you are young is that if anything goes wrong, you will have more time to make mistakes and still recover without affecting your retirement. You have nothing to lose and everything to gain, so why not get started?