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One of the most important factors of the home buying experience is the mortgage loan you undertake. With at least eight different types, there are five that are the most common. The following types of mortgage loans are the ones held by most homeowners in the United States.
A conventional mortgage is the standard mortgage that comes to most people's minds when they think about qualifying for a loan. Distinguished because of their fixed interest rate and consistent monthly payments, conventional mortgages are available in terms ranging from 10 to 40 years with 15 and 30-year loans the most common.
An adjustable-rate mortgage might also be referred to by its acronym: ARM. There are a number of different types of ARMs but their basic premise is the same. The interest rate tied to the mortgage fluctuates according to factors like changes in the cost of borrowing money and other economic factors. The 5/1 loan is a common type of ARM. The interest rate charged on the loan remains the same over the first five years of the loan. For the remaining 25 years, the interest rate can change.
An interest-only mortgage can be a valuable economic tool but it's best undertaken by those who understand its implications. During the first 5 or 10 years of an interest-only mortgage, you can opt to pay only the interest on the loan. You aren't obligated to pay only the interest during that time. After the first 5 or 10 years, the loan is treated like its a conventional mortgage.
VA loans are backed by the federal government, overseen by the Department of Veteran Affairs and don't require a down payment. These loans are limited to members of the military. In some cases, spouses can take advantage of VA loans.
Backed by the Federal Housing Administration, FHA loans include mortgage insurance that is built into them. This helps protect the lender in the event that the home buyer cannot repay the loan. FHA loans also have lower down payments which are designed to help more people purchase a home.
In some cases, a seller might not want to participate in a particular mortgage loan. Your real estate agent is a great source of information about mortgage options, check with them for more guidance.
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You can never have too many plants inside your home. Indoor plants can help boost your mood, productivity, concentration and creativity. But being a plant parent means finding the right ways to display your flora so they can grow and thrive in any space. We’re going to dive into several different ways you can set up your plants so you can enjoy a piece of the outdoors – indoors.
Floating plant shelves, available online and in home decor stores, are popular for their clean and minimalistic look. They come in a variety of styles: rectangular, triangular, and other geometric shapes that can complement any interior.
Ideal For: Small to medium potted plants
Similar to floating shelves, wall mounted planters are a fun element to add to your walls, and they are simple to hang.
Ideal For: Hanging plants like marble pathos or smaller herbs
Typically used in outdoor gardens, a trellis inside of your home will be eye-catching. Add it against your walls or use it as a divider in one of your rooms.
Ideal For: Climbing vine plants
Elevate your plants by using macrame hangers or other ceiling planters. This will add a nice boho look to your home while also allowing your greenery to get access to sunlight.
Ideal For: Orchids or hanging plants like String of Pearls
If you have a lot of window sill space with sunlight, this is an ideal home for your plants. Use a variety of pot sizes or even something like a mini window greenhouse, available in hardware stores and nurseries, to add dimension to your window sill.
Ideal For: Indoor garden plants like chives, oregano, or basil
Grab a wall-mountable rail, some pots, and hangers. When you put them all together, you’ve got the perfect place to exhibit your plants.
Ideal For: Herbs or small to medium plants
A clothes rack can be transformed into a breath-taking vertical garden. Add your potted plants to the base of the rack and add hangers to the top to support any greenery.
Ideal For: Vine or hanging plants
Use a tiered stand to display your plants in a captivating and compact way in your kitchen or other parts of your home. Bonus points if you add additional accessories to the stand to accompany your flora.
Ideal For: Small plants like succulents
Small box planters can go anywhere in your home from window sills to coffee tables.
Ideal For: Succulents or small flowers
If you have vine plants and are trying to find an alternative way to display them, you can do so by stretching them across your wall. As the vines grow, grab clear push pins to hold the vine up across your wall.
Ideal For: Climbing plants like English Ivy
Another way to get your plants up off of the ground is by using things like a copper pipe or branch to hang your indoor plants.
Ideal For: Vine or other small to medium plants
These creative ways to display houseplants will inspire you to cultivate your green thumb!
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If you're looking to buy a new home, there's no reason you should be limited by your geographic area. In today's digital world, buying a home in another city, another state or even in another country has never been easier or more convenient. Additionally, when you buy a home remotely, you're not limited by property values in your own area. This may be especially beneficial to home buyers who currently live in high-value areas but who are looking to downsize or to lower their monthly mortgage payments.
By conducting your home search remotely, you can find the most house for the lowest price, regardless of where it's located. We've compiled the top three reasons why you might want to consider conducting your next home search from the comfort of your easy chair.
Getting out and on your own may have been a dream right out of college, but once you begin having children of your own, and work responsibilities begin piling up, having family living just down the street can be a lifesaver. Moving closer to family may also be more convenient for home buyers whose parents are aging and increasingly in need of help. By conducting your home search remotely, you can view all available homes near loved ones without ever leaving your house.
You've worked hard for your career, and the most irresistible promotions often involve relocation. When the time comes, you won't have to trust the company to find you suitable accommodations. With a remote home search and the help of a local real estate agent, you can easily find the home of your dreams regardless of where work sends you.
Flipping houses requires know-how, experience, and a large serving of luck. And when you find that perfect property that's selling for peanuts, timeliness matters. When it's not possible to fly out and look at a prospective income property, buying remotely is the only other option. Better still, it gets your foot in the door fast -- maybe even before local investors have time to make an offer.
If you've been thinking of moving out of state, across town, or to the other side of the world, consider doing a remote home search to see what pops up. You'll be surprised at how easy it is to work with an experienced real estate agent over the phone or through email. You may find that housing values in your target area are much more affordable than they are where you're currently living, and that's a win-win for everyone involved, regardless of why you've decided to buy.
Believe it or not, the process of buying a home can become long and complicated. And if you're not careful, you may encounter many hurdles that prevent you from acquiring your dream residence.
Lucky for you, we're here to teach you about the ins and outs of buying a house and help you simplify the process of going from homebuyer to homeowner.
Now, let's take a look at three common misconceptions associated with buying a home.
1. You will be able to acquire a house in a matter of days.
The process of locating your dream home is unlikely to happen overnight. Instead, a homebuyer usually will need to perform extensive housing market research to discover a residence that meets or exceeds his or her expectations.
Typically, a homebuyer will look at several houses before he or she can find the right residence. This homebuyer then will need to submit an offer on a house. And if a home seller accepts the homebuyer's proposal, a home inspection will need to be completed before a home purchase is finalized.
It is important to set realistic expectations for your home search. In most instances, it may take a few weeks or months to find your perfect residence. But with a diligent approach to your home search, you'll be able to discover a house that can serve you well for years to come.
2. You will be able to buy a home for less than a property's initial asking price.
Understanding the differences between a buyer's market and a seller's market is essential for a homebuyer.
In a buyer's market, many high-quality residences are available. This market usually favors homebuyers, and in many instances, enables property buyers to secure great houses at budget-friendly prices.
On the other hand, a seller's market features a shortage of first-rate properties. As a result, this market favors home sellers, and many homebuyers may compete with one another to secure the best houses.
Regardless of whether you're operating in a buyer's or seller's market, it is paramount to avoid the temptation to submit a "lowball" offer on a residence. By doing so, a homebuyer can minimize the risk of missing out on an opportunity to acquire his or her perfect residence.
3. You can find your dream home without help from a real estate agent.
When it comes to buying a house, the early bird catches the worm. Therefore, an informed, persistent homebuyer is more likely than others to locate a terrific home at an affordable price.
Ultimately, working with a real estate agent is ideal. With a real estate agent at your side, you can receive expert assistance throughout the homebuying journey.
A real estate agent will set up home showings, keep you up to date about new houses as they become available and much more. He or she also will respond to your homebuying questions and ensure you can acquire a stellar home in no time at all.
Take the guesswork out of buying a house – collaborate with a real estate agent, and you can make your homeownership dreams come true.
