[av_image src=’https://lam.corephp.org/wp-content/uploads/2019/10/debt-and-your-credit-score.jpg’ attachment=’1936′ attachment_size=’full’ align=’center’ styling=” hover=” link=” target=” caption=” font_size=” appearance=” overlay_opacity=’0.4′ overlay_color=’#000000′ overlay_text_color=’#ffffff’ animation=’no-animation’ av-mini-hide=’aviaTBav-mini-hide’ admin_preview_bg=”][/av_image] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]

Debt and Your Credit Score

Tips for creating a budget and paying down debt.

[/av_textblock] [av_hr class=’short’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] In our last two blogs for Credit Awareness Month (“Understanding Your Credit Score” and “Credit Score Holding You Back?”), we have mentioned how debt factors into your credit score calculation. So now, let’s talk about methods on how to handle debt in favor of your credit score.

Budgeting and dealing with debt can be a struggle, but your first steps would be to create a budget and pay down your debt strategically.
[/av_textblock] [av_one_full first min_height=” vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_textblock size=’20’ font_color=’custom’ color=’#0070e8′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]   Identify & Simplify
[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] First, identify and track how you’re currently spending your money. Take advantage of free online tools or mobile apps to help make budgeting simpler and identify where you need to make changes.

Next, set your financial goals and refine your budget to meet those goals. Continue to track your spending to make sure you’re staying within your budget.
[/av_textblock] [av_textblock size=’20’ font_color=’custom’ color=’#0070e8′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]   Start Small

[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Once you’ve created your budget and know where your money is going, it’s time to start paying down your debt. A good tactic for dealing with debt is Dave Ramsey’s Debt Snowball Plan.

The plan works by focusing on one small, manageable debt at a time. Here are some tips to implement this plan:

• Make a list of all your debts and the balance owed, from smallest to largest.
• Pay off the smallest debt first. Make minimum payments on all your other debts and funnel the rest of your extra funds into the smallest debt.
• Each time you pay a debt in full, work on the next smallest debt on your list.
• Continue this program until you reach the last debt on your list.
• Know how it feels to live debt-free!

By starting with your smaller debts, you’ll see results quickly, which will help motivate you to keep going. You’ll be surprised by how much progress you can make in a short amount of time!
[/av_textblock] [av_textblock size=’20’ font_color=’custom’ color=’#0070e8′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]   Talk To Your Creditors or Collection Agency

[/av_textblock] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] If you have been getting letters and phone calls regarding payments to a creditor and you know you’re behind on your payments, the best thing to do is to contact the companies you owe as soon as possible. Explain your financial situation and request to set up a payment plan that you can afford to pay on. Everyone benefits when you’re making payments toward reducing your debt, so many creditors are more than willing to discuss a payment strategy and work with you to make the amounts manageable.

If you haven’t contacted the companies to whom you owe a debt, after a period of time your debt may be sold to a collections agency. If that happens, you’ll get letters and calls from a different company.

But the remedy is the same: Call the collection agency to set up a payment plan with them. Getting a payment plan set up is better than doing nothing at all!

Remember, just because you are behind on your payments doesn’t mean you have no rights. The Fair Debt Collection Practices Act ensures you are treated fairly and honestly and that collectors are not abusive or threatening toward you.

If you’ve recently cleared a debt from your credit history, you may be closer to the goal of homeownership than you realize! Let’s discuss your options. Contact one of our Mortgage Bankers today!
[/av_textblock] [/av_one_full][av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] *Lake Area Mortgage; a Division of Royal Credit Union is not a credit counseling or financial advisement firm. This information is for educational purposes only and is not to be taken as guidelines or guarantees to improve your credit or financial situation.
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Credit Score Holding You Back?

Simple tips on improving your score.

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At Lake Area Mortgage, we meet people every day with stable finances — a good job, money in the bank — who want to purchase a home. But many of those people are finding a roadblock to mortgage approval: a credit score too low to qualify for a loan with today’s credit requirements.   

For people in this situation, it’s important to remember that this isn’t the end of the road; it’s merely a delay in achieving your goal. Credit scores can be improved. With some basic knowledge of how credit scoring works, you can take steps to improve your score and meet many of your financial goals. It may take some time, but it is possible to change those numbers and get on the path to purchasing your own home.

Although there are no quick fixes when it comes to improving your credit score, you can improve it over time. Here are nine steps you can take to become more creditworthy:

 

 

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[av_iconlist position=’left’ iconlist_styling=” custom_title_size=” custom_content_size=’13’ font_color=’custom’ custom_title=’#000000′ custom_content=’#020202′ color=’custom’ custom_bg=’#7bb0e7′ custom_font=’#ffffff’ custom_border=’#898989′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] [av_iconlist_item title=’Create a budget and stick to it.’ link=” linktarget=” linkelement=” icon=’ue836′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Continue paying your bills on time — your payment history matters.’ link=” linktarget=” linkelement=” icon=’ue863′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Pay down high balances.’ link=” linktarget=” linkelement=” icon=’ue8de’ font=’entypo-fontello’] Try to keep your card balances below 30% of your available credit. Credit utilization matters and 30% is the sweet spot.
[/av_iconlist_item] [av_iconlist_item title=’Don’t cancel your credit cards, since length of credit helps.’ link=” linktarget=” linkelement=” icon=’ue8cf’ font=’entypo-fontello’]  A paid-off, open line of credit can actually boost your score. In fact, canceling it may cause your score to drop.
[/av_iconlist_item] [av_iconlist_item title=’Don’t apply for new credit.’ link=” linktarget=” linkelement=” icon=’ue814′ font=’entypo-fontello’] This doesn’t mean just credit cards! Any type of loan is considered new credit – a new car or loan on your brand-new smart phone!
[/av_iconlist_item] [av_iconlist_item title=’Dispute inaccurate items on your credit report.’ link=” linktarget=” linkelement=” icon=’ue83e’ font=’entypo-fontello’] Federal law allows you to obtain a free credit report at least once every 12 months from the three major credit bureaus: Equifax, Experian and TransUnion. Using www.AnnualCreditReport.com is the quickest way, but you can also request them by phone or mail.
[/av_iconlist_item] [av_iconlist_item title=’Settle any collections or past due accounts.’ link=” linktarget=” linkelement=” icon=’ue849′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Keep “good debt” on your report, such as an auto loan with a good payment history.’ link=” linktarget=” linkelement=” icon=’ue827′ font=’entypo-fontello’][/av_iconlist_item] [av_iconlist_item title=’Pay your parking tickets, library fines, and any other fines you may incur. If they’re sent to collections, it can negatively impact your score.’ link=” linktarget=” linkelement=” icon=’ue84d’ font=’entypo-fontello’][/av_iconlist_item] [/av_iconlist] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]

 

Getting your financial house in order will get you another step closer to purchasing a new home. Give your mortgage banker, here at Lake Area Mortgage, a call today to start discussing your home loan options.
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[av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Lake Area Mortgage; a Division of Royal Credit Union is not a credit counseling or financial advisement firm. This information is for educational purposes only and is not to be taken as guidelines or guarantees to improve your credit or financial situation
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Understanding Your Credit Score

An overview of your credit score and what influences it.

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These days, your credit score is critical in many areas of your life: Getting a home or car loan, applying for credit cards, getting a good rate on your insurance, and even getting a new job are all affected by that three-digit number.

[/av_textblock] [av_hr class=’custom’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-none’ custom_width=’50px’ custom_border_color=” custom_margin_top=’10’ custom_margin_bottom=’10’ icon_select=’yes’ custom_icon_color=’#7bb0e7′ icon=’ue87b’ font=’entypo-fontello’ admin_preview_bg=’rgb(241, 241, 241) none repeat scroll 0% 0%’] [av_heading tag=’h5′ padding=’0′ heading=’What is a Credit Score?’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] A credit score is a number between 300 and 850 that lenders use to determine whether to extend you credit, the amount of credit you qualify for, and even the terms (interest rate, loan amount, repayment schedule). Generally, scores over 700 are considered excellent while scores below 600 may need some work.

The score is determined by the three leading credit bureaus: TransUnion, Equifax and Experian. Your creditors — the companies, lenders, and organizations that lend you money and extend credit to you — report information to them such as your credit limit and whether you pay on time. Each agency keeps its own records so your score can vary from bureau to bureau. For a mortgage loan, generally the middle score is used.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading tag=’h5′ padding=’0′ heading=’“Why is my credit score for a mortgage different than the one I accessed at home?”’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Creditors and lenders use more specific industry credit scores that are customized for the type of credit product you’re applying for. For example, auto lenders typically use a credit score that better predict the likelihood that you would default on an auto loan. Mortgage lenders use a score developed specifically for mortgage loans.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading tag=’h5′ padding=’0′ heading=’Why is it important?’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Beyond securing a home mortgage loan and purchasing a home, credit scores are often used in determining prices for auto and homeowners insurance. Employers have also begun using the scores as part of background checks when making hiring decisions. The practice of using credit scores in nontraditional ways is expanding. It’s more important than ever to educate yourself about credit.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading tag=’h5′ padding=’0′ heading=’The following factors are used to determine your credit score:’ color=’custom-color-heading’ style=’blockquote modern-quote modern-centered’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=’custom’ color=’#020202′ av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]

• Do you pay your bills on time? If you have late payments, had an account sent to a collection agency, or have declared bankruptcy, this will have a negative impact on your credit score.
• What is your outstanding debt? The three leading credit bureaus, TransUnion, Equifax and Experian, look at how close you are to your credit limit (i.e., are you “maxing out” your credit cards). If the amount you owe is close to your limit, it is likely to have a negative impact.
• How long is your credit history? In other words, how long have you had credit accounts open? A short history can have a negative impact, but it can be offset by on-time payments and low balances.
• Have you applied for new credit recently? Applying for too many accounts within a short time period can negatively affect your score.
• How many and what types of credit accounts do you have? The credit bureaus consider the number and type of accounts you have. A mix of installment loans — such as an auto loan — and credit cards may improve your score. Too many financial accounts or too many credit cards could possibly hurt your score.

[/av_textblock] [av_hr class=’short’ height=’-30′ shadow=’shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ font=’entypo-fontello’ admin_preview_bg=”] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Keeping your credit score healthy affects more than your mortgage these days. If you need to improve your credit score in order to reach your goals, your mortgage banker can refer you to local resources that provide credit counseling* or sit down with you to discuss your eligibility to apply for a home loan. Let’s get you ready to become a homeowner.

^{*Lake Area Mortgage; a Division of Royal Credit Union is not a credit counseling or financial advisement firm. This information is for educational purposes only and is not to be taken as guidelines or guarantees to improve your credit or financial situation.}
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More Than Just a Pretty Face

Tips on researching a neighborhood before you buy.

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There are plenty of homebuyers who set their sights on certain neighborhoods, having lived near them or walked through them many times over. They know all there is to know about the area’s school district, the shopping, and its commercial spaces. They’re just waiting for the right house to pop up.   

So, what about those considering buying a home in an area unfamiliar to them? What homework will they need to do on their own? There are certain things their Realtor isn’t permitted to tell them because of real estate and Fair Housing laws. “Even if the area looks nice, you never really know what happens after dark—or sometimes even in broad daylight,” says Realtor.com’s Larissa Runkle. For instance, safety and crime rates are a biggie, especially if you have kids. What is the likelihood of getting your car broken into if you leave it on the street or your own driveway? Your agent can’t help you here, because they legally are not permitted to answer questions like these. There are, however, ways to find out on your own.
[/av_textblock] [av_one_half first min_height=’av-equal-height-column’ vertical_alignment=’av-align-top’ space=’no_margin’ margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading heading=’Online Research.’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Online research should tell you what you need to know if you type “crime rates in —— neighborhood” into a search engine. Some sites are better than others, such as AreaVibes or CityData. Also try CommunityCrimeMap, which features information, times of day, and locations where trouble happens. If you feel more at ease with it, look up public records like police reports, which are often listed in local papers or online. Snooping online at NextDoor, Reddit, or the city’s website are not bad ideas either. There you will find threads where residents have discussions about their neighborhoods and offer opinions.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading heading=’When in doubt, talk to the locals.’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Do some door knocking or stop into some local businesses to get the scoop on the neighborhood. It’s especially easy when you see people outside washing cars or mowing lawns. Tell them you are interested in buying in the neighborhood and ask if they would move there again if given the choice.
[/av_textblock] [/av_one_half] [av_one_half min_height=” vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading tag=’h5′ padding=’0′ heading=’Take in your surroundings.’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] There are also several other things to check out on foot or in your car, such as how beat-up the parked cars appear to be, if there are blighted parts of the neighborhood where pride of ownership is not in abundance. And what about bars on windows, a lot of front gates or tall security fences? Are there a ton of homes for sale? Not a good sign. It’s like walking into an empty restaurant during lunchtime when every other establishment appears to be thriving. Something is amiss.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading tag=’h5′ padding=’0′ heading=’Talk to your Mortgage Banker!’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Moving to a specific community might make sense based on loan programs you can access just by purchasing in that neighborhood! Loan programs and grants can be offered by county, city, or even specific neighborhoods! And yes, you may have the ability to “stack” multiple programs! Huge savings! That’s why it’s extremely important to keep your mortgage banker informed during your house hunting process (aside from knowing how much house you qualify for 😊).

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In the end, trusting your instincts is not a bad idea. “Nothing (and we mean nothing) can replace a gut feeling,” says Runkle. “If you visit your new neighborhood and don’t feel safe enough to walk around alone, then all of the online crime maps in the world really don’t mean a thing.”
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[av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Sources:
[1] Realtor.com
[2] TBWS , LOSocialbot
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6 Things You Might Not Know Are Hurting Your Home

Don’t be fooled by these not-so-innocent problems.

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As homeowners, we do our best to take care of maintenance needs as they arise: maintaining the yard, tightening a loose railing, cleaning out the gutters. But what about problems that aren’t so obvious … or that appear harmless on the surface? Chances are, you might have minor-seeming maintenance issues around your own home. But some of those “little” problems could be much bigger hazards than you realize! Here are six common issues that homeowners often don’t notice … and why you should address them right away.

[/av_textblock] [av_one_half first min_height=’av-equal-height-column’ vertical_alignment=’av-align-top’ space=’no_margin’ margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading tag=’h5′ padding=’0′ heading=’The Root of the Problem’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Such a beautiful tree in your yard! Right next to the fence and the driveway. It’s growing bigger and more beautiful every year — and that could turn into a major problem when the roots begin to buckle the concrete and displace the fence. You have a couple of options here. If the tree is still small, install root barriers to redirect the roots before they become a problem. A bigger tree will need its roots cut and then dammed up with a barrier. Or you can get radical and remove the tree altogether and start again with a new tree planted further from structures that could be damaged.

Along the same lines, dangling dead tree limbs or limbs that hang over the roof are a homeowners insurance claim waiting to happen. Have a tree service trim limbs as soon as possible. If you have a tree on your property that is totally dead, the wisest choice is to have it removed completely.
[/av_textblock] [av_heading tag=’h5′ padding=’0′ heading=’A Compromised Support System’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Whether you have a basement or just a crawl space, it is critical that you check on your support beams. Your home inspector should have done this when you bought the house, but weather, natural settling of the home, and other factors can make a big and potentially costly impact, especially in older homes. Wooden supports should never, ever be in contact with dirt. Ideally, they should be on top of concrete blocks to keep them away from the ground. If that’s not the case, or your home has settled, you may need to remove part of the basement flooring to extend the protection of the wooden beams. Be sure to consult an expert as in some instances this could require lifting the entire house! You also need to be sure there’s no wooden debris laying around under your home. Dirt-wood-foundation contact is an open invitation to termites and other insects to visit your home for a costly feast!

 
[/av_textblock] [av_heading tag=’h5′ padding=’0′ heading=’Drip…Drip…Drip…’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Water waste can cost you big bucks on your home utility bills. In addition, a leaking faucet can also mean leaking pipes, which will damage the cabinetry under the sink and even your flooring if you let it go too long. It could also be a sign of a bigger problem, including mold breeding in your walls. All this wasted water is also detrimental to the environment, so get on this one right away!
[/av_textblock] [/av_one_half] [av_one_half min_height=” vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading tag=’h5′ padding=’0′ heading=’Yard or Jungle?’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Many cities, towns, and HOAs across the country have rules about how tall your grass can be, and violators can incur fines or even a trip to court. But besides following the law, there are other reasons to keep your yard trimmed. Long grass invites rats, mice, snakes, ticks, and other unwanted visitors. It can also make your neighbors pretty grumpy with you, and even lower your property value in some instances.
[/av_textblock] [av_heading tag=’h5′ padding=’0′ heading=’It’s A-Peeling’ color=’custom-color-heading’ style=’blockquote modern-quote’ custom_font=’#228fe2′ size=’40’ subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] It may look like no big deal: a few patches here and there where the paint on your siding is flaking off. But this is a problem that can escalate quickly. From rain to heat to freezing temperatures, weather conditions will cause that small peeling patch to grow and grow, exposing more of the unprotected wood underneath. That exposed wood is then vulnerable to damage from the elements and even from pests, including termites and mice. UGH!
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Even little cracks in your walls need to be stopped in their tracks — quickly — to prevent more damage from occurring. Inside or out, a spider web of problems can grow from just one little crack, which will make it harder and harder to repair. Smaller cracks can be addressed with spackle or tape and mud, and covered by repainting. They often occur in corners or along drywall seams and generally aren’t indicative of a serious problem.

Professionals should address wide or diagonally running cracks to ensure your foundation isn’t sinking or experiencing other problems. If your roofline or ceilings are beginning to sag or you notice your floors are sloping, get help right away.

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Have you already run into some of these problems in your home, or are you thinking of buying a fixer-upper that will need some repairs and upgrades? Lake Area Mortgage offers renovation loan options to help you get your home into tip-top shape!

 

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Bump Up Curb Appeal!

Improve your outdoor style on a budget.

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When it comes to selling your home, first impressions matter. The outside of your home should draw prospective buyers in and make them want to see more. If you’re going to put your home on the market this spring, one of the first things you need to do is take a step back and turn a critical eye to the front of your home. Even if you’re not contemplating a move, a beautiful façade will make your home a joy to, well, come home to.

[/av_textblock] [av_one_half first min_height=’av-equal-height-column’ vertical_alignment=’av-align-top’ space=’no_margin’ margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading heading=’Power wash or soft wash?’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] When prospective buyers pull up to the front of your home and take in their first view, they want to see a clean, pretty building that they can imagine as their own. Washing the front of your home and the walkway will refresh the façade and may even make repainting the front unnecessary. Some Realtors will say it can add $10,000 to $15,000 to the sale price,² and renting a power washer can cost less than $100 per day.

Pro Tip: Concrete driveways can look refreshed after a power wash too!
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading heading=’Fix up the front door and entryway.’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] A freshly painted door in a bold color with shiny new hardware can make a bright change for less than $75. New house numbers in a modern style add appeal, and a new doormat can send a welcoming message to all who approach. Finish off the rehab with a stylish letterbox that just shouts Buy me!
[/av_textblock] [/av_one_half] [av_one_half min_height=” vertical_alignment=’av-align-top’ space=” margin=’0px’ margin_sync=’true’ padding=’20px’ padding_sync=’true’ border=” border_color=” radius=’0px’ radius_sync=’true’ background_color=’#d6d6d6′ src=” attachment=” attachment_size=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”] [av_heading heading=’Keep washing!’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Your windows should sparkle. They should be so clean that you can’t even tell there’s glass in them! Be sure to clean them inside and out. While you’re at it, giving your blinds and curtains a wash is a great idea too.
[/av_textblock] [av_hr class=’default’ height=’50’ shadow=’no-shadow’ position=’center’ custom_border=’av-border-thin’ custom_width=’50px’ custom_border_color=” custom_margin_top=’30px’ custom_margin_bottom=’30px’ icon_select=’yes’ custom_icon_color=” icon=’ue808′ av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=”] [av_heading heading=’Love your lawn.’ tag=’h5′ style=’blockquote modern-quote’ size=’40’ subheading_active=” subheading_size=’15’ padding=’0′ color=’custom-color-heading’ custom_font=’#228fe2′ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”][/av_heading] [av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] Your front yard should be green and neatly trimmed, with no bald patches or brown grass. Trees and shrubs should be pruned and shaped. Clean up your flower garden and put down some fresh, dark mulch for a rich-looking bed. No flowers? Fill large tubs halfway with pebbles or wood chips, add soil on top, and plant bunches of bright flora that will bloom for at least a month.

Pro Tip: Turn on your sprinklers before viewings. The sparkle on your greenery and the fresh scent of water on plants will enhance your home’s attractiveness.
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It’s something you might not think about, but it’s the least expensive job on this list: Ensuring convenient parking for real estate agents and their clients — and having open space in front of your home — can make your property seem more accessible and slightly bigger. Can’t guarantee a front-row parking space in your neighborhood? At least be sure to remove toys, lawn tools, and any other unnecessary items from your front yard. A buyer needs to see your home with nothing blocking the view.

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Once you have your home looking great from the street, the challenge is to keep it looking wonderful through all of the upcoming showings. Make a schedule to stay on top of mowing, weeding, watering, and other lawn and plant maintenance, plus keeping the driveway clean and the porch swept. And be sure to include pulling weeds from between stepping-stones or bricks on your list. All of those little details mean a lot when it comes to curb appeal.

 

Are you looking to make a few bigger changes? Whether you’re upping your curb appeal for your own pleasure or to put your home on the market this spring, we’ve got financing options that could help you get the ball rolling. Let’s talk about making some beautiful updates!

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Sources:
[1] National Association of REALTORS^®, 2018 Remodeling Impact Report: Outdoor Features.
[2] Houselogic, “8 Tips for Adding Curb Appeal and Value to Your Home.”

 

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8 Facts About FHA Loans

A popular option for home buyers with flawed credit or little savings.

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May 14th, 2019 / by Lake Area Mortgage

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What’s all the hype about these FHA loans? For most home buyers (especially first-timers), it’s easier to qualify for an FHA loan than for a conventional loan. The FHA insures mortgages issued by private lenders, protecting them financially in case you default. The main pull: an FHA loan allows for lower credit scores and lower down payment options than a traditional conventional loan. 

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1. A “less-than perfect” credit score is okay!

Keep in mind:

• Minimum credit scores for FHA loans depend on the type of loan the borrower needs.
• Qualifying for an FHA loan depends on much more than just your credit score.
• Check your credit score for free once a year at annualcreditreport.com

2. Your minimum down payment could be as little as 3.5%!

As noted in our first fact, you may qualify for a lower down payment. Allowed sources of down payment money are:

• Cash (you can’t bring literal cash to the closing table, but, for example, “cash” would be money in your checking account)
• Gifted money (talk to your mortgage professional about gifted funds before any money is transferred to you for the down payment)
• Grants (from a state or local government down payment assistance program)

3. Closing costs may be covered!

The FHA allows home sellers, builders and lenders to pay some of the borrower’s closing costs, such as an appraisal, credit report or title expenses. For example, a builder might offer to pay your closing costs as an incentive for using them to build your home. 

4. Your lender must be FHA-Approved.

Good news! Lake Area Mortgage is an approved lender!

Because the FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender. Not all FHA approved lenders offer the same interest rate and costs -even on the same FHA loan!

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5. Mortgage insurance is required.

Mortgage insurance premiums are required on all FHA loans. There are two types of premiums, both of which need to be paid for by the borrower (just at different times within the life of the loan).

• Upfront Premium
  • 75% of the loan amount
  • Paid when the borrower signs off on the loan
  • Can be financed into/as part of the loan amount
• Annual Premium
  • Paid monthly
  • Varies based on the length of loan, loan amount, and the initial loan-to-value ratio

Keep in mind – Unlike conventional mortgage insurance, FHA mortgage insurance cannot be canceled if you made a down payment of less than 10%.

6. You can borrow cash for repairs via an FHA loan!

The 203K loan is the FHA’s special loan product for borrowers buying a home in need of repairs before deemed “livable”. If the location is great and the property has potential, this could be an option to make it happen! Because the Federal Housing Authority is involved, lenders are willing to move forward with a property they otherwise wouldn’t touch.

The loan amount is not based on the current appraised value of the home, but on the projected value after the repairs are completed.

*Talk to your mortgage professional about the requirements and availability for this loan product in your area

7. There is no “set” loan limit,.

The maximum FHA loan size depends on where the home is. The limit is lower in the least expensive housing markets and higher in the most expensive housing markets.

You can look up loan limits by county on the U.S. Department of Housing and Urban Development website – https://entp.hud.gov/idapp/html/hicostlook.cfm

8. There are property limitations.

While most of our facts have been positives towards an FHA loan, there are some drawbacks and situations where FHA loans aren’t right for buyers. Getting an FHA loan approved requires a property that meets certain standards. For example, basic health and safety requirements must be met. If you’re looking for a fixer-upper, a major bargain, or certain foreclosures, an FHA loan isn’t going to work. FHA loans require a more thorough inspection by an FHA approved appraiser.

*Ask your mortgage professional for a list of repairs that must be done before your appraisal.
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That completes our list! As stated before, make sure to ask your mortgage professional if an FHA loan is right for you and your future goals!

Happy house hunting!

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Getting Ready for Spring

Inside and Out.

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Ah, spring: when a homeowner’s fancy turns to thoughts of … cleaning, mulch, rain, and air conditioning. And that’s a good thing! Your home and property will need a bit of TLC before you can really put winter behind you and properly welcome spring. Luckily, we’ve got you covered with this list of the major jobs you need to tackle before spring arrives.

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The Great Outdoors:

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Head up top.

It’s a good idea to give your roof a once-over, especially if you’ve had a hard winter with lots of strong weather events. Check for loose or broken shingles, flashing that’s pulled away from around vents and other protrusions, and blocked gutters.

Clean up.

Your home’s siding and any concrete areas in your yard will look brighter and fresher after a good power wash. This will also give you a chance to see if any paint on your home is wearing away and needs touching up.

Scrub down.

Tools and outdoor equipment should be cleaned and oiled. Use steel wool to remove rust.

Mind the gaps.

Time to put up new weather-stripping if the old material is worn. Fill cracks in your concrete and examine your external wooden trim for holes and cracks as well (this could be a sign of insect damage).

Water, water, everywhere?

Check outdoor faucets and inspect hoses for rot or damage. If you have a sprinkler system, test it now.

Check the canopy.

Do you have any trees that sustained heavy damage over the winter? Are branches getting a little too close to power lines, or your roof? Prune them back, or for higher trees or greater issues, hire a tree service.

Prepare for outdoor living.

Inspect your outdoor furniture for rust, tears, sun fading, and other damage. Wash cushions or purchase new ones now before you really need them!
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 The Comfy Indoors:

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Use your sniffer.

If you have an attic, basement, crawl space, or unused rooms or closets, take a tour and pay attention to the smells you encounter. Insects and vermin can leave behind unique and unpleasant scents that will indicate you have a problem. Also check for signs of nesting and for droppings.

Move the furniture.

Bring your furniture away from the walls and out of its usual spot and give a thorough cleaning to those spaces you rarely see. This is also an opportunity to rearrange your rooms for a freshened-up look.

Clean the windows.

Let in that beautiful spring sunshine through super-clean glass.

Wash the curtains.

It’s an oft-overlooked job! While you’re at it, any throw blankets and washable decorative pillows should go in too. Pillows not washable? Toss them in the dryer on air dry with a fabric softener sheet or hang them outside in the sun and fresh air to get rid of mustiness.

Beat the rugs.

Yes, really. Hang your area rugs outside, on a line or over a line of chairs, and beat them with a hard instrument. You’ll shake loose dust, dirt, dander, and other detritus trapped in the fibers that vacuums can’t get to.

Scour appliances.

The washer and dryer, dishwasher, stove, fridge, and microwave generally don’t get the attention they deserve. Make this spring the time you get them sparkling.

Don’t forget fire safety.

Check the expiration dates on your fire extinguishers, replace the batteries in your smoke and CO2 alarms, and clean out the vent to your dryer.
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These aren’t all expensive tasks that require expert experience. Many are just routine chores that you need to schedule at least once a year. Start now, and you’ll be all ready for the return of warm spring weather in no time.                 

A house that’s had a thorough spring cleaning is a house that’s ready to show to prospective buyers! If a freshen-up doesn’t make you fall in love with your home all over again, talk to your mortgage professional about your options for making a move this spring.

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Kitchen Renovations

Statistics, Tips and Trends.

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March 12th, 2019 / by Lake Area Mortgage

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When someone asks, “What are you looking for in a home?” The most common response is usually, “I would like an updated kitchen…” Let’s talk about why kitchens are the top choice in home remodeling, this year’s top trends, how much it can cost and how to budget for it.

According to the 2018 Home Study done by Houzz, kitchens were named the top priority for interior renovations. Of the 72,000 surveyed homeowners (who completed a renovation project in 2018), 31% of them decided to renovate their kitchen. Improving a home’s resale value was an important consideration for many renovating homeowners last year! 83% of kitchen renovators reported that it would have a positive effect on their home’s resale value. Although, selling or not, who doesn’t want a beautifully updated kitchen?  

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How Much Do People Spend?:

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How much will it cost to cook your favorite meal in your brand-new kitchen? According to the Houzz study, the average DIY renovation was kept between $13,700 and $25,000. However, this can increase greatly depending on overall customization; cabinet and countertop quality; appliance and flooring selection; and finishing touches such as hardware, sink, lighting and faucets.  Not a do-it-yourselfer? Plan to double your budget for contractor work.

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How Do I Budget?:

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Here are some basic budgeting tips:

1. Commit to spending the bulk of your money on things you don’t want to replace often—such as appliances and cabinetry.

2. Make sure you’re not over-improving your kitchen. You won’t be able to recover the costs of your updates—no matter how nice they are—if they make your home the most expensive on the block. If you’re not sure what’s typical for your neighborhood, talk to an expert real estate agent.

3. Set aside 10–15% of your budget for unexpected expenses. Renovations never cost less than expected.

4. If you want granite countertops on a budget, you can do it! You just need to save on items like flooring, backsplashes or lighting fixtures. Ceramic vinyl and laminate flooring is becoming extremely popular – it can be a DIY project and it looks quite nice!

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What’s Trendy in 2019?:

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Quartz Countertops:

The battle of engineered quartz versus natural stone (granite) rages on. For the first time, engineered quartz is now more used in kitchen remodels than stone (43% versus 34% in 2018) and projected to increase the gap further 2019.
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Flooring by Engineered Materials:

In recent years, there has been a significant decline in those opting for natural hardwood.

Engineered flooring has become collectively more popular than hardwood, with vinyl flooring keeping pace with laminate and engineered wood! Based on the table below, 17% + 11% + 12% = 40% of renovators prefer engineered materials over hardwood (24%).

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The Rise of Tech:

Among those upgrading faucets and appliances, the choice of high-tech devices is growing in popularity. Over half of upgraded faucets are high-tech (57%), boasting water efficiency, no-fingerprint coating or touch-free activation.  The adoption of appliances with wireless controls nearly doubled year over year (9% versus 16% in 2018 and 2019 studies, respectively).
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Ready For a Renovation?:

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There are so many options when it comes to a kitchen remodel. Just remember, a little upgrading here and there can go a long way! No matter the size of your remodel, make sure you ask your mortgage banker about the Lake Area Mortgage Renovation Loan or Lake Area Bank’s Home Equity Loan options.

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References:

“2018 U.S. Houzz Kitchen Trends Study.” 2018 U.S. Houzz Kitchen Trends Study, Houzz Inc., 5 Jan. 2018, st.hzcdn.com/static/econ/HouzzKitchenStudy2018.pdf.

“Cost vs. Value 2018 | National | Remodeling.” Remodeling.hw.net, www.remodeling.hw.net/cost-vs-value/2018/.

“2019 U.S. Houzz Kitchen Trends Study.” Www.Houzz.com, Houzz Inc., 16 Jan. 2019, st.hzcdn.com/static/econ/U.S.KITCHENTRENDS19.pdf.
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Do You Need a Home Warranty?

A Look At The Pros and Cons.

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February 10th, 2019 / by Lake Area Mortgage

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We all like having additional peace of mind when it comes to the systems and appliances in our homes. Things inevitably break down over time, but most of us don’t plan for the furnace to die mid-winter or for the dishwasher to suddenly implode. A home warranty can offer some financial protection for those unexpected occurrences.

February 10 was National Home Warranty Day, which means it’s the perfect time to explore whether a home warranty is right for you. The answer depends on the state of your appliances and system components, how much you’re willing or able to pay out of pocket for repairs or replacements, and how much reassurance you’ll get from having this coverage.

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What is a home warranty?

A home warranty is a policy that covers repair and replacement of certain features and systems in your home. A warranty will cover damage due to normal wear and tear on major appliances, HVAC systems, and more (or less), depending on the coverage you choose. According to Realtor.com®, a one-year warranty can run anywhere from $300 to $600 and up, based on the items you choose to cover.

Home Warranty vs. Homeowners Insurance

You may be asking yourself, why might I need a home warranty when I have homeowners insurance? It’s because the two cover very different things. Your homeowners insurance covers damage to the house itself, outbuildings, and structures on the property.

Your home warranty, on the other hand, usually covers a package of appliances or systems. This generally includes HVAC, washer and dryer, kitchen appliances, and electrical and plumbing systems. In addition, you could purchase supplemental coverage for things like your swimming pool or septic pump.
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The Pros and Cons of a Home Warranty

It’s useful to look at both sides when deciding whether purchasing a home warranty is right for you.
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Pros-

• Protects you from surprise repair costs, especially when you first move in
• Covers breakdowns due to normal wear and tear
• Good for people who aren’t handy or don’t have a regular contractor they use
• Good for homeowners with expensive appliances
• You typically pay less overall for repairs and replacements

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Cons-

• Charges a service call fee for each visit
• Warranty doesn’t cover “improperly maintained” items, and warranty company has discretion to define what that means
• If coverage is denied, homeowner has to pay service call fee plus repairs
• May have many exclusions
• May have a dollar limit on a coverage or deductible

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Bottom Line: Will It Save Me Money?

Like any form of insurance, when you have it and you don’t need it, it’s frustrating, but when you need it and you don’t have it, it’s even worse. If you have appliances nearing the end of their lifespans, do a little research and determine how much it would cost you to repair each piece, and how much it would cost to replace with a new item. If replacing your 30-year-old HVAC system would cost you $6,000, and your home warranty is $350 per year with $40 service calls, it may be worth your while to purchase that warranty, especially if you’re coming to distrust the reliability of the HVAC you have. Alternatively, you could take the money you would have spent on a home warranty and put it in a rainy-day fund dedicated solely to the repair and replacement costs of your appliances and systems.

One of the best things a home warranty can provide for you is peace of mind. New homeowners and long-time homeowners alike can take comfort in the fact that surprise breakdowns could be taken care of with just a small cash outlay and a lot less hassle than hunting up a repair or replacement provider on your own.

Regardless, a refinance could free up some money in your monthly budget to afford the cost of your home warranty or repairs. Talk to a mortgage expert about your options!
[/av_textblock] [av_textblock size=’10’ font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”] *Lake Area Mortgage is not an insurance company. Consult your insurance agent for information about your insurance policy

 

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