Plumbing

Commercial Plumbing

Commercial plumbing covers large buildings’ water and waste systems like malls, offices, hospitals, etc. These systems are usually more complicated than residential ones.

The Woodlands Plumber specializing in commercial plumbing will have more experience handling bigger, more complex projects. Plumbers are more equipped to deal with unexpected challenges.

Plumbing Basics: This Is How Your Home Plumbing System Works

Commercial plumbing is a specialized field that deals with larger and more complex systems than those found in residential homes. In addition, these systems must adhere to strict regulations regarding water usage and safety. This makes them a lot more complicated to work on and repair than residential plumbing.

Larger buildings require more bathrooms, kitchens, and sinks to accommodate more people than smaller homes can. In addition, many commercial spaces have a lot of furniture and other items that can clog drains easily.

As a result, the plumbing in these spaces must be built using higher-quality materials to ensure it can withstand a lot of daily use. This also means that these plumbing systems can cost more than those in homes.

Moreover, the water in commercial spaces may be treated or filtered differently to meet strict health and hygiene standards. This is why these systems usually require a lot more expensive and high-grade fixtures than those used in residential settings.

In addition, commercial spaces often have backflow prevention devices to prevent contamination of the public water supply. This is why these systems must be connected to a separate sewage system than those of residential buildings.

Another difference is the number of people that a commercial space can accommodate. This is why they need more toilets, sinks, and dishwashers to serve everyone. In addition, these spaces often need a lot of additional water supply lines for equipment like washing machines and air dryers.

The most important difference between residential and commercial plumbing is that commercial systems must be able to handle much more water usage than those found in homes. This requires them to be a lot more durable and reliable than residential systems.

If you have a commercial property that needs a new plumbing system or an existing one repaired, it is best to hire a professional. These professionals have the experience and skills to deal with even the most complex plumbing issues. They can help you find the right solutions for your specific needs and ensure that your plumbing is up to code.

Most adults know a bit about home plumbing systems, and they likely have a good idea when to call a plumber or how to perform basic repairs themselves. But commercial plumbing is a whole other ball game. If you’re thinking of launching a new business, you should understand the differences between residential and commercial plumbing to ensure you have the right system in place.

As its name suggests, commercial plumbing is used by more people than residential systems. Bathrooms and kitchens in a restaurant, office building, or warehouse must serve dozens of clients or employees on a regular basis, which means they experience more wear and tear than household systems. As a result, they need more durable fixtures with higher-grade pipe fittings to resist constant strain and pressure.

The same is true for large water fountains and sinks in public spaces. These must be designed to handle high volumes of water and waste so they can be cleaned quickly and easily. This also requires plumbing that’s built to withstand frequent use and high temperatures.

Another difference between commercial and residential plumbing is that commercial spaces often have multiple floors. This means that pipes have to run between floors so they can service multiple occupants simultaneously. This type of plumbing is more complex and requires a professional plumber with experience in multi-floor building management.

Finally, commercial plumbing is subject to stricter health codes than residential systems. This means that the plumbing must adhere to specific regulations for food safety, and there are often mandatory inspections. These requirements can add to the cost of running a commercial space, so it’s important to stay up-to-date on code changes and know what to look for when assessing a plumbing system. Having an experienced commercial plumber on hand can help you avoid costly fines and repairs down the road.

When it comes to plumbing, commercial buildings have different needs than homes. Larger buildings require more sinks, toilets, outlets and pipes to accommodate the higher number of people using them. In addition, many commercial buildings need fire sprinkler systems, which add to the complexity of the plumbing. This requires a plumber who is experienced working with these types of systems and is familiar with the code requirements for them.

Commercial plumbing also involves installing more specialized fixtures. These include industrial-grade sinks, high-capacity water heaters, and urinals with larger flush capacities. They also typically have extra features, such as foot pedals, paper holders and mirrors. Specialized fixture designs can help prevent clogs, which are more common in commercial settings. For example, urinals with extended drainlines and backwater valves help reduce the risk of flooding and sewage backups.

Since commercial plumbing deals with more volume and uses a wider range of fixtures, the pipes must be thicker and stronger than residential ones. This is why many commercial plumbers use Pex piping instead of copper, which is more susceptible to corrosion. Pex piping is also easier to work with, which cuts down on installation time and costs.

Commercial properties also use more water than homes, which means that they must have a larger capacity water heater to handle the demand. Larger water heaters can also be more energy efficient than smaller models, which saves on utility bills in the long run.

A commercial plumbing system also usually includes a waste management system. This may include septic systems, which are necessary for businesses that do not have access to public sewer lines. It may also include grease traps, which are used to remove excess fat from the water supply.

Because a commercial plumbing system must deal with higher usage and more complex fixtures, it is essential to have it well-maintained. This helps to ensure that everything functions properly and that the building complies with health and safety codes. It is also important for maintaining good business operations and preventing costly repairs down the road. Regular maintenance by a licensed commercial plumber can help keep everything running smoothly.

Commercial plumbing deals with public spaces and facilities that have a lot of usage. This includes places like shopping centers, office buildings, and even some restaurants. This means that there is a higher risk of damage to pipes and fixtures because of the sheer number of people using them on a regular basis.

Commercial plumbers also deal with larger, more complex systems than their residential counterparts. For example, they might need to work on multiple floors of a building in order to get to the plumbing system. This can be difficult because it requires working outside of normal business hours in order to avoid disrupting the people who use the space.

Another factor that contributes to the complexity of commercial plumbing is that the pipes themselves are often more complicated than those found in a residential property. This is because they need to be able to handle more water and waste on a regular basis. This can lead to issues such as clogs or low water pressure. In these instances, a professional will need to inspect the pipes and fixtures in order to determine the source of the problem.

When it comes to commercial plumbing, the repairs are also usually at a higher risk of impacting a wider area. For instance, if a pipe bursts in a commercial space, it could affect the entire building and all of those within it. This can be a huge disruption and create a lot of chaos for those who work or visit the space. It is important that the repair process is done as quickly as possible to limit the amount of disruption and downtime that occurs.

Commercial plumbing is a little different from residential plumbing, but it is still an essential service for those who own and operate businesses. Professionals who specialize in commercial plumbing have the skills and knowledge required to work on large, more complex pipes and plumbing systems and can help ensure that all of the necessary elements are in place for a successful business. This includes everything from ensuring that the right amount of water is available to employees and customers to making sure that the drains are clear and the pipes are in good condition.

 

Plumbing

 

commercial plumbing, home plumbing, industrial plumbing, plumbers, residential plumbers, residential plumbing, sewage, leak detection,water heater repair, water heater replacement

Cleaning Services

What Is Junk Removal?

Roanoke Junk Removal is a service that removes and hauls away large junk items like appliances and furniture. It’s perfect for those who have too much clutter or are renovating and need to eliminate construction waste.

Junk removal companies often recycle and donate items, too. So, if eco-friendly disposal is important to you, ask about their practices.

3 Obvious Signs You Require Residential Junk Removal

Junk removal companies take various items that would otherwise be considered trash. They are often called upon to clear out the contents of a home or office, but they can also assist with cleanup after renovations, moves, and other events that produce lots of unwanted stuff. Some junk removal companies specialize in certain materials or objects, but most will handle almost anything except hazardous waste like batteries and paint. Some companies will even haul away large items that are difficult for homeowners to move, such as old furniture and appliances.

In addition to disposing of unwanted junk, junk removal professionals recycle as much as possible. This helps to keep landfills from filling up and reduces energy consumption. Some companies may have dedicated recycling facilities, while others use partnerships with local charity thrift shops and job training programs to send reusable items to those in need.

Whether cleaning out an estate, preparing to sell a property, or simply trying to declutter, hiring a junk removal company can save you time and money in the long run. These companies offer competitive prices for their services, and many will provide online pricing estimators to help you budget. Some may also accept credit cards.

It is important to hire a junk removal company that is licensed and insured. This will protect you if the company damages your belongings or fails to follow proper disposal procedures. There have been cases where illegal junk removal companies stole or improperly disposed of items, so it is vital to find a legitimate business.

It is also good to check with the junk removal company to see what items they do not take. Some companies will not pick up electronics, such as computers and televisions, or large appliances, such as refrigerators and ovens. Others will only recycle if the items are in working condition and have not been damaged. If you have any questions, you should ask the company to clarify their policies before hiring them for a job.

Junk removal companies can remove items that would otherwise be considered trash. They do this by either picking it up directly from the property or renting a dumpster and then hauling it away when it is full. Whether you are decluttering your home, getting ready to move, renovating a commercial space, or cleaning out the attic of an old apartment, junk removal is an excellent option for disposing of large and bulky items that don’t fit into standard trash cans.

The process is simple: make an appointment with the company, and they will send a crew to assess what you want removed. This is a good opportunity to ask any questions that you might have. Then, they will give you a quote, and if you agree, they will start the junk removal process. Most of these companies can finish the entire junk removal in a single visit, depending on how much there is to take away.

When choosing a junk removal company, look for one that focuses on eco-friendly practices. This will help to reduce the amount of waste that ends up in landfills and also lower energy consumption. The best way to do this is by choosing a company that recycles and donates items whenever possible rather than just throwing them away.

In addition to recycling, junk removal companies will often work with charities and shelters to ensure that any items in good condition are given to people who can use them. This is a great alternative to simply dumping the item in a trash pile, which will likely never be used again.

It is important to clearly label or mark any items that you want to be kept. This will ensure that workers avoid accidentally throwing out something that they need. It is also a good idea to clear a path in and around the junk so that it is easy for workers to access. If you choose to have junk removal done with a dumpster, be aware that weight limits and overage fees can be costly if exceeded.

Junk removal companies typically require an on-site inspection before giving a quote. They also need to understand the scope of work and how much time it will take to complete the job. This information will help them calculate their costs and provide an accurate estimate for the client. For example, if the junk needs to be removed from multiple levels of a home or business, the company must factor in labor and equipment costs for each access level.

Some junk removal companies offer hourly pricing, which allows them to charge based on how long it takes to clear the clutter. Others use volume-based pricing based on how many truckloads are needed to haul away the junk. This method is a great way to prevent overcharging clients by providing transparent, upfront pricing.

In addition to labor, junk removal services must account for disposal and recycling fees. These charges are passed on to the customer and can vary based on location. For instance, landfills and recycling facilities may charge a cost per ton of trash picked up. This can add up quickly if a junk removal service removes much waste.

Other expenses that need to be accounted for include fuel and transport costs. The distance between the junk pickup and disposal locations will determine how much fuel is required, and a vehicle size must be chosen accordingly. If the junk is bulky or heavy, it will require more labor to haul. Likewise, disposing of hazardous waste will be more expensive than disposing of non-hazardous waste.

Lastly, junk removal companies need to consider the cost of additional staff for larger jobs. Extra crew members must lift large items and move them to the truck for transportation. If a company is understaffed, it can result in costly delays and missed pickups.

Ultimately, the price of Junk Removal will depend on how much junk is being removed, where it’s located, and how complex it is to remove. Choosing a reputable, experienced junk removal company will ensure your project runs smoothly and efficiently.

Junk Removal companies are responsible for disposing of your junk in a safe and environmentally friendly manner. Many of them make an effort to donate items still in good condition and recycle metal and other materials, which can help keep your junk out of landfills and reduce the amount of waste produced. The best junk removal services will also separate recyclables from non-recyclables to minimize their environmental impact.

Some junk removal companies offer dumpster rentals ideal for large-scale cleanouts or renovation projects. These companies will drop off the dumpster at your location, and you can fill it up as needed. When you’re finished, the company will return and pick it up. This is a convenient option for those who don’t have a truck or don’t want to deal with the hassle of transporting their junk.

Local sanitation departments often set limits on weekly trash collection, leaving you with a lot of junk that doesn’t fit in your trash can. Junk removal services can take larger items like furniture and mattresses, which regular garbage collection services won’t handle. They can also be a great solution if you’re dealing with yard waste or electronics too bulky to fit in your bins.

Most junk removal companies don’t take hazardous waste, including biohazards, battery acid, and chemical hazards. You’ll need to hire a special crew that handles these types of things, usually called crime scene cleanup.

You should always check with your junk removal service to see what they do and don’t accept before hiring them. Some common off-limits items include Styrofoam (Number 6 plastic), old paint cans, and latex or lead-based paints. It’s also a good idea to ask about their recycling policies. Some companies will try to find eco-friendly ways to dispose of your junk, while others will throw it away.

When choosing a junk removal company, be sure to choose one that is licensed and insured. There have been cases in which unlicensed junk removal services have stolen or improperly disposed of items, which can cause severe damage to your property. Hiring a legitimate company with clean trucks and a professional appearance is important.

Roofing
Roofing Services

Hiring a Roofing Contractor

Roofing Contractors South Jersey are licensed to perform work on your roof. They are often employed by a roofing company but can also run their own business.Roofing

When choosing a roofing contractor, it is essential to look for a few key characteristics. The most important is their experience.

When hiring a roofing contractor, it is important to look for one with a good reputation and experience. Ideally, they should be able to provide you with references and photos of past projects. Also, be sure to ask about their pricing structure and any hidden fees that may apply. Lastly, it is important to make sure they offer workmanship and material warranties on their work.

Roofing contractors perform the installation of new roofs, roof repair and replacement, and other home exterior improvements such as window and siding work. In addition, they must be able to handle all aspects of construction for a project, including obtaining permits and scheduling inspections. Roofing contractors typically oversee the entire operation of a roof installation, but they often have teams of specialized professionals working on different parts of the project.

Some companies hire experienced operatives, while others may train their own employees or offer apprenticeship opportunities. In either case, a good roofing contractor will have occupationally relevant qualifications and experience, and they must be willing to learn and follow instructions. In addition, they should have a valid Construction Skills Certification Scheme (CSCS) card to work on construction sites.

Whether you are planning to replace your roof or simply have it repaired, a reputable roofing contractor should be able to provide you with a detailed contract that includes the terms of the job and estimated cost. This will help you avoid any surprise costs later on and should prevent any miscommunication between the two parties.

Additionally, a good roofing contractor will be honest and upfront with their assessment of the work required and should be able to offer a realistic timeline for completion of the job. If they are unable to do this, it should be considered a red flag.

In addition to being honest about the work that needs to be done, a good roofing contractor will be courteous and helpful during their interactions with the customer. They should be able to answer questions about the process, provide advice, and explain any concerns that may arise during the work. They should also be willing to modify the scope of work or schedule if necessary.

License

A licensed roofing contractor is a construction professional who specializes in the installation, repair, alteration, and replacement of roofs. These professionals may also work on other parts of the home’s exterior, such as doors and windows. Roofing contractors typically offer labor and material warranties. They can also help homeowners choose the best materials for their roofs.

In many states, roofers must be licensed before they can begin to work on a home’s roofing system. Depending on the state, this may require a background check, an exam, or proof of insurance coverage for liability purposes. Those who are not licensed should not be allowed to work on a roof, and they could face penalties for doing so.

Roofers who are licensed will often be able to provide a list of satisfied clients, as well as references for previous roofing jobs. They will also be able to explain the different types of roofing systems and their advantages and disadvantages. They can also recommend the best roofing solution for a particular climate or building type.

A roofing contractor can help homeowners choose the right type of roofing system for their homes, and they can assist in getting permits for roof construction. They can also guide homeowners through the inspection process for their roofing project. Roofing contractors typically work with other professionals on home improvement projects, and they can provide assistance in coordinating the scheduling of various tasks.

Roofing contractors may also help homeowners with warranty claims and insurance claims for damaged roofs. They can also assist with the planning and implementation of roofing safety initiatives. These include the installation of a secure barrier to protect against rain and wind, and the use of safety harnesses for workers on taller roofs. Roofing contractors can also advise on the proper storage of tools and equipment, as well as how to properly dispose of old roofing material.

Insurance

When hiring a roofing contractor, you should check their insurance coverage. It’s important that they have adequate liability and property insurance, along with workers’ compensation, which is required in most states. The more comprehensive the policy, the better. Additionally, roofing contractors should be sure they have commercial auto insurance. This type of business insurance typically covers any vehicles used for work purposes, such as trucks, vans, and trailers. The premiums can vary, but implementing safety measures and bundling policies with the same provider often results in discounts.

General liability is an essential insurance policy for roofing professionals, as it protects their business against claims of bodily injury or property damage caused by the work they perform. This is particularly helpful if a passerby is injured by falling debris or other debris while the roofing team is working. This type of policy can also help pay for legal fees in the event that a client or other third party files a lawsuit against the roofing company.

A workers’ compensation policy is required in most states and pays for employee medical expenses, disability benefits, and lost wages. It can also cover legal costs in the event an employee sues the roofing business for a workplace-related injury or death. Workers’ comp may be included in a business owner’s policy package or purchased separately as an add-on to the commercial general liability policy.

Roofing businesses may also want to consider purchasing builder’s risk insurance, which is a special policy that protects construction-related projects against risks such as fire, theft, weather, and earthquakes. This type of coverage can also help cover the cost to repair or rebuild a structure after a loss.

In addition to standard business insurance, a roofing contractor should also have a commercial umbrella policy. This type of insurance provides an extra layer of protection for the business in the event that a claim exceeds the limits on another policy.

Lastly, a roofing contractor should be aware of local laws and regulations regarding insurance requirements and licensing. Failure to comply can result in fines, penalties, or even jail time. To ensure compliance, roofing companies should work with an experienced insurance professional. They can help their clients understand the different insurance options available and provide advice on best practices to avoid violations.

Warranty

When it comes to roofing, a warranty is an important safeguard for homeowners. This is because a roof is constantly subjected to the elements, which means that it’s prone to damage and repairs. So, when you hire a roofer that offers a warranty, it’s an indication that they have confidence in their craftsmanship and are willing to stand behind their work.

Ideally, a New York roofing contractor will offer both workmanship and manufacturer warranties. They should also offer an “enhanced” warranty that combines the coverage of both these types of warranties. This type of warranty provides better protection and a longer coverage period.

Manufacturers typically provide a product warranty, which can range from 10 to 30 years. However, the typical manufacturer’s product warranty excludes the contractor from liability after only two years and is filled with exclusionary language that significantly reduces its value.

A roofing contractor’s own workmanship warranty is much broader in scope than the manufacturer’s material warranty. This type of warranty covers all labor and installation costs for the duration of the warranty. Ideally, the roofing contractor will include this warranty in the contract and add it to their general liability insurance policy.

Many homeowner’s rely on their roofing contractor to provide them with the best warranty available for their roof. However, it is crucial to understand what can void your warranty so that you are aware of the stipulations of each. A few common scenarios that may void your warranty are using a new roofing contractor, improper maintenance and mechanical damage.

Loans Serivces

Many Tips And Tricks For Smooth Travel

 

If you are thinking that you want to travel in the near future but aren’t sure what steps to take then you’re in the right place. When it comes to traveling you want to make sure you know everything there is to know and apply that information accordingly, knowledge like that here in this article should help you do that.

Always know where your luggage is. Airline and bus employees have been known to steal items out of cases when they are checked in. Additionally, other travelers might “accidentally” pick up your bag in hopes of finding expensive items. This also allows you to move between transit options faster, instead of standing around waiting for your luggage.

If you are collecting frequent flier miles from your travels, pay attention to the terms of use for those miles. In many cases, the miles expire just twelve to eighteen months after they’ve been earned, or they can only be used on certain dates and to a limited set of locations. Before selecting an airline based on miles, know the restrictions.

When traveling in foreign countries, beware of police officers who ask for your ID. Make sure you ask them for their ID to prove they’re actually a cop. Instead of showing them your real passport, show them a photocopy instead. You don’t want to risk a thief running off with your passport.

Make sure to pack your vitamins when you travel and remember that vitamin C is a great energy and immune booster. Taking a vitamin supplement can help you prevent or lessen the effects of jet lag on your body, strengthen your immune system against the multitude of germs you will come into contact with, and generally make you feel better. Clear any supplements with your doctor before taking them if you have underlying health issues.

With the knowledge you just obtained in this article you should already feel like you have an idea of the steps you want to take towards traveling successfully. Remember this article is only beneficial to you if you actually apply it, if you do that then your traveling should come with ease.

Pest Control Services

Why You Should Have A Pest Inspection Before You Sell Your Home

If you’re selling your home, you may want to consider having a pest inspection performed before you put it on the market. Pest Control Oviedo inspector will examine the interior and exterior of the house for obvious signs of pest infestation, such as mud tubes, which subterranean termites use as a pathway. They may also check the electrical wiring, paint, and condition of the home. Pest inspectors may also flag other issues if they see them, such as signs of mold or mildew.
pest inspectionAfter performing the inspection, the inspector will formulate a plan of action. This may include setting traps around problematic areas or bringing in more advanced termite control. The inspector may also take a break in their vehicle to gather their thoughts and come up with the best next steps for getting rid of the pest infestation. However, the requirements for pest inspection vary from state to state. To learn more about the inspection process, read on. Once you’ve read this article, you can prepare for your inspection.
You can pay for the inspection yourself, or you can negotiate with the seller to get the service covered. Often, the seller will cover the cost of the inspection, so it’s a good idea to ask for a price break in exchange for a pest inspection. If the seller doesn’t want to cover the cost, consider asking the buyer to pay for it. If the seller agrees to pay for the inspection, make sure to include it as part of your closing costs.
Termites are not the only pests that can damage your home. You might be surprised to learn that you’re facing the problem of a termite infestation during the inspection process. These wood-destroying insects have an easy time living in humid environments. They can even infest homes before you’ve even moved in! But before you get started, take the time to schedule a pest inspection. With the help of a qualified inspector, you’ll be able to get a clear picture of whether or not your home is protected against these pests.
A pest inspection isn’t a legal requirement when buying a home, but it’s a great way to make sure your purchase is free from infestations. If you suspect your home might have a pest problem, a pest inspection can give you the information you need to avoid legal complications later. Also, a pest inspection will help sellers sell their homes with confidence, meaning fewer problems for them down the line. In the meantime, a Pest Inspection will ensure your home is in good condition when you list it.
A pest inspection can help you to determine if your home is free of pests and their eggs and larvae. The inspector will look for any areas where pests can live, such as wood mulch in the flower bed. Additionally, a pest inspection will also check for signs of damage caused by pests. A professional inspector will also thoroughly examine the interior and exterior of the home, including the attic, basement, and crawl space. If there’s any evidence of pests, the inspector can remove it.
In addition to providing valuable information about your property’s condition, a pest inspection will also protect your investment. An infestation can result in structural damage and lowered property value. Pest inspections are highly recommended when purchasing a home because the presence of these insects can result in thousands of dollars in repairs. They also provide peace of mind, so you can buy with confidence. You can even ask for a free quote from a pest management specialist to get an estimate of what you can expect for your investment.
Depending on the type of inspection you’re looking for, a pest inspection will cost approximately $100. The cost may vary depending on the size of the house and the types of pests present. Most inspections are scheduled shortly after an offer has been accepted. Ask your real estate agent for recommendations of a reputable local inspector. If you don’t have an agent, try calling the National Pest Management Association for a list of certified inspectors.
Homeowners’ insurance will not cover a pest infestation. Your state and county may require a pest inspection. A pest inspection will cost you no more than $100, but the costs of pest control services can easily reach thousands of dollars. The cost of a pest inspection may be a major factor in the decision to buy a home. However, a home inspection is often worth the cost as it helps protect you and your family. Don’t wait any longer to have one done.

 

Home Improvement 

What You Need to Know About Exterior PaintWhat You Need to Know About Exterior Paint

The first thing to know is that exterior paint can be very hazardous. The ingredients in exterior paints include VOCs or volatile organic compounds. These chemicals are extremely dangerous and may harm your respiratory system and skin. These VOCs are released long after the paint has dried and cured. In addition, the mildewcides and fungicides in exterior paint can cause allergies and irritation. So, make sure you choose the right exterior paint before you start painting your home. You can also contact Top Dog Painting & Decorative Stonework for more information.exterior paint

The ingredients in exterior paints include pigments, extenders, and solvents. Pigments are the finely ground particles that give the paint its color. There are both organic and inorganic colorants, depending on your preference. Solvents are used to suspend these ingredients. Water-based paints use water as their primary solvent, while oil-based paints use paint thinner. Solvents used in exterior paints can include petroleum distillate, kerosene, and acetone.

Alkyd exterior paints contain a self-cleaning property. The surface of the paint slowly oxidizes over time, and rainfall washes away a small amount of dirt and paint. This helps the paint continue to renew itself. Traditionally, chalky residue accumulated on the exterior of a home’s foundation, shrubs, and other exterior surfaces. Newer formulas control this problem and do not stain nearby surfaces.

Exterior Paint is a very important part of your home’s overall appearance. The best exterior paint will protect the home from moisture, fading, and temperature changes. There are different types of paint for every part of the exterior. Here is a guide to selecting the right paint for each part of your home. Keep in mind, however, that lead-based paints should be avoided. The EPA has specific guidelines on this issue. In addition, lead-based paints should be avoided because of the risk of exposure to harmful toxins.

A good exterior paint should also provide protection against UV radiation and moisture. It should also resist mildew and mold growth. In addition, it should also be durable enough to withstand years of hard sunlight. The only downside to exterior paint is that it contains extra resins. Some of them may cause outgassing when they dry. This outgassing can continue for many years. Some mildewcides are toxic to the body and can cause respiratory issues if inhaled.

The type of paint you choose depends on your preferences and climate. If you live in a climate where rain is inevitable, then oil-based paints may be the best option for your project. Oil-based paints will be more difficult to clean and may even crack or peel. There are many other types of exterior paint, and it is important to choose the right one for your home. So, what should you buy? Make sure you read the labels before you buy it.

When choosing exterior paint, remember that glossier paints will stand up to regular washing better. However, they are also more noticeable. If you want to make a statement, you can use high-gloss paint. However, it is important to note that the rideability of exterior paint will also depend on the pigments and the method used to apply it. Generally, a good hiding power can hide the imperfections in your siding.

Choose a two-coat paint instead of a one-coat product. This type of paint is thicker and can be applied to different surfaces twice as thick. If you are worried about the quality, consider purchasing a two-coat product. This will give you better coverage, and you will not have to worry about re-painting the exterior. You will save time and money by choosing high-quality exterior paint. The benefits of two-coat paints are many.

When choosing exterior paint, make sure that it can stand up to extreme temperature changes and moisture conditions. Exterior paint has a resin that is more elastic, whereas interior paints are more rigid. Exterior paints also have additives that protect the paint from fading, mildew, and tannin staining. Good exterior paint is durable enough to endure these extremes, but it will not last as long as an interior one. It is also easier to clean and maintain than interior paints.

 

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Banking & Savings

Should I Buy or Build a House?

If you’re looking for a place to call your own, the thought of building a home may have popped into your head. Constructing a new home is generally more expensive and takes more time and effort, but it can also ensure you get a home that’s move-in ready and customized to your liking.

Here’s what to consider if you’re deciding whether to buy or build a home:

Is it cheaper to buy or build a house?Pros and cons of building a housePros and cons of buying a houseShould you buy or build a house?

Is it cheaper to buy or build a house?

It’s generally cheaper to buy an existing home compared to a new-construction property, according to the National Association of Home Builders. The average cost of building a new home was $296,652 in 2019, but buying land and budgeting for pandemic-related price increases will drive up that price tag.

When you combine those costs in 2021, the average price of a new single-family home was $477,800 in October, compared to just $377,300 for an existing home.

Of course, the actual cost of each type of home could look different for you depending on location and what you’re looking for.

Cost of buying a house

You probably already know that you need to save for a down payment, closing costs, and cash reserves when getting a mortgage for an existing home — the same as you would with a newly constructed property. But there are some additional costs you’ll likely incur when buying a home:

Type of costEstimated costHomeowners insurance premium$1,478 per year for a 10-year-old homeReal estate agent’s commission5% to 6% of the home’s sales priceOngoing maintenance1% of the home’s value per yearAppliances$1,889Property taxesVaries by location. May be higher on a new-construction home because they’re often valued higher than resale properties. Sources: National Association of Home Builders, RedFin, and The Zebra

Shopping around for a mortgage can be stressful. Fortunately, Credible simplifies this process and makes comparing multiple lenders easy. You can see prequalified rates from our partner lenders and generate a streamlined pre-approval letter in just a few minutes.

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Cost of building a house

There are lots of pieces that go into building a home, and your home designer or builder can help you create a budget. In addition to the costs that come with buying a house, you’ll need to budget for the following building costs:

Type of costEstimated rangeLand and site work$5,000 – $38,000Foundation work$16,600 – $72,000Framing$16,600 – $95,000Exterior work$20,000 – $95,000Major systems$17,000 – $72,000Interior finishes$42,000 – $167,000Source: HomeAdvisor

Pros and cons of building a house

You’ll have to consider whether the chance to build the home of your dreams is worth the trade-offs. Some of the pros and cons of building a house include:

Pros of building a house

Customization: Depending on availability and the builder’s options, you may be able to fully customize your home in the neighborhood of your choice. Maintenance: Because everything is brand new, you likely won’t have to budget for major repairs and maintenance projects until later on. The builder may also cover the home under a builder warranty.Energy costs: Newly built homes come with windows, doors, HVAC systems, and appliances that are designed to keep homes as energy-efficient as possible. Using less energy keeps utility costs down and lowers your carbon footprint. Toxic materials: Some older homes are built with toxic materials such as asbestos, lead paint, and formaldehyde. New builds likely won’t use these materials.Competition: In a seller’s market, a home listing might attract multiple offers. But when you’re building a home, you won’t need to compete with other buyers once you buy the land.

Cons of building a house

Cost: When you factor in the cost of land, building a home is typically more expensive than buying an existing one.Effort: Although you’re not the one picking up the power tools, you may put in a lot of work making decisions as the home is being built.Time: It takes 6.8 months, on average, to build a new single-family property, according to the U.S. Census Bureau. You’ll need to budget for alternative living costs during this time.Contractors: You’ll need to work with the general contractor along with various subcontractors throughout the homebuilding process. That means you could encounter more delays and issues because more people are involved.Landscaping: If your newly built home doesn’t come with landscaping, you’ll need to spend time and money getting the yard you want.

Also See: Construction Loans: What They Are and How They Work

Pros and cons of buying a house

Buying an existing home is the more traditional approach as it typically saves you time and money. Some of the pros and cons of buying a home include:

Pros of buying a house

Convenience: Buying a move-in ready home is a quicker and more convenient process than building a home.Time: Building a home takes almost seven months on average, while the timeline for buying an existing house is much shorter. Cheaper: Nationwide, the cost of buying an existing property is generally lower than building a new home. However, that may change based on where you are and what you’re looking for.Landscaping: Older homes typically come with mature landscaping, so you won’t have to spend time and money on a new lawn and plants. More style options: Homes in older neighborhoods often have a variety of architecture styles and floor plans, and they may come with a certain antique charm.

Cons of buying a house

Competition: The average home listing received four offers in early 2021. In a competitive market with low inventory, you’ll need to make your offer stand out when buying a home.Ongoing repairs: The cost of ongoing repairs varies with each home, but professionals say it typically comes out to 1% of the home’s value per year. So a $200,000 home may cost $2,000 per year to maintain. Not as energy-efficient: An older home may come with older appliances and internal systems, so you’ll either pay higher utility bills or pay to replace these features.You may get less for your money: Existing homes are generally smaller than new construction, which means they may cost more per square foot. May contain toxic materials: Some older homes were built with hazardous materials such as lead and asbestos, which could put your family at risk. If you’re buying a resale home, it’s a good idea to test for these materials during the home inspection.

Don’t Miss: How to Buy a House: Step-by-Step Guide

Should you buy or build a house?

Because resale homes are generally cheaper and more convenient to move into, you might want to start your home search with existing properties. You can target desirable neighborhoods and spend a few weeks checking out the inventory there. These homes may not be in perfect condition or have exactly what you want — so plan on budgeting for renovations, new appliances, and ongoing repairs — but you might be willing to compromise if the price is right.

If you haven’t found what you’re looking for, then a new-construction home might be a good bet. Check out the costs of building in your area and the price of available land. Building a new home is usually more expensive, but there’s a reason for it. New homes come with new appliances, less maintenance, and better energy-saving measures, and they’re typically larger than what you’d find on an older home.

Check Out: How to Know If You Should Buy a House

The post Should I Buy or Build a House? appeared first on Credible.

Banking & Savings

What Is a Vendor Take-Back Mortgage and How Does It Work?

A vendor take-back mortgage can help homeowners and real estate investors sell properties that aren’t moving in a tough market. They can also help buyers finance homes in a tight lending environment, or in a lending market that can’t accommodate their finances.

This type of mortgage can offer flexible solutions to challenging homebuying scenarios. However, it can also pose major risks for both buyers and sellers.

Here’s what you need to know about vendor take-back mortgages:

What is a vendor take-back mortgage?How vendor take-back mortgages workBenefits and risks of a vendor take-back mortgageVendor take-back mortgage vs. traditional mortgageExample of a vendor take-back mortgageWhen to consider a vendor take-back mortgage

What is a vendor take-back mortgage?

A vendor take-back (VTB) mortgage is a loan from a property seller to a property buyer. It can cover all or part of the purchase price.

Vendor take-back mortgages aren’t a popular way for individuals to buy and sell a primary residence. More often they’re used by real estate investors.

A vendor take-back mortgage is considered a type of creative financing, or an alternative to traditional financing. Whether you’re considering this option as a buyer or seller, proceed with caution.

What else is a VTB mortgage called? There are a wide variety of terms used to describe a vendor take-back mortgage, such as:

Seller financingSeller take-back mortgageSeller carry-back mortgageCarry-back financingOwner financing

How vendor take-back mortgages work

A vendor take-back mortgage functions much like a traditional mortgage, only there’s no lender serving as the middleman. The seller will act as a lender and have a lien on the home, and the buyer will make monthly payments to the seller. Like a traditional mortgage, the home serves as collateral for the take-back loan.

Here’s what to expect if you’re using a vendor take-back mortgage to buy or sell a home:

If you’re buying a home using seller financing: The seller will become your mortgage lender. They might be your only lender, or you might also finance part of the purchase price through another source, such as a bank. You’ll need to sign a promissory note legally agreeing to the deal’s terms. A buyer might consider a take-back home loan if they have poor credit, a lot of debt, or some other factor preventing them from qualifying for a mortgage.If you’re selling a home using seller financing: You’ll become the buyer’s mortgage lender. You’ll need to own your home free and clear before you can consider this option. Depending on the buyer’s needs, you might lend the entire purchase price or just part of it. A seller might consider this type of financing in a strong buyer’s market.

What are typical terms of a VTB mortgage?

If a vendor take-back mortgage will be the only financing, the buyer and seller have a lot of flexibility in structuring the deal.

Sellers will typically ask for a higher interest rate since they’re taking on risk by serving as the lender of the loan. But, the type of loan and length of the loan term can vary depending on the buyer’s needs.

Overall, there’s a lot of room for negotiating terms and closing costs, which is what makes vendor take-back mortgages enticing for both buyers and sellers.

Tip: While vendor take-back mortgages offer a great deal of flexibility for both parties, as the seller, you’ll still need to comply with state and federal mortgage lending laws.

Under federal law, that includes charging a fixed interest rate (or an adjustable rate that adjusts after five years) and making a good faith determination that the buyer can pay back the loan.

State law may require several pages of disclosures in a vendor financing agreement. And usury laws may cap how much interest you can charge as the seller, depending on how your state categorizes the transaction.

Be sure to hire an experienced lawyer to help you through the legal aspects of the transaction.

Benefits and risks of a vendor take-back mortgage

Whether you’re the buyer or the seller in a vendor take-back deal, you’ll want to understand the benefits and risks before signing any paperwork.

Benefits for buyers

As a buyer, you might be interested in a seller take-back mortgage because of these potential benefits:

More financing opportunities: If you’ve shopped around extensively and can’t find a lender that’ll give you a mortgage, seller financing might allow you to fund the purchase. Fewer closing costs: With seller financing, you shouldn’t have to pay for an origination fee or mortgage insurance premiums. Other closing costs, like a home appraisal and title search are up to your discretion (though, they’re generally encouraged to help protect your investment).Customized financing terms: You’ll still have to follow state and federal laws, but you won’t have to follow rules established by entities like Fannie Mae and the Federal Housing Administration. This leaves more room for negotiating the terms of your loan, and you might wind up with more favorable terms as a result.

Risks for buyers

However, you should also be wary of some serious potential drawbacks:

Higher interest rates: If you can’t get a traditional mortgage because lenders think your financial profile is too risky, an individual seller will likely feel the same way. If they do agree to a vendor take-back mortgage, they may charge a high interest rate to compensate them for the risk.Potential for mortgage fraud: A seller who doesn’t have the right (or intention) to give you a legal interest in the property might take your monthly payments under the guise of offering seller financing. You might think you’ve purchased a home when you’re really just renting it. And, if the property is already mortgaged and the borrower doesn’t pay, you could get evicted.Foregoing traditional protections: If you’re not experienced in buying and selling real estate, you could easily overpay for the home or buy a property with title defects that threaten your ownership rights. This is why most lenders require a home appraisal and title search.

Read: How to Get a Mortgage with a 600 Credit Score

Benefits for sellers

If you’re selling a home, here’s what might entice you to offer seller financing to a homebuyer:

Extra income on interest: Becoming a private lender might appeal to you if the price is right as it could end up netting you a higher return than your other interest-bearing investments. Of course, you’ll still need to pay tax on the interest income.Better chance at closing: In a buyer’s market where you haven’t been able to sell your home, a vendor take-back mortgage might help make the transaction possible and allow you to get closer to your asking price when other buyers have made lower offers. And since you’ll avoid lender processing times and other steps in the underwriting process, you may be able to close the deal faster.Tax breaks: If you’re eligible, you might not owe tax on the first $250,000 in profit from selling your home; that exemption doubles if you’re married. Using a vendor take-back mortgage might also allow you to treat the sale as an installment sale and pay less tax by receiving the proceeds over several years.

Risks for sellers

As a seller, you’ll also face certain risks if you offer seller financing to homebuyers:

Not getting all of the cash upfront: If you’re selling your home, you probably want to use the proceeds to buy a different home, increase your savings, or put toward some other expense. Providing seller financing means getting paid over time instead.Additional risk: If the borrower stops paying and you’re the sole lender, you may have to pursue costly and time-consuming foreclosure proceedings. If you provide secondary financing, you’re still likely to come up empty-handed since you hold the second lien. The primary lender will hold the first lien and will get paid first from foreclosing and selling the home.Unqualified or fraudulent buyers: There’s a good chance you don’t have the know-how or relationships to check a buyer’s creditworthiness with the thoroughness and accuracy that traditional mortgage lenders can. The buyer may not have the capacity or willingness to repay the loan.Important: Because vendor take-back mortgages are complex transactions, these are just a few of the potential benefits and risks. If you’re seriously considering this type of financing, whether as a buyer or seller, it would be wise to speak with a real estate attorney.

Vendor take-back mortgage vs. traditional mortgage

There are some key differences between vendor take-back mortgages and traditional mortgages:

VTB mortgageTraditional mortgageLenderHome sellerIncludes banks, mortgage lenders, and credit unionsInterest rateGenerally higher than traditional mortgage ratesVaries depending on a number of factors, including market conditions, loan size, and your credit scoreClosing costsUp to the two parties, but usually lower than what you would pay with a traditional lenderTypically 2% to 5% of the loan amountLoan termsMust have a fixed rate or an adjustable interest rate with no adjustment in the first five years; other terms, such as the term length, are negotiableVaries by lender (many lenders offer fixed-rate and adjustable-rate loans with terms between 10 to 30 years)QualificationsWhatever the seller will accept, subject to state and federal lawsVaries by loan type and lender (often a credit score of at least 620, a down payment of at least 3%, and a DTI of 50% or less)Mortgage insuranceNoneOften required with less than 20% down

Example of a vendor take-back mortgage

A vendor take-back mortgage can provide all or part of the financing a buyer needs. Here’s how those two options might work.

Partially funded VTB mortgage example

Let’s say you’re selling your house for $800,000, but no one has offered close to your asking price — and you’re not willing to sell for less.

A buyer’s agent suggests that you accept an offer in which the buyer makes a down payment of $50,000, gets a first mortgage for $650,000, and you finance the remaining $100,000 as a second mortgage (the VTB mortgage).

At closing, you would get $700,000 (the down payment plus the first mortgage). Over the next five years — or whatever terms you agreed to with the buyer — you would get the remaining $100,000.

Fully funded VTB mortgage example

Perhaps you’re in the market to buy a home, but can’t get pre-approved for a mortgage. But your agent convinces an investor who owns many homes to sell one to you and provide all of the financing.

The seller agrees, as long as you agree to an interest rate of 8% and pay off the loan in 10 years. The seller would hold the first and only mortgage against the home in the form of a VTB mortgage.

When to consider a vendor take-back mortgage

Vendor take-back mortgages come with significant risk for both the buyer and seller. They also require a level of financial sophistication that many individuals don’t have.

Here are the types of people who should and shouldn’t consider a vendor take-back mortgage:

Who a VTB mortgage is best suited for: A wealthy real estate investor or someone with a higher risk tolerance and experience with real estate transactions.Who a VTB mortgage is not suited for: Anyone whose retirement nest egg or personal savings is largely tied up in their home equity. Same goes for anyone unfamiliar with real estate laws and transactions. If any of this applies to you, and you lack the resources to hire a real estate attorney, you should probably avoid seller financing.

Keep Reading: 13 Tips for First-Time Homebuyers: Your Must-Know Advice

The post What Is a Vendor Take-Back Mortgage and How Does It Work? appeared first on Credible.

Loans Serivces

Pros and Cons of Refinancing Your Mortgage

Refinancing your home loan can lower your lifetime interest costs and reduce your monthly payment, among many other benefits.

However, you’ll want to evaluate the pros and cons of a mortgage refinance before you apply. This will help you determine if refinancing is the right move for you.

Here’s a closer look at the advantages and disadvantages of mortgage refinancing:

Pros of refinancing your mortgageCons of refinancing your mortgageAlternatives to refinancing your mortgageWhen to refinance your mortgageHow to apply for a mortgage refinance

Pros of refinancing your mortgage

There are several advantages to refinancing a mortgage, including a potentially lower interest rate.

Lock in a better interest rate

A lower rate can reduce your lifetime interest costs by thousands of dollars. Consider refinancing when mortgage rates begin to dip. Most experts agree that you should consider refinancing if you can lock in a rate that’s 0.75 percentage points lower than your current rate.

You may also be able to lock in a better rate if your credit score is higher than when you took out your original mortgage.

Learn More: When to Refinance a Mortgage: Is Now a Good Time?

Lower your monthly payment

It’s possible to reduce your monthly payment through a mortgage refinance. You can potentially get a lower interest rate or extend your repayment term — or do both. If you’re currently struggling to pay the bills and want to keep your home loan in good standing, refinancing might be a necessary option.

If you think refinancing is the right move, Credible makes it easy. You can compare multiple lenders and see prequalified rates in as little as three minutes without leaving our platform.

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Tap into your home equity

A cash-out refinance can help you tap into your home equity. You’ll pay off your original mortgage with a newer, larger loan and receive the difference in cash.

You can then use the distribution to fund home improvement projects or other expenses, like credit card debt or a down payment on an investment property.

Enjoy more predictable payments

If you currently have an adjustable-rate mortgage (ARM), refinancing to a fixed interest rate will provide more stability in your monthly principal and interest payments. With a fixed-rate loan, you’ll pay the same amount every month for the entire loan term. This makes your mortgage payment easier to budget for and provides you with some peace of mind.

void mortgage insurance

Refinancing into a conventional mortgage with at least 20% interest waives private mortgage insurance (PMI) charges. This is also a way to get out of paying mortgage insurance premiums on an FHA loan.

Read: Here’s What You Need to Know About Refinancing an FHA Loan

Cons of refinancing your mortgage

Here are some of the drawbacks that accompany mortgage refinancing.

Need to pay closing costs

Just like a new home loan, you must pay closing costs with any mortgage refinance loan. These fees are approximately 2% to 5% of your loan amount.

Some of the fees you can expect to pay include:

Origination feesHome appraisalTitle insuranceCredit report fee

You may be able to roll some of the fees into your new mortgage, but this may increase your loan APR and lifetime interest costs. A mortgage payment calculator can help compare your upfront costs and potential lifetime interest costs.

If you’re planning on selling your home in the next few years, you’ll want to find your breakeven point — the point at which you’ll recoup your closing costs — to determine if refinancing is worth it.

For example: If your closing costs are $5,000 and your monthly savings is $100, you’ll need to keep your home for 50 months (slightly more than four years) to break even and offset the upfront expense.

Monthly payments could be higher

Switching to a shorter repayment period, such as 15 years instead of 30 years, will most likely increase your monthly payment as you have fewer years to pay off the loan principal. Deferring your closing costs can also increase your payment.

On a positive note, you’ll be out of debt faster and pay less interest by opting for a shorter repayment period. If you can afford the higher monthly payments, it’s a good option to consider.

Might increase the overall cost of your loan

Extending your repayment term can increase your total interest costs even if you get a lower interest rate or smaller monthly payment.

Here’s an example of how much more your total interest costs can be when refinancing to a 30-year term. This example assumes a current mortgage balance of $226,445 with 25 years remaining on an original 30-year term.

Existing mortgageRefinance mortgageStarting loan balance$250,000$226,445Remaining years2530Interest rate4.08%3.75%Monthly payment$1,206.55$1,049Total interest cost$184,356.61$199,916.59

While it’s possible to refinance to a lower interest rate and monthly payment, your total interest cost can still be higher. For this example, your new loan APR must be at least 0.70% lower than your original rate before you reach your breakeven point and start saving money.

And, assuming you don’t pay off the loan early or sell your home, refinancing your mortgage keeps you in debt longer, which might make it more difficult for you to achieve other financial goals.

Must qualify for refinancing

In addition to paying closing costs, the underwriting process requires you to satisfy your lender’s mortgage qualifications for income, credit, and debt.

Some of the mortgage refinance requirements include:

Credit score: Traditional lenders require a minimum 620 credit score. Most lenders offer the lowest refinance rates to homeowners with an excellent credit score of at least 740.Steady employment: You’ll need at least two years of reliable employment and income statements, and you may also need to show proof of sufficient cash reserves.Home equity: Many lenders require you to have at least 20% equity in your home to refinance your mortgage. Home appraisal: A home appraisal verifies your property value is higher than your requested loan amount. You may need to postpone refinancing if your mortgage is underwater since this means you owe more than the home is worth.

lternatives to refinancing your mortgage

If you’re content with your current mortgage rate and term, but you still want to access your home equity, consider either a home equity loan or a home equity line of credit (HELOC).

These two options generally have lower closing costs and might be a better fit than a cash-out refinance.

pply for a home equity loan

A home equity loan lets you borrow up to 85% of your home equity as a lump-sum payment. You repay your principal and interest with fixed monthly payments, similar to a fixed-rate mortgage. Depending on your loan terms, your repayment period can be as long as 30 years.

Here are some of the advantages of home equity loans:

Can use funds for different purposes: You can use your funds for a variety of expenses, including home repairs, medical bills, and debt consolidation. Potential tax deductions: In many cases, your interest payments are tax-deductible for home repairs and capital improvements for your primary residence.Fixed interest rate: Lenders offer fixed interest rates so you have the same monthly payment for the life of the loan.

Some of the disadvantages of home equity loans include:

Lump sum payment: You receive your entire loan amount upfront and cannot request future withdrawals. If you don’t need to spend the entire amount immediately, consider a HELOC, which allows you to make distributions as needed.Higher monthly payments: Your monthly payments can be higher than a HELOC as you start repaying the principal right away. You’re also accruing more interest than with a HELOC as your starting balance will most likely be higher.Secured debt: Home equity loans are secured debt, meaning your home is collateral. If you default on the loan, your lender has the right to foreclose on your home.

pply for a home equity line of credit

A home equity line of credit (HELOC) can be a good decision if you want to borrow from your home equity several times.

Unlike a home equity loan, you won’t receive a lump-sum payment. Instead, you’ll make withdrawals as needed during the draw period, which is usually 10 years.

A HELOC offers many advantages, including:

Potentially less interest: With a HELOC, you only have to pay interest on what you borrow. Your total interest costs, in turn, might be lower than on a home equity loan that distributes the entire loan amount upfront.Flexible withdrawal policy: You can withdraw as little or as much as you need during the draw period, up to your credit limit. Interest-only payments: Your lender may only require monthly interest payments during the draw period. However, there is no penalty to pay back the outstanding principal early.

Some of the disadvantages of a HELOC include:

Variable interest rate: Most HELOCs have a variable interest rate. If you’re not comfortable with a variable interest rate, fixed-rate HELOCs do exist, but they’re more rare.Shorter repayment period: Your repayment period may be shorter than a home equity loan, meaning your monthly payments could be higher once you start paying off the loan. Most HELOC repayment periods are between five and 20 years.Secured debt: A HELOC is using your home equity as collateral. As a result, your lender may foreclose on your home if you cannot pay off your credit line before the repayment period ends.

Don’t Miss: Refinancing a Home Equity Loan: What You Need to Know

When to refinance your mortgage

Generally, refinancing is a good decision if you find yourself in one of these situations:

You qualify for a lower interest rateYou want to shorten your loan termYour interest savings exceed the closing costsYou can afford the new monthly paymentYou’re struggling to make your mortgage paymentsYou want to switch from an adjustable-rate to a fixed-rate mortgage

How to apply for a mortgage refinance

Here are the steps you can expect to take when refinancing your mortgage:

Compare rates with different lenders. Aim to get rate quotes from at least three different lenders. This will ensure you receive a competitive rate. Credible can help you compare rates from multiple lenders without hurting your credit score.Gather and submit financial documents. After choosing your lender, gather the necessary paperwork and submit it to start the application process. You’ll want to have your tax returns, bank statements, and proof of homeowners insurance at the ready, among other documents.Get a home appraisal. Your lender will require a home appraisal to determine what your home is worth and how much equity you have.Sign your closing documents. After completing the underwriting process, you’ll pay your closing fees and sign the closing forms. Your new rate and term become effective immediately and replace your existing mortgage.

Keep Reading: How to Refinance Your Mortgage in 6 Easy Steps

The post Pros and Cons of Refinancing Your Mortgage appeared first on Credible.

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Loans Serivces

VA Cash-Out Refinance: How It Works and When to Get One

A VA cash-out refinance allows you to pay off your existing home loan — even if it’s not a VA loan — with a new, larger VA home loan. You’ll receive the difference as a lump sum to use for any purpose your lender allows.

You can also use a VA cash-out refinance even if you don’t want cash back — say, you only need enough cash to pay the loan’s closing costs. To qualify for a VA cash-out refinance loan, you’ll first need to be a military service member, veteran, or surviving spouse.

Here’s what else you need to know about VA cash-out refinances:

What is a VA cash-out refinance?How does a VA cash-out refinance work?VA cash-out loan limitsVA cash-out refinance ratesBenefits of a VA cash-out refinanceDrawbacks of a VA cash-out refinanceVA cash-out refinance guidelinesAre there costs associated with a VA cash-out refinance?How to apply for a VA cash-out refinanceIs a VA cash-out refinance right for you?

What is a VA cash-out refinance?

A VA cash-out refinance is one of the two most common VA loan refinancing options. You can use a VA cash-out refinance whether you want to cash out your home equity or not. These loans are available to any qualified veteran homeowner, regardless of what type of mortgage you have.

The other most common option available to veterans is a VA streamline refinance — also known as an interest rate reduction refinance loan (IRRRL). This option works similar to a conventional refinance. It can help you lower your interest rate, shrink your monthly payment, or shorten your term. However, you’ll need to have an existing VA loan to use an IRRRL.

How does a VA cash-out refinance work?

A VA cash-out refinance uses a VA mortgage to pay off your existing mortgage, whether it’s a VA loan or not. It also lets you tap into your home equity, which you can use to pay off any other liens on your home or the closing costs of the refinance.

The U.S. Department of Veterans Affairs sets guidelines for income, credit scores, and other borrower characteristics. This helps lenders approve and deny VA loans and set loan terms.

However, lenders often impose stricter guidelines than the VA requires, such as tighter limits on how much equity you can cash out. They do this, in part because the VA only guarantees up to 25% of the loan amount. That means the lenders are still taking most of the risk.

Learn: How Soon You Can Refinance: Typical Waiting Periods By Home Loan

VA cash-out loan limits

VA loans are unique: They allow you to borrow against as much as 100% of your home’s appraised value. In other words, your loan-to-value (LTV) ratio can be as high as 100%.

Here’s an example: Say you owe $240,000 on your mortgage and your home is worth $300,000. That leaves you with $60,000 in home equity, or 20%. With a VA cash-out refinance, you may be able to borrow as much as $300,000, and you’d be able to finance your VA funding fee.

But remember, lenders may have their own rules that are stricter than the VA’s. Don’t be surprised if you can only borrow against 80% of your home’s appraised value. Some conventional lenders will allow you to refinance up to 90%, too, so we suggest comparing offers for both VA and conventional cash-out refinancing.

VA cash-out refinance rates

Interest rates for 30-year, fixed-rate VA home loans tend to run about 0.25 percentage points lower than conventional loan rates. But as with any mortgage, your interest rate will mostly depend on personal factors like your credit score, debt-to-income ratio, and down payment.

Cash-out refinance rates can be slightly higher than rate-and-term refinance rates since decreasing your home equity can make you a riskier borrower. To get the best deal, it’s important to check pricing with several lenders.

You won’t find VA loans at Credible, but if you’re looking for a great refinance rate on a conventional loan, we can help with that. It only takes a few minutes to compare personalized, prequalified rates from all of our partner lenders.

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Benefits of a VA cash-out refinance

These features of a VA cash-out refinance can make it a uniquely appealing option if you’re eligible:

You may be able to borrow up to 100% of your home’s appraised value. On top of that, you can finance energy-efficient home improvements and the VA funding fee.You can refinance a non-VA loan. Whether you have a VA, conventional, FHA, or USDA loan, you can do a VA cash-out refinance.You can use it to pay off delinquent liens. If you’ve fallen behind on property taxes, your first mortgage, or a home equity loan, for example, you can use a VA cash-out refinance to pay off these liens.

Read: How Often Can You Refinance Your Mortgage?

Drawbacks of a VA cash-out refinance

Before you get too excited about the benefits of a VA cash-out refinance, you should know there are some cons to this option:

You’ll pay the VA funding fee. If the cash-out refinance will be your first VA loan, you’ll have to pay a funding fee of 2.3% of the loan amount. If it won’t be your first VA loan, the funding fee will be 3.6% of the loan amount. Veterans with a Purple Heart or service-related disability payments may be exempt from the funding fee.Lenders might not let you borrow 100%. The VA allows, but does not require, lenders to set an LTV limit of 100%. Lenders may have tighter requirements and set a borrowing limit of up to 90% of your home’s appraised value, for example.Requires more paperwork. One of the main benefits of a VA IRRRL is the lack of paperwork, which allows you to close the loan faster. VA cash-out refinances aren’t as streamlined. Your lender will require you to go through the full underwriting process and provide income statements, tax returns, and a certificate of eligibility (COE), among other documents.

Find Out: VA Loan vs. Conventional Loan: How to Choose

VA cash-out refinance guidelines

Here are the key criteria you’ll need to meet to qualify for a VA cash-out refinance. They’re the same as VA purchase loan requirements:

RequirementDescriptionYou or your spouse meet the military service requirements for a VA loanVA loan eligibility depends on where, when, and how you served. For example, if you’ve served 90 continuous days on active duty this year, you will likely qualify for a COE.Your credit score is at least 620The VA doesn’t have a minimum credit score requirement, but lenders typically do.The home will be your primary residenceYou can’t use a VA cash-out refinance on an investment property or second home.Your income is stableA two-year history is helpful, but the VA gives lenders room to decide whether your income is reliable enough to repay the loan you’re applying for.Your DTI is 41% or lessLenders might approve a higher debt-to-income ratio if you can offset it with financial strengths, such as excellent credit, long-term employment, or satisfactory homeownership experience.

re there costs associated with a VA cash-out refinance?

Yes, you’ll pay closing costs on a VA cash-out refinance, just as you would with a conventional or FHA refinance. These are the costs you can expect to pay:

VA funding fee: Either $2,300 or $3,600 for every $100,000 borrowed, depending on whether you’re using a VA loan for the first time or a subsequent time.Origination fee: Generally 0.5% to 1.5% of the loan amount, or $1,000 for every $100,000 borrowed.Appraisal fee: Usually a few hundred dollars, depending on location and home sizeCredit report fee: Usually less than $30.Lender’s title insurance fee: About $500 to $1,500, depending on the loan amount and insurer.Discount points: Points are prepaid interest that reduce your interest rate. This is an optional charge.

How to apply for a VA cash-out refinance

These are the steps you’ll need to follow to apply for a VA cash-out refinance.

1. Decide how much cash you need

Just because you may be able to borrow against 100% of your home equity doesn’t mean you should. Zero equity makes you vulnerable to a decline in home prices. You could end up owing more than your home is worth — a potential problem if you decide to sell your home.

2. Gather documents for your lender

You’ll need three categories of documents:

Identification documents: VA lenders require you to provide two forms of identification. These can include a driver’s license, state ID card, passport, Social Security card, or military ID.Financial documents: You’ll need to substantiate your income and assets with W-2s and signed federal income tax returns for the last two years, your two most recent pay stubs, and your two most recent bank statements. Military service documents: These include your Certificate of Eligibility (which your lender may be able to pull online), statement of service (if you’re on active duty), and disability award letter (if you receive service-connected disability payments). You may also need to provide your DD-214 or Reserve/Guard points statements.

3. Apply with at least three lenders

The VA doesn’t set mortgage rates and fees; lenders do. To make sure you’re getting the best loan terms, get pre-qualified quotes from multiple VA lenders.

You should also consider getting offers for a conventional cash-out refinance if you don’t need to access all of your equity; it may be cheaper since you won’t have to pay a VA funding fee.

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Is a VA cash-out refinance right for you?

If you’re eligible for a VA loan, a VA cash-out refinance may be right for you in these situations:

You don’t have enough home equity for a conventional cash-out refinance.If your home equity is 20% or less, a VA loan can be a good way to access it.You’re paying for mortgage insurance on the loan you have now.VA loans don’t require mortgage insurance.Your new mortgage will have a lower rate than your existing mortgage.Ideally, a cash-out refinance doesn’t just give you cash, it also lowers your rate.You’re behind on your bills.You can use a VA cash-out refinance to pay off any lien against your property, whether it’s a mortgage, tax lien, or judgment lien.

However, a VA cash-out refinance may not be right for you in the following circumstances:

You have a lot more home equity than you want to cash out.Instead, consider a conventional cash-out refinance so you don’t have to pay the VA funding fee.Your new mortgage would have a higher rate than your existing mortgage.A home equity loan or line of credit could be the more cost-effective option.You might sell your home soon.It may not make sense to pay closing costs on a large loan that you won’t keep long enough to break even on. Try a no-closing-cost mortgage, or just ride out your existing loan.You need cash quickly.A new mortgage can take up to two months to close. A personal loan may be a better choice if you can’t wait that long.

Keep Reading: How Long It Takes to Refinance a Home

The post VA Cash-Out Refinance: How It Works and When to Get One appeared first on Credible.

Loans Serivces

Tiny Home Financing: What Are My Loan Options?

A tiny home generally refers to a home that’s 500 square feet or less. Because these structures are much smaller than traditional homes, buying one could be much more affordable in comparison.

Tiny homes cost $45,000 on average — but if you get one with few amenities, it could set you back as little as $8,000, according to HomeAdvisor. Additionally, there are several options that could help you finance a tiny home purchase, such as taking out a personal loan.

If you’re thinking about using a personal loan for tiny home financing, here’s what you should know:

Tiny home loan typesFinancing a tiny home: additional considerations

Tiny home loan types

If you’re looking to finance a tiny home, you likely won’t be able to use a traditional mortgage. While mortgage lenders don’t often disclose their minimum loan amounts, mortgages typically aren’t offered under $60,000 — meaning a tiny home purchase probably won’t qualify.

The good news is that there are several options available that could help you finance a tiny home purchase, including:

Personal loans

A personal loan is a type of installment loan that can be used for almost any personal expense, such as a tiny home. These loans are offered by a few types of lenders, including online lenders, banks, and credit unions.

You can typically borrow $600 to $100,000 with a personal loan and will have one to seven years to repay it, depending on the lender. Additionally, most personal loans are unsecured — meaning you don’t have to worry about collateral.

Tip: You’ll generally need good to excellent credit to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. There are also several lenders that provide personal loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.

If you have poor credit and are struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you decide to take out a personal loan, be sure to consider as many lenders as possible. This way, you can find the right loan for your needs.

Credible makes this easy: You can compare your prequalified rates from our partner lenders in the table below in just two minutes — without affecting your credit.

LenderFixed ratesLoan amountsLoan terms (years)Time to fund

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Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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9.95% – 35.99% APR$2,000 to $35,0002, 3, 4, 5*As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

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Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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6.79% – 17.99% APR$10,000 to $50,0003, 4, 5, 6Next business dayFixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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4.99% – 35.99% APR$5,000 to $35,0002, 3, 4, 5As soon as 1 – 3 business days after successful verificationFixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
5.99% – 24.99% APR$2,500 to $35,0003, 4, 5, 6, 7As soon as the next business day after acceptanceFixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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7.99% – 29.99% APR$10,000 to $50,0002, 3, 4, 5As soon as 2 business daysFixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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7.04% – 35.89% APR$1,000 to $40,0003, 5Usually takes about 2 daysFixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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9.99% – 35.99% APR$2,000 to $36,5002, 3, 4As soon as the next business dayFixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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2.49% – 19.99% APR$5,000 to $100,0002, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)As soon as the same business dayFixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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6.99% – 19.99% APR1$3,500 to $40,00023, 4, 5, 6, 7Many Marcus customers receive funds in as little as three daysFixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


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18.0% – 35.99% APR$1,500 to $20,0002, 3, 4, 5As soon as the same day, but usually requires a visit to a branch officeFixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
4.99% – 17.99% APR$600 to $50,000
(depending on loan term)1, 2, 3, 4, 52 to 4 business days after verificationFixed APR:
4.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
6.95% – 35.99% APR$2,000 to $40,0003, 5As soon as one business dayFixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
4.74% – 19.28% APR10$5,000 to $100,0002, 3, 4, 5, 6, 73 business daysFixed APR:
4.74% – 19.28% APR10Min. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
8.93% – 35.93% APR7$1,000 to $50,0003 to 5 years 8Within one day, once approved9Fixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
5.94% – 35.97% APR$1,000 to $50,0002, 3, 5, 6Within a day of clearing necessary verificationsFixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.


View details>
4.37% – 35.99% APR4$1,000 to $50,00053 to 5 years4As fast as 1 business day6Fixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Builder financing

Some tiny home builders offer their own financing programs, often in partnership with a third-party financial institution.

Interest rates and terms can vary widely with these options, so be sure to read the fine print carefully and ask any questions you might have to make sure you fully understand what you’re agreeing to.

Keep in mind: Some builders might require a down payment to secure financing — this could range anywhere from 10% to 20%, depending on the lender.

Learn More: Best Personal Loan Companies

Home equity loan or HELOC

If you already own a home, you might be able to tap into your home’s equity with a home equity loan or home equity line of credit (HELOC). With these options, you might be able to access 75% to 85% of your home’s equity, depending on the lender and the value of your home.

Here’s how they work:

Home equity loanLike personal loans, home equity loans are installment loans that typically come with fixed rates. Because a home equity loan is secured by your home, you’ll likely get a lower rate than you’d get on a personal loan. However, this also means you risk losing your home if you can’t make your payments.HELOCUnlike a home equity loan, a HELOC gives you access to a revolving credit line that you can repeatedly draw on and payoff — similar to a credit card. HELOCs also tend to come with variable rates, which means your rate could fluctuate with market conditions. Also remember that because your home acts as collateral for a HELOC, you risk foreclosure if you don’t keep up with your payments.How do I calculate my home’s equity? To calculate the equity in your home, you’ll subtract your current mortgage balance from your home’s current market or appraised value.

For example, if your home is worth $400,000 and you owe $300,000, then your home’s equity is $100,000.

Check Out: Personal Loan Requirements

Financing a tiny home: additional considerations

While the cost of a tiny home could be low, here are a few additional considerations to keep in mind:

Will you have to buy land?

You’ll need a place to build your home if you want a permanent structure — which means you’ll need to also purchase land. Depending on the location, this could end up being much more expensive than the actual house.

Keep in mind: If you’re thinking about buying raw, undeveloped land, then you’ll have to account for preparing the land for construction as well as getting it hooked up with water, power, and other amenities.

You’ll also need to consider local building codes and how much it will cost to make sure your dwelling is up to code. For example, some areas require that sleeping lofts in tiny homes have an automatic sprinkler system, which is another extra cost to budget for.

How will you pay for home maintenance?

Like any other home, tiny homes also come with maintenance costs. For example, you might need to service your plumbing, appliances, and other home systems. Plus, if your tiny home is on wheels, you might need to purchase and maintain a truck to haul it.

Learn More: Personal Loan Calculator: See Your Payments On a Loan

Will the home be on wheels?

If you’re planning to build or purchase a tiny home on wheels, you might be eligible for a recreational vehicle (RV) loan. Many of these loans use the RV (or tiny home) as collateral, which means you might get a lower rate compared to a standard unsecured loan.

Keep in mind: There are also lenders that offer unsecured RV loans — for example, Credible’s partner lender LightStream offers RV loans from $5,000 to $100,000 and doesn’t require collateral.

If you decide to take out a personal loan for a tiny home, remember to consider as many lenders as you can to find the right loan for your situation.

This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.

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Loans Serivces

15 DIY Bathroom Remodeling Projects to Tackle This Winter

If you’re a homeowner, you’ve probably got a long list of home improvement projects to tackle. While bringing your home up to date can increase its value, you can’t tackle everything at once. Instead, you’ll want to prioritize whether you’re doing a quick project or a full-on renovation.

Winter is a great time to update your bathroom. For one, it’s an indoor project, so you won’t have to deal with the cold. Plus, renovated bathrooms are well-known for producing a solid return on investment. It can also be cost-effective to start a project in the winter, since prices for materials usually rise in the early spring.

Here are 15 DIY bathroom projects to tackle this season:

Update the lightingAdd a splash of tileWallpaper the roomUpdate the vanityRecycle furniture for a new vanityInstall a towel warmerReplace the mirrorSwap out the hardwareAdd wall storageInstall eco-friendly featuresPaint the wallsImprove your shower spaceAdd window treatmentsReplace your bathroom exhaust fanAdd to your cabinet storage

1. Update the lighting

Changing an outdated light fixture can spruce up your bathroom by making it appear brighter and fresher. A hanging fixture, for instance, can add some much-needed personality, or you can install the fixture above the mirror to reflect light around the room.

This project involves temporarily disconnecting the electricity and working with wiring, so you may want to hire an expert if you’re uncomfortable with this part.

2. Add a splash of tile

Adding tile is a great way to modernize the bathroom without a complete overhaul. It’s also easy to clean, durable, and moisture-resistant — and there are lots of options.

You may decide to re-tile the floor, install tile halfway up the shower walls, or lay a simple backsplash above the sink. White subway tiles are classic, but you can get creative by arranging them in a herringbone or chevron design, or using a hexagon- or honeycomb-shaped tile.

3. Wallpaper the room

Wallpaper can add an upscale look to your powder room, whether you cover the whole thing or only apply it to one accent wall to create a focal point.

Look for “splash-proof” wallpaper, which is designed for high-humidity areas and won’t peel off as easily as regular wallpaper. You can also experiment with bold colors or patterns to create a statement.

Learn More: 18 Home Improvement Projects You Can Wrap Up in a Day

4. Update the vanity

The vanity is a great place to keep your bathroom necessities organized and out of sight, and it’s also a spot where you can add some personality.

Try painting the vanity a bold new color, installing new hardware, or using painted stencils or wallpaper on the door panels. You can also replace the top with a butcher block or granite countertop for a stylish look.

5. Recycle furniture for a new vanity

If you want to swap out the vanity completely, look for upcycled furniture to repurpose. An old dresser, nightstand, or coffee table can easily be transformed into your new bathroom organization system. You can add a fresh coat of paint and new hardware, then cut a hole on the top for a sink.

Tip: Remember to moisture-proof the counter with a few coats of clear polyurethane.

6. Install a towel warmer

If you live in a colder climate, you’ll want to stay extra toasty when getting out of the shower. A wall-mounted towel warmer keeps your towels warm and can give any bathroom a luxurious feel. Towel warmers are easy to install and typically plug into a standard outlet.

7. Replace the mirror

Replacing a frameless, rectangular mirror with a more artful version can spruce up your bathroom easily. These come in different shapes, colors, and patterns to give your bathroom a style all your own.

When exploring your options online or in a store, look for a mirror that fits the space well and comes with a hanger bracket for easy installation. For a cheaper and easier project, you can keep the original mirror and get a kit to add the frame.

8. Swap out the hardware

Sometimes accent features are all you need to make a bathroom feel brand new. Replacing the faucets, towel rack, shower head, light fixtures, and toilet paper holder are easy and budget-friendly projects to tackle in the winter.

You can go for a classic look, like brushed nickel, or use a funky design from an antique store. The point is to create a unified suite to tie the room together.

Check Out: 8 Popular Pandemic Home Renovations to Transform Your Space

9. Add wall storage

If your bathroom is a tight squeeze, you might need to get creative with storage solutions. You can install floating shelves or a wall cabinet above the toilet and add a bar with hooks next to the tub — so your towel is always at the ready. If you can’t hang anything on the walls, try positioning a storage ladder over the toilet and use it to store your bathroom necessities.

10. Install eco-friendly features

Installing energy-efficient features throughout your home may help you save on utility bills while helping the planet at the same time. On top of that, high energy-efficiency ratings can boost your home value by 2.7% on average, according to research by Freddie Mac.

For a simple, DIY project, upgrade to energy-efficient lighting with halogen incandescent, CFL, or LED light bulbs. You can also install insulated windows and an Energy Star-rated toilet to further reduce your carbon footprint — but these are more complex tasks that might require a contractor.

11. Paint the walls

A fresh coat of paint isn’t usually considered a “remodel,” but using the right color may boost your resale value. A warm, neutral color can help the bathroom appear cleaner and brighter. Or, for something different, you can use painted stencils for a flourish along the trim.

12. Improve your shower space

If your shower doesn’t have enough storage for your family’s soaps and shampoos, shower shelves can be a great addition. Corner shelves are popular, or you can install a wire caddy or build a recessed shelf into the wall.

It’s possible to add these features even if your shower is tiled, using water-resistant adhesive or screws and a lightweight material for the shelf.

13. Add window treatments

Installing new blinds can help make the bathroom feel new and even improve energy-efficiency. Closing the blinds to keep heat out in the summer might cut down on cooling costs. And in the cooler months, you can open the blinds to use natural light and keep utility costs down. Curtains also add a pop of color to an otherwise neutral bathroom.

See: 15 Home Improvement Projects to Complete Before You List Your Home

14. Replace your bathroom exhaust fan

Though you may never think about your bathroom’s exhaust fan, it’s an important part of your home’s ventilation system. These remove heat, odors, and moisture from the bathroom — helping to prevent mold and improve your air quality.

Exhaust fans usually last about 10 years. If you’re not sure when it was last replaced, it’s a smart idea to invest in a new one.

15. Add to your cabinet storage

If you’re looking for ways to maximize your storage space, consider adding static or slide-out shelves to your cabinets. You can use baskets to further organize your bathroom necessities and store extras like linens and towels. These shelves come premade at hardware stores, but you might be able to reuse parts from an old dresser or vanity.

When you’re planning out your bathroom update, you may decide to tackle just a few of these projects or put all of them on your to-do list. You’ll need to consider what your bathroom needs, your budget, and how much time you have. The good news is, they’re generally easy to do by yourself or with a partner.

If you’re doing extensive remodeling to your home and need a way to fund all of the projects, you may want to consider a cash-out refinance. With a cash-out refinance, you’ll replace your existing mortgage with a newer, larger mortgage and receive the difference as a lump sum. Credible can help you find a great rate on a cash-out refinance in just a few minutes.

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