Types of Silverware

Silverware is a set of items made out of silver and is usually used for serving food and drinks. It can be purchased in sets and can be found in several different types, including sterling silver, silver gilt, and Britannia.

AntiquesSterling silver has long been the standard material for fine flatware. In the past, it was often mixed with other metals to increase its hardness and durability. For example, a 7.5% sterling silver and copper alloy is commonly used. Copper is added to make the alloy stronger and more resistant to tarnishing. Many other metals can be used instead of silver. These include platinum, zinc, and manganese.

Stainless steel silverware has become increasingly popular for many reasons. It’s durable, easy to maintain, and looks great. And it doesn’t cost a fortune. But not all stainless steel flatware is created equal. There are different material grades, including 18/0, 18/8, and 18/10. Each grade contains different metals and percentages of chromium and nickel. When shopping for flatware, you should consider how the pieces are handled. Some stainless steel cutlery is dishwasher safe, while others may need hand washing.

Another consideration is the alloy composition of the metal. Some manufacturers don’t mention the alloy content in their packaging, but it’s important to know what it is so you can choose the best possible product. The 18/10 grade of stainless steel is generally considered the highest material quality. It’s the most durable and the best looking. However, it costs a little more.

Whether you’re looking for something fancy for a special occasion or just a simple tableware for everyday use, sterling silver flatware can be just what you need. These durable pieces are easy to clean and maintain and will never go out of style. They are also a great way to create a beautiful family heirloom.

Some silverware is one of the most popular and most sought-after collectibles. It’s made of a combination of sterling and silver plates. In the late 19th century, there were many silver companies. Some were family related or closely linked. Others were independent makers. As the market became more crowded, some silversmiths were incorporated into a single company. This company eventually became the world’s largest silverware manufacturer.

During this time period, there were many names that silversmiths used. Mergers and family relationships often separated them. Makers of sterling still use the name. The value of silverware depends on the silver’s quality and the price others are willing to pay for it. You can find a good range of prices on online auction sites or get a quote from a reputable antiques dealer or certified appraiser.

Usage in the eighteenth century. The use of silverware in the eighteenth century was a time of great transformation. The kitchen of the day evolved from a crude and unsanitary state to one that was clean, hygienic and highly sophisticated. One of the most dramatic changes to the kitchen occurred in the mid-18th century when forks became popular in Europe. Before this, meals were eaten from a series of wooden plates, cups and trenchers. When the affluent began to acquire wealth, they started using more elaborate tableware.

A fork, also called a coryate, is a long, flat, spoon-like device used to eat food. It has two or three tines. During the late 16th and early 17th centuries, forks were made of wood, horn, shell and other materials. However, a few wealthy families possessed silver spoons.

Common hallmarks on silverware. Silver hallmarks are small, stamped symbols located on the underside of a silver piece. These are an important part of identifying antique silverware. They can give information on the manufacturer and the purity of the metal. Historically, these symbols were used to indicate the quality of the precious metal. Hallmarks were also used as a consumer protection tool. In the UK, these symbols are still used today.

The first documented hallmark was the leopard’s head. This symbol was used by the Goldsmiths’ Company. It was a reference to the guardians of the craft.There were numerous other types of stamps, including the town mark. This indicates the city where the item was made. A full set of these symbols comprises the town mark, a purity mark and a maker’s mark. All three are required to be present on a silver piece.

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.


You can also visit our other websites and post your article.

Tri Cities Boating, Wells for Wekin, wellsbarkervilletrailsNorcalfitJCB PAINTEast County One StopCRORAZON CRMMilano Citta MetropolitanaThe Crows Nestle, A Formal AcademyTransco-NeonVermiglioTehachapihumaneNortheast CoatingsHunting CinnamonMass-HomesWalker CaliforniaNational IncineratorTalking ProfitsGoogle Gravity, Heart Symbol, Sign StageRediscovering Customer, SurfriffraffDistance BetweenWorcestershire BusPrimary PeteSouthern RadiationARMOR THORBounty RaceAic ColourKitchen Cabinets , Museum DevelopmentHealthy HomeIgnite MarketingSkylark CreativeMalawi FungiLatonjamc CordMy Old CokeVianello Libri


Roofing Services

How To Fix A Leaky Roof

If you’ve got a leaky roof, the first thing you need to do is find the problem area. While squirrels are cute when they’re begging for peanuts in the park, they’re not so cute when they’re chewing on your roof. You should regularly check your attic and gutters for signs of leaks. If you’re unsure what to do, consider hiring Roof Repair Sacramento for the job.
roof repairSmall leaks can soon become big problems. They can rot framing, destroy insulation, and even damage ceilings. In one case, a homeowner’s ceilings were stained for two years before a flashing leak caused an extensive repair bill. Had the leak been fixed right away, the homeowner could have avoided the costly repairs. But it’s better to be safe than sorry. A roof repair expert can help you fix a leaky roof before it becomes a costly problem.
The cost of a roof repair varies depending on the size and complexity of the problem area. In some cases, a homeowner’s budget may be significantly impacted by whether the roof repair is required for insurance reasons or because it protects the property from hurricanes. In some cases, a homeowner may be required to purchase a permit if they need to replace a roof in an area with high hurricane activity. If this is the case, the price can rise even further.
When it comes to flash, there are several things you can do to prevent water from leaking down the chimney or out the chimney. Flashing around fixtures is often made of galvanized steel and can become damaged from constant exposure. Likewise, the sealant around fixtures can degrade over time. If you notice cracked flashing around a fixture base, a professional roofer will be able to replace it for you. And don’t forget to replace the vent flashing if it’s damaged, as this is a relatively cheap minor repair.
If you suspect that a leaky roof has caused your home to sustain substantial damage, you should contact your insurance company immediately. They will likely send an inspector to your home to verify your claim. You can also try calling a roofer to assess the damage to your home before contacting your insurance company. In some cases, a roofer can even help you complete the process by writing a report on the damage to your home’s roof.
A roof repair may be an expensive and stressful home improvement project, but you’ll be happy you called a local roofing professional to assess the damage. The right repair can save you money in the long run. So, when a hole appears on your roof, don’t wait any longer. It’s better to call a professional roofer at the first sign of trouble. A few minutes can save your roof. So call a roofing professional today!
Roofing damage often starts at the ridgeline, which is where the slope changes. This part of your roof is capped with triangular pieces. When a roof ridge cap becomes cracked or damaged, water can penetrate the roof. Repairing this part of the roof can cost anywhere from $250 to $3,000 and may include repairing the shingles, fascia, and trusses. It may also involve applying fresh mortar. Roofing contractors can repair the shingles of a roof, but they should be able to provide you with an estimate for the repairs.
A roof leak may not be as serious as you think. It might simply be a crack in a flashing. If it’s not an immediate problem, you can do it yourself for $200 or less. You can also hire a roofer to fix a large hole in your roof. If you need a metal roof, you’ll pay anywhere from $500 to $1,500 for the repairs. If you leak the ceiling, a heating strip may prevent ice dams and leaks. Depending on the size of the hole and the severity of the damage, a new metal roof may cost you up to $1,500.
Sagging roofs are another sign that your roof needs repairs. This is because the decking isn’t strong enough to support heavyweights. When this happens, excess weight will press down into the attic between the trusses and cause the decking to sag. This problem may be minor at first but eventually lead to an entire roof replacement. A simple repair for a sagging roof might just be what your home needs.


How to Make a Siding Repair

If you need to make Siding Repair Seattle WA on your home, there are several different methods that you can use. Whether you have vinyl siding or fiber cement, you should know which one will last longer and withstand moisture. It is better to have a partial replacement in most cases instead of doing full siding repair. This way, you can ensure that the property remains sturdy even though there is damage. Also, if you have insurance, your coverage may cover the repair cost.


If you have small gaps or cracks in your siding, you can use caulk to cover the areas. After the caulk dries, you can apply paint. The caulk should blend with the existing siding color. Alternatively, you can call in a professional siding repair service to perform your work. While it might take more effort, it can save you a lot of money in the long run. First, however, you should be careful about the materials you use.
When choosing the best siding material for your home, consider the cost. Depending on their material, brick, stone, stucco, and vinyl can be very expensive, but they can last for 100 years. If you are considering siding repair for your home, you should know that there are certain precautions that you should take to avoid injuries. Before hiring a siding repair company, ask for a quote and make sure you understand the timeline and the price. It would be best if you prepared the area for the project by cutting bushes and mowing the lawn. Additionally, it would be best to remove anything hanging from exterior walls or valuables.
If you need a large-scale repair, use a cement patching compound. This is available in caulking gun tubes or plastic tubs. Apply the compound using a putty knife to match the adjacent boards. Use a carpenter’s pencil to mark the vertical lines. If you can’t match the color, you may need to replace the entire siding. It’s important to take the time to measure properly to avoid any mismatches in the repair.
After determining the exact problem with your siding, contact a wood siding repair specialist. Wood siding repair specialists have the skills and expertise to repair wood siding damage and provide quality wood siding repair. If you are not sure how to proceed, consult a termite control expert. If you suspect a termite infestation, seek professional help as they are highly dangerous. Then, call a siding repair contractor for a free estimate. If the problem is small, your home will be back up and running again in no time.
Aside from cracks, a loose or cracked panel can allow rainwater to seep inside. This can lead to dry rot underneath. If your siding isn’t maintaining its color, the waterproofing is wearing off. Another sign that your siding isn’t waterproof is warped or bubbling. These problems can lead to gaps in the panels and require siding repair. A siding repair professional will be able to diagnose the problem and provide a solution as quickly as possible.
A masonry expert can fill in the cracks with mortar or stucco and charge between $10 and $20 per square foot. Fiber cement siding is more difficult to repair and requires replacing one panel. Fiber cement planks measure 48 inches by 96 inches and cost about $80 per panel, but it should still be cheaper than replacing the whole panel. A masonry expert can also charge between $40 and 75 per hour to repair a panel of fiber cement siding.
When it comes to siding repair, there are many different options available. The average cost ranges from $400 to $750, and it can reach $2,000 and more depending on how extensive the damage is. The cost of hiring a siding repair contractor varies based on brand, quality, and whether you want to match the existing siding or not. Depending on the type of siding, it can cost anywhere from one dollar to several hundred dollars per square foot.
Costs for a siding repair depend on the type of siding and the damage caused by the storm. Most contractors charge between $40 and $75 per square foot, and a typical project will cost around $700 for 150 square feet of vinyl. This number can vary greatly based on your zip code and region. If you need a small repair, you can even DIY by painting the unnoticed areas. This will save you a lot of money in the long run.

Pool Inspection

How to Detect a Pool Leak

There are many ways to conduct Pool Leak Detection San Antonio. The biggest sign of a leak is the loss of water. Evaporation occurs naturally, but a leak can also cause it. The ground around the pool will shift. If it is shifting, it could mean that a leak is occurring. This is because the soil absorbs too much water. The leak can be detected by checking the ground for soft spots.


A pool leak can occur at various points. To locate the source of a leak, different tests are needed. Different types of equipment should be used to locate the exact location. The area where the leak is located will depend on the type of testing done. Some tests focus on the general area, while others focus on a specific area. A good pool leak detection service will provide you with a detailed report on the problem area.
A hydrostatic test can help identify a leak in the plumbing system of a swimming pool. This test involves injecting a dye into the leak. If there is a leak, the dye will tend to float together and float gently with the water. When the pump is turned off, the pool will stop losing water. Likewise, when the leak stops, the water will cease. Depending on the size of the leak, multiple tests may be necessary.
If a leak occurs inside a pipe, it may be difficult to detect with a hydrophone. In this case, a professional can use sonar or hydrophone technology to listen for a leak. The leak is closer to the waterline if the noise is louder than normal. Using this method, the pool leak detection service will be able to pinpoint the exact location of the leak, and then they can start fixing the problem.
Another common leak detection method is to inject dye into the leak area. This technique is used when a pool pump is suspected to be leaking. When the dye is released, it will stay together and float gently with the water. This will show you the location of the leak. However, this method is not ideal if a pipe is completely severed. A complete pipe will result in extreme water loss, and a pool will have a low water level.
When a leak is suspected in the pool’s plumbing lines, a pressure test is required to determine if the plumbing system is working properly. If the pressure level is high, a test will reveal a leak in the main drain. This test is useful when a leak is located within the structure of a pool. For example, it will show if a break in the pipes is the cause of the leak. A pressure test will also help in determining the location of the source of water loss.
A leak detection test is a useful method for finding a pool leak. The process is very simple. A leak detector is a device that injects a dye into the leak area. After the dye is released, the dye will be pulled from the pool by the water motion. Afterward, a professional will perform the repair, but he should make sure that the pool leak detection test is accurate. The best way to do this is to hire a service provider that is knowledgeable about pools.
A leak detection test will help you find the location of a leak in a pool. When leaks are present, they can be located by different methods, including a bucket test, dye test, and ultrasound. Professionals can listen for the leak and pinpoint its location using a dye or a hydrophone. During the process, the tester will need to collect water samples and compare them to a standard pool.
A leak detection service will isolate different areas of a pool to identify the source of the leak. This process helps you find the source of the leak in the pool. You will need to check the pipes, interior surface, and fixtures. During the process, you will also need to measure the water levels in the pool and mark them. Once the water levels are right, you will know the leak’s location. If you do not find a leak, you may need to call a swimming pool service technician.

real estate
Loans Serivces

Advantages of an Online Real Estate School

If you plan to become a real estate agent shortly, attending a real estate school is important. Real Estate Schools  are available on campuses or online, depending on the state. However, it is important to note that not all real estate schools are the same. The quality of course material, customer support, and fun factors can vary widely. To avoid these problems, you should carefully research each school’s accreditation.

real estate

Online real estate schools offer numerous advantages over conventional schools. Students can study at their own pace and finish the courses on their own time. You can also pause a course halfway through to get more practice. In addition, online courses can provide you with additional information regarding the first class. In addition, you don’t have to go to classes in person to complete your education. This makes them convenient for busy real estate agents.
You can attend a real estate school online or in person. Both methods have their benefits. The former is good for self-starters, who are more likely to complete coursework independently. In addition, an online school allows you to log in at any time of day. On the other hand, an in-person class is best for individuals who prefer to interact with instructors and receive guidance. But whether you decide to attend a classroom or online one, make sure you choose the right one for you.
The benefits of an online real estate school are numerous. The most notable is the convenience and flexibility. While most real estate schools offer face-to-face CE classes, you can always attend an online class at any time. In addition, online classes are flexible. If you are new to real estate investing, it is best to attend a live class where teachers can answer your questions. Finally, the flexibility of online courses makes them great for busy real estate agents.
When choosing a real estate school, consider whether it is right for you. The most important consideration is the success rate of their students. You should choose one with a high passing rate and positive feedback. The program should also include exam preparation. Additionally, it would be best to look for a school that offers a passing guarantee. The price of the course should also be reasonable. Finally, be sure to check if the school offers additional career insights and various services.
In-person classes are advantageous if you’d rather attend a classroom or live online. The benefits of attending a live course include the ability to study at your own pace. You can take a course at any time that is convenient for you. Moreover, you can also study at home. An online real estate school will allow you to learn about different aspects of real estate. The teachers will also be available to answer any questions you may have.
The most important thing to consider when enrolling in a real estate school is certification. You can become a real estate agent by taking an exam and becoming a real estate agent. You can either do this online or in person. The difference between the two is the type of course. You can take an online course and choose between a virtual and a physical class. Typically, an online course requires you to watch videos. You will have to take a test and pass a real estate license during the in-person class.
In-person real estate classes are also essential. A real estate school will teach you the business basics and how to implement them in your daily life. The courses will teach you how to price properties, find potential buyers, and counsel clients. The most valuable part of a real estate school is the certification exam. If you pass the exam, you’ll be ready to work as a real estate agent in a matter of months.
When finding the right real estate school, you should look for reviews and their past success rates. You should also check for accreditation by your state. The school’s accreditation should be high. It should also have a high pass rate on your state’s actual real estate exam. Besides, a real estate school should be located in a city or town that you can easily afford. This way, you can focus on other important things.

property management
Property Management

How Does Property Management Work?

Gainesville Property Management offers numerous benefits. It can help you get a better rental rate plus, you won’t have to worry about repairs. Your property manager will make sure that your tenants have all the amenities you want them to have. These benefits will help you increase your profit and make your investment more lucrative. You can also avoid wasting money on maintenance and upkeep. The services of a property manager are affordable, and it’s easy to afford them.

property management

A property management company also has a number of perks, which can be a good fit for you. Not only will they handle all the maintenance issues, but they can also hire third parties for the same purpose. This way, they will know what to do before they damage your asset. Moreover, the property managers will work with tenants to fix any problems that they might have with the property. This way, you won’t have to worry about these inconveniences.
A property manager is also responsible for screening all the vendors. They must have a list of approved vendors. It’s important to find out the background and credentials of a property manager before they hire them for various tasks. Otherwise, you’ll be liable for the damages caused by the contractor. But, with a good property management company, you won’t have to worry about the risks associated with poor quality services. Moreover, you can get value for money by getting quality tenants and protecting your rental business.
The benefits of property management can be great. But, they also come with negative aspects. Some landlords balk at handing over control to a third party because they’re afraid of losing money. Despite the benefits of hiring a property management company, the downside is that you won’t have the time or energy to manage your property. The decision-making process will be out of your hands, and you may not be satisfied with their decisions. A property manager may have hundreds of rental units and not be able to offer you the attention you need.
Besides performing maintenance tasks, a property manager will also take care of the legal requirements associated with renters. By doing so, they can keep track of tenants’ needs and maintain their property value. A property manager’s job is to keep an eye on the properties that they manage. Whether the tenant is a landlord or a tenant, the role of a property manager is crucial to a rental business. A good manager should be able to protect their interests by following up on maintenance requests.
Managing your rental property is a big responsibility. Regardless of the amount of time and money you have to invest in maintaining the property, it can be difficult to stay on top of things. In addition to managing the financial aspect of your rental property, a property management company should handle the legal paperwork associated with renting out your properties. The process should also be easy for the tenant to communicate with the agent. The company should be available 24/7. The property manager will also be able to respond to tenants’ questions and concerns.
The company should be able to handle any maintenance issues that arise from tenants. It should be able to ensure that the tenants pay their rent on time. If they do not, property management companies can also handle any legal issues. These services can help you save time, stress, and money on your rental property. You’ll be able to concentrate on more important matters, such as growing your business. And, if you’re a landlord, you can expect to receive better returns.
Apart from ensuring that tenants are paying rents, property managers will also take care of other aspects of the property. They will take care of maintenance and repairs. They will also take care of the tenants’ needs and make sure the house is in good shape. These services will help you get more income from your rental properties. It is crucial to ensure that your property is in excellent condition at all times. This will help you enjoy a better rental income.
When you hire a property management company, you will have an experienced and reliable team to look after all the details. The company will take care of all maintenance tasks, and will even hire third-party contractors to do them if needed. In addition, a professional property manager will always be aware of your tenants’ needs. They will be in touch with them to ensure that they are satisfied. This will ensure that your rental property is in good hands.

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.

Credible makes getting a mortgage easy

Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.Find Rates Now


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.

Find out if refinancing is right for you

Actual rates from multiple lenders – In 3 minutes, get actual prequalified rates without impacting your credit score.Smart technology – We streamline the questions you need to answer and automate the document upload process.End-to-end experience – Complete the entire origination process from rate comparison up to closing, all on Credible.Find My Refi Rate
Checking rates will not affect your credit


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.

Did you miss our previous article…