| In
This Issue |
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| Monthly
Quote |
“A little madness in the Spring
Is wholesome even for the King…”
-Emily Dickinson,
American poet, (1830-1886),
Complete Poems
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| Tip
Of The Month |
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Many potential homebuyers, especially
first-timers, may need to look beyond traditional mortgage options.
There are several creative options out there that may allow you
to purchase the home of your dreams:
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80/20
Loans. These loans are typically for buyers who do
not have the 20% down payment. To avoid paying for private
mortgage insurance, check into this type of loan, which “piggybacks”
onto the first, 80%, loan for 100% financing. |
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Interest-only
Adjustable Rate Mortgage (ARM). If it is important to you
to keep monthly payments low at first, consider this type
of loan, which requires no payment toward the principal
during the initial term before the rate starts to adjust.
You can start with this type of loan and then refinance
before the rate starts to adjust.
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Payment-option
ARM. This is a slightly riskier option that offers you the
choice of paying just interest, interest plus principal
or a “minimum payment.” If you have a varying
monthly income or unexpected bills, this may be the option
for you. Be forewarned, however, that if you pay smaller
payments, your loan is getting bigger. Also do not assume
that you will build equity simply through a home’s
appreciation.
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(Source: "MoneySmart" by
Sharon Epperson, USA Weekend, April 22-24, 2005.)
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Stronger, Safer Homes through
the
Use of Modern Technology |
A recent USA Weekend article discussed
several new products that are making modern homes stronger and
safer. When buying a newly built home or remodeling, be on the
lookout for these great innovations.
 Alternatives
to wood. Some of the greatest new products for homes
are ones that help us get away from the use of wood. Caring for
wood can be an expensive, challenging and ongoing process. Cellular
PVC is one option for exterior trim and siding. This is a material
that can be cut, shaped, nailed and painted, just like wood can.
The benefit to PVC is that it will never warp, split or rot.
There are also alternatives to wood for inside
trim, such as molded polyurethane, and for exterior siding, such
as cement-based products that can be painted and will never rot.
Indoor building options.
New options for interior walls include structural insulated panels
(SIPs), which consist of a 6-inch core of insulating polystyrene
that is bonded to outside “wafers” of oriented strand
board (OSB). OSB is similar to plywood, but made of wood chips
glued together. SIPs result in an airtight, strong material that
can go up in a fraction of the time it takes to put up stud walls.
SIPs are also environmentally-friendly because they leave less
waste and don’t use up mature trees. Also, using SIPs costs
about the same as conventional construction and insulation.
Options for outdoor living.
There are also new products that let you take advantage of your
property year-round. Roll-up screens for porches and patios allow
you to enjoy the outdoors no matter what the weather. The bonus
is that these screens roll up and disappear when the weather is
good or in the spring or fall when bugs aren’t around.
Technology
is also making homes more enjoyable and safe. New audio systems
offer touch-of-a-button music control throughout the whole house,
with speakers in every room. Many new home builders offer this as
an option in their design studios. Alarm systems are also constantly
changing. Many now offer replacements for keys with a transponder
fob, allowing you to enter your home with one easy swipe.
Look for these, and many more, innovations
when you consider buying a new home or renovating your existing
home. You will find many of these options easier, safer and more
environmentally sound. |
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