Coming up with a down payment in today’s economy can be difficult.  In most cases the down payment is expected to be 20% of the purchase price, and in some markets where housing prices are high that can be nearly impossible for the average person to save.  So are there ways to get around this?  Can you buy a home even if you don’t have the down payment?  There are a few ways to get into a home in spite of lacking the required 20%. The 80/20 Loan Also known as a piggyback mortgage, an 80/20 loan is a simple way to get a home without a down payment, but it can be a bit more expensive-or a lot more.  Basically, you take out a separate loan for the 20% portion of the purchase price.  You are financing your down payment.  You then take out a larger loan for the remaining 80%.  The interest rate on the 20% loan is usually a lot higher than the larger loan, so the best bet for any homeowner is to pay it off as quickly as possible. The 20% portion of the loan is usually on a shorter term than the larger portion […]
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Fix it up: The light fixtures in your home are a reflection of your personal style and taste. Adding additional fixtures or replacing ones that aren’t your favorites can be a fun and creative way to brighten up your home! Candlescaping: Candles are generally inexpensive and are extremely versatile. Adding various candle arrangements to different rooms in your home will instantly create an atmosphere of warmth and style. Get creative! You might also favor scented candles to add a pleasant aroma to different areas of the house. Mirror, mirror, on the wall: Mirrors not only create the illusion that your rooms are even more spacious than they already are, they also reflect light! Make your house warm and cozy by adding a few inexpensive mirrors in hallways, bedrooms, and living spaces. Light the way: Lighting isn’t just for indoor decorating—it’s also a valuable addition to the exterior of your home. Line your walkway or garden with cost-efficient solar light fixtures (no electricity needed!) to create a brilliant nighttime landscape outside your home. Open up: During daytime hours, keep your draperies and window coverings open. This will not only allow your home to absorb heat, but it will brighten up the winter days that you spend […]
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Set the timer: Program your thermostat to reach lower temperatures while you’re sleeping or out of the house. This simple action can save you a lot of money—and will ensure that your house stays at a comfortable temperature at all times. Open and shut: During daytime hours, keep your blinds, draperies and other window coverings open. This will enable your home to absorb the warm afternoon sunshine and will effectively add heat to the entire house. Close all window coverings at night to keep the heat in! Installation time: If you have a window or two that feels drafty no matter what you do, consider installing tight, insulating shades to those particular windows. You’ll be surprised what a little bit of extra insulation can accomplish! Light a fire: A fireplace is an easy solution to add extra heat to your home without adding to your energy bill. Capable of warming the entire room, you and your family can relax at home while keeping the thermostat at a lower temperature. No leaks allowed: Check doors and windows for drafts and places where air might escape. Weatherizing windows and doors is a simple task that you can perform; your local home improvement warehouse will have all of […]
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