Debunking The Five Myths That Deter Homeownership

(NAPSI)—Buying a home can seem daunting, especially for firsttime homebuyers facing record housing prices, tight supply, and rising interest rates. Quite often, misconceptions about homeownership discourage prospective buyers from starting a search even before it begins.

The good news is homeownership can be much closer than you think. Lisa Frison, Head of Financial Inclusion and Racial Equity at Citi, recalls that growing up her parents rented their home for years before eventually becoming first-time homebuyers.

“Even so, I found myself struggling to understand what I needed to do and what resources were available to me when I was ready to buy my first home nearly a decade later,” she says. Here Frison debunks these Top 5 Myths to help you get on track to building generational wealth through homeownership.

1. I Don’t Have Credit (a FICO Score). Nearly 11% of Ameri-

Stay Safe As You Get Back Outside

cans (50 million people) are “credit invisible,” according to the Office of the Comptroller of the Currency, meaning they have no or limited credit history. This disproportionately affects diverse and underserved communities. To help, Citi’s HomeRun mortgage program offers non-traditional ways to demonstrate credit readiness, such as providing proof of paying rent, utilities or other monthly payments.

2. I Don’t Have Enough Money Saved. You may have more money than you think. Many banks offer programs for new homebuyers that do not require mortgage insurance for those qualifying. Also, HomeRun has some mortgages for as little as 3% down, with a minimum 1% borrower contribution. This, along with the bank’s Lender Paid Assistance, which provides up to $7,500 closing cost funds that do not need to be paid back, saves qualifying

Homeownership…

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(NAPSI)—Spring is coming, and as we get out our lawn mowers and other outdoor power equipment from storage to work in our yards, businesses and other green spaces, it’s important to put safe practices in place.

“Think safety first,” says Kris Kiser, President and CEO of the Outdoor Power Equipment Institute (OPEI), an international trade association representing outdoor power equipment, small engine, utility vehicle, golf car and personal transport vehicle manufacturers and suppliers. “We’re all eager to get back outside in the spring weather but I can’t stress enough to read your owner’s manuals before starting up any equipment—especially your lawn mower.”

OPEI offers these tips to get your outdoor power equipment ready, especially mowers: Know not all lawn mowers are the same. Whether your mower is a garden tractor, zero-turn mower or other, it has a unique design, requirements, weight classification, and other differences that impact how to use it safely. The newest machines have the latest safety standards.

Know your specific machine. Many mowers may look similar but the technology is ever evolving, with evolving safety systems. They vary in design, power supply, performance, operating parameters, and more. Your manufacturer-supplied owner’s manual will guide you in these differences. Read your owner’s manual.

When using mowers on slopes follow the manufacturer’s guidance to the letter.

Do not disable or alter manufacturer-installed safety equipment.

Walk your yard before mowing. Slopes, wet grass and weather may impact the equipment’s performance, as well as safe handling procedures. Pick up sticks and limbs that may have fallen to the ground over the winter and any loose objects that could be hit by a mower. Inspect trees for damaged limbs that may get in your way when mowing.

Look over equipment before use. Check the air filter, oil level and gasoline tank. Watch for loose belts and missing or damaged parts. Replace any parts needed or take your equipment to a qualified service representative. Check to be sure that you have the appropriate, manufacturer-recommended batteries, if needed.

Protect your power. Use only E10 or less fuel in gasoline-powered outdoor power equipment if it is not designed for higher ethanol blends. Add a fuel stabilizer if you don’t use up all the fuel in the tank right away. Burn off any fuel before storing the mower more than 30 days. Also, for battery-powered equipment, only use battery packs specified by the manufacturer. Follow all charging instructions as outlined in the owner’s manual. Be sure to store fuel and batteries safely. Keep batteries away from other metal objects, store them in a climate-controlled area, and never stack batteries. Keep children and pets away from machines during operation.

Keep your mower clean. It will run more efficiently and last longer. Always remove dirt, oil or grass before using and storing, and store equipment in a dry place, avoiding damp or wet environments.

For information on safe fueling, go to www. LookBeforeYouPump. com.

For more safety information visit www.opei. org.

Own A Home? You May Be Wealthier Than You Think

Tapping your home equity is an often overlooked option

free up cash resources.

(NAPSI)—The economy has taken its toll on American households over the last year, leaving many homeowners strapped for cash—but you may not have to be among them. Here’s some good news: If you’ve lived in your home for some time or if it has appreciated in value, you may be sitting on substantial wealth in the form of home equity.

In fact, The Wall Street Journal found that home- owners with mortgages hold nearly $10 trillion in home equity thanks to a decade of rising home prices.

If meeting financial obligations is straining your cash resources, now is a good time to explore tapping into your home equity. Here are three options, including an innovation that might be right for you:

Home Equity Loans

A home equity loan is one with a fixed interest rate over a fixed term, using your home equity as collateral. Lenders will take a number of factors into consideration including your combined loan-to-value ratio, the appraised value of your home, and your own credit history. Some homeowners like this option because they can accommodate fixed monthly payments and the additional debt burden. However an increasing number of homeowners have found lenders have tightened their criteria and are unable to qualify.

Home Value Investments

A Home Value Investment, also called home equity sharing, is an innovative offering that emerged 4 years ago. Companies, such as Noah, which offer this product provide upfront funding in exchange for a share of your home’s value. Unlike a home equity loan, there are no monthly payments over the period of the investment—typically 10 years. At the end of the term, you buy out the investment by refinancing, selling, or with savings. The amount you owe is based on your home value, whether it has gone up or gone down. Some homeowners like this option because it does not require monthly payments or add more debt to their credit reports. However, Home Value Investments are only available in select places, so you should check your eligibility.

Cash Out Refinancing

When you refinance your mortgage to take cash out of your home, you replace your existing mortgage with a larger mortgage, often at a lower rate. To take advantage of a lower rate, you’ll pay origina- tion fees and likely have higher monthly payments over time. In times of economic uncertainty, if your home declines in value, you could end up with a mortgage that exceeds your home value. Learn More For further information on options to access your home equity, visit www.Noah.co.

He’s definitely not acrophobic

The dictionary defines the word “daredevil” as someone who is “reckless and daring.” And that, says the Association of American Citizens [AMAC], describes Brazilian tightrope walker Rafael Zugno Bridi. His latest achievement – a not-so-casual stroll on a cable between two hot air balloons 6,236 feet in the air. The International Slackline Association verified the feat and, as a result, Rafael now has the distinction of being a Guinness World Record holder. Is there anyone out there who might want to try taking that award from him?