Get the Low Down on Low Down Payments (StatePoint) You may have heard the rule of thumb that you shouldn’t buy a home unless you can put down 20 percent of the purchase price. However, today’s home buyers have many choices when it comes to the size of the down payment. While this magic number of 20 percent will save you from paying Private Mortgage Insurance (PMI), an added insurance policy that protects the lender if you are unable to pay your mortgage, you can pay considerably less than this if you want. “Today’s consumers persistently overestimate the size of a down payment they need to see DOWN, 7
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Tips to Update Your Home’s Technology (StatePoint) When thinking about home updates, our attention so often turns to a fresh coat of paint or new décor, but some of the most practical, meaningful changes you can make to your home will truly modernize the way you live. Here are a few key tech updates to fully bring your home into the 21st century.
Modernize Your Landline
As our mobile phones’ functionality expands with each generation, don’t leave your home phone in the dark ages. You can now link your mobile phone calls to your home phone. For example, with a Panasonic Link2Cell handset, you can link up to two smartphones to make and receive calls, as well as receive talking ID alerts so you never miss a text. You don’t even need a separate landline to use these features. Other technology highlights include Enhanced Noise Reduction that allows you to suppress background noise around callers see TIPS, 7
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Home Improvement Trends are Driving Innovations in Tools (StatePoint) If you’ve hired a contractor to work on your home, you may not recognize the impact you had on trends and innovation in the home improvement industry. For example, as more homeowners look for ways to become eco-friendly, a growing number of contractors are using newer material, such as “Green Insulation Technology,” a sustainable insulation alternative. Likewise, design trends create a need for new tools. Indeed, one out of three tilers expects “stone-effect” to be the most popular tiling style within the next 12 months, according to a recent survey of 400 contractors conducted by Lab42. And to do a good job with such tiling,
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nearly three out of five contractors said they wish they could cut holes in porcelain tile more efficiently, citing it as one of the most time-consuming tasks on the job. Enter tool bits such as the RotoZip XCores, a high-speed diamond hole saw that can cut tile, stone and granite, and operates at speeds ten times faster, lasts four times longer and can withstand more heat than comparable tools. A companion tool, the RotoZip RotoSaw, along with RotoZip ZipBits or XBITS, make quick, controlled cuts in a variety of materials, including drywall, up to one-inch thick. As homeowners demands are met, more innovations in materials and tools are blossoming.
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Continued from 5 while simultaneously enhancing their voices, and a powerful battery back-up system that keeps you connected when the power goes out. More information can be found at www.Panasonic.com.
Home Theater
Bring the theater experience home by giving your living room or den a tech makeover. A smart home theater system will sync with your devices so you can enjoy music wirelessly or access an external or network drive for media content. Don’t forget the surround sound, as well as a lighting scheme that optimizes your audiovisual experience.
Programmable Thermostat
Going green and being comfortable can now go hand in hand. Improve your home’s energy efficiency and well-being at the same time by investing in a programmable thermostat. Look for a user-friendly, intuitive thermostat that automatically turns itself down when you are not home and that can also be programmed remotely from a laptop, tablet or smartphone. Even if you have all the latest mobile gadgets, there’s no guarantee your home life matches your techy on-the-go lifestyle. Take steps to bring your home up to speed.
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country, make it an attractive time to consider buying. “If putting 20 percent down will deContinued from 4 plete all of your savings and leave you finance a home,” says Christina Boyle, with no financial cushion, it’s probably SVP and Head of Single-Family Sales not in your best interest,” she says. & Relationship Management at FredIf you don’t put down 20 percent, die Mac. the cost of PMI varies based on your According to the results of a recent loan-to-value ratio – the amount you survey conducted by Zelman & Asowe on your mortgage compared to sociates, 39 percent of those surveyed its value – and credit score, but you estimated that the minimum down can expect to pay between $30 and payment requirement for a home is at $70 per month for every $100,000 least 15 percent of the purchase price. borrowed. While it’s no doubt an The reality is quite different however, added cost, it enables buyers to puras qualified buyers can get a convenchase now and begin building equity tional mortgage with a down payment versus waiting five to 10 years to build of as little as three percent. enough savings for a larger down In fact, recent statistics show more payment. than one in five borrowers who took Additionally, once you’ve built eqout conventional mortgages in 2014 uity of 20 percent in your home, you put down 10 percent or less. can cancel your PMI and remove that Educating potential homeowners added expense from your monthly on the rules of down payments – and payment. available assistance programs – plays a New homeownership opportunities large role in getting qualified borrow- are poised to grow. Carefully evaluate ers off the sidelines and into homeyour finances to determine how much ownership, according to Boyle, who you can afford and talk with your also notes that today’s historically low lender or housing professional about mortgage rates, coupled with affordwhat makes best sense for you and able home prices in many parts of the your particular situation.
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