Tag: Homes

Choosing the Right Type of Home Loan

John Salcido
new house

When shopping for a home, the chances are that you are also looking for a suitable mortgage. Nowadays, there are a few different types of mortgages available to potential homeowners. You have to decide which one suits your particular needs the most before applying. Some of the factors you have to consider to help you choose the right mortgage include the location of the home, the duration that you plan to live there, and many others. Making the right choice will save you quite a lot on the interest, fees, and down payment.

Fixed-Rate Loan

A fixed-rate loan is the most common conventional loan type, which is offered with a single interest rate covered in the monthly repayments that have to be paid each month until the loan is cleared. Some fixed-rate mortgages can take up to three decades of monthly payments to be cleared. It is an excellent option for homeowners with high predictability, who are not planning to move houses any time soon. The terms are as simple as you have to pay X amount for the agreed number of years. Changes in interest will not affect the terms of your mortgage. This mortgage type will require you to put a significant down payment.house loan interest

Adjustable-Rate Mortgage

The adjustable-rate mortgages usually have lower interest rates compared to the fixed-rate mortgages, but that is for a specified duration, typically around five to ten years. After that, the lender will adjust the interest rates, which will affect your monthly repayments, to correspond to the current prevailing rates. If interest rates shoot up, your monthly repayments will also become higher. The adjustments are usually made once per year until the full loan amount and interest are repaid. This type of loan is suitable for homebuyers who have low credit scores as it is difficult for them to get reasonable interest rates on fixed-rate home loans.

Federal Housing Administration

Typically, mortgages require a down payment minimum of 20% the buying price of the home. With FHA, the down payment minimum requirement can be as low as 3.5%. The reason for that is the government usually backs the loans. FHA loans are an excellent choice for homebuyers with too little savings to make larger down payments. The FHA mortgage loan does have several requirements, including a cap to the highest amount that can be borrowed. It also has very little flexibility compared to other mortgage loan types.

The Right Procedure of Waterproofing Homes

John Salcido
Flooded street

Water Proofing a home requires a lot of concentration in specific vital areas. These areas of utmost concern include the foundation, kitchen and bathroom, basement, terraces and also crawlspaces. Most people prefer taking the easy way out, and in this case, things might just get out of hand if construction of houses is taken for granted. These houses are the same ones that people call homes. Living in a roughly constructed house may be very dangerous, especially during the wet seasons. The best and most appropriate time for waterproofing your house is way back, during the original construction so as to avoid facing problems caused by water retention. It is important to take preventive measures and also be prepared in case your house starts leaking from any point.

Basic facts

What is the Right Way of Waterproofing?

During construction, the entire surface of the foundation should be included whereby the coating must be done all mbvxzswthe way to cover any parts of the masonry that are visible. There are three known approaches to basement waterproofing- exterior, interior and drainage. These include the installation of liner systems (that help to put out moisture along the walls) and new footer drains or repairing the existing ones, closing off any cracks and holes brought about in the masonry and overall application of waterproof sealant to the surface.

Terraces and walkways are the most accessed parts of the buildings. In that regard, they are highly exposed to harsh weather conditions like rains and others, some of them being human elements. Particular attention is therefore required in waterproofing them. So many factors have to be considered while waterproofing them. These include electric cables, accurate size and number of drain outlets, water pipes running through the roof or wall, the position of the dish antennae and water tanks, among others. There is a special transparent waterproofing sealer that is applied in these open areas, including balconies, a procedure best known as “clear waterproofing.”

Effects of wrong Waterproofing

kjjkjkjkkjkjkMany risk factors are involved with illegal construction. An easy way to through this may be friendly to the contractor because apart from reducing his workload, the amount of materials and time frame required for development is significantly reduced.

It can also be advantageous to the homeowner since it will reduce their cost of construction, although on a short term basis (till the house can no longer hold on). Formation of mold as a result of a leak in the wall membranes pose significant health risks to the members of your household. Also, it destroys your property more so wooden structures.