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The HARP Mortgage Program is Coming to an End Soon – Here’s What You Need to Know

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The HARP Mortgage Program is Coming to an End Soon - Here's What You Need to KnowThe United States government established the HARP program, otherwise known as the Home Affordable Refinance Program, to assist homeowners who are struggling with their mortgage payments. Initially, the program was founded in March 2009, and it has provided many homeowners with an easier route to adjusting their mortgage payments to make them more affordable. However, the program will be ending soon, and homeowners who have not yet taken advantage of the program and who intend to do so may need to act quickly.

When Does the Program End?

The HARP mortgage program will officially end on December 31, 2015. If you intend to apply for a mortgage under this program, you must have your application submitted by this date. However, a closing date may extend into early 2016. There are special rules and eligibility requirements that must be met in order for you to take advantage of this program, and these must be in place before you submit a full application. Therefore, it is important that anyone who is interested in applying for a mortgage under the HARP program take time initially to understand more about the rules and eligibility requirements in place.

What Are the Requirements?

It is important to note that the HARP program is not suitable for all homeowners who wish to refinance, and special requirements must be in place. Just a few of the requirements include that you must be in good standing with your current mortgage with no late payments within the last six months. You also cannot have had more than one late payment within the last 12 months. In addition, you must be able to pay for the new mortgage payment, and the mortgage must be a Fannie Mae or Freddie Mac loan. These are just a few of the requirements, and you will need to work with a mortgage professional to ensure that you qualify for these and other requirements that are in place.

The HARP program has already helped many homeowners who have been struggling with their mortgage payments. While the program offers a permanent solution to homeowners by re-establishing a new mortgage payment amount, the program itself was only intended to be temporary in nature. Because it will officially end at the end of 2015, any homeowners who are still interested in taking advantage of the benefits of the HARP program should consider speaking with their trusted mortgage professional soon to learn more about the requirements and to begin the application process.

Dealing with the Summer Heat? How to Keep Your Home Cool Without Using a Ton of Energy

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Dealing with the Summer Heat? How to Keep Your Home Cool Without Using a Ton of EnergyMany people look forward to the long, relaxed, sunny days of summer, but they also dread opening up their energy bills throughout the summer months. Cooling a home can be costly, and many are searching for convenient ways to lower cooling costs without sacrificing on comfort inside the home on the warmest days of the year. These are just a few of the cost-effective and convenient options that can help homeowners to reduce cooling costs throughout the summer.

Keep The Blinds Closed

A significant amount of heat can enter a home through the windows, and blinds and curtains provide an extra layer of insulation between the window glass and the interior of the home. Some types of blinds and curtains are more effective at blocking heat than others, and homeowners may consider making an upgrade for the best results. For example, wood blinds can block significantly more heat than thin, almost translucent sheers.

Run The Ceiling Fans

Another way to keep cooling costs lower throughout the summer months is to run ceiling fans regularly. Ceiling fans help to circulate the air, and this helps the central cooling system function more efficiently. In addition, ceiling fans also can make those who are in the room feel cooler, and this may mean that homeowners can keep the home’s thermostat set at a slightly higher level than it otherwise would need to be set at for comfort indoors.

Use Heat-Generating Features At Night

There are numerous appliances and types of equipment that may be used indoors throughout the summer that can generate a considerable amount of heat, and running these at night can reduce the need to run the central cooling system as much during warm days. Consider that everything from running the washing machine and dryer to using the dishwasher and oven or range can emit heat in the home, and these serve to counteract the work that the cooling system is doing. When possible, limit the use of these features to cooler nighttime hours.

Keeping the home cool throughout the summer is a top priority for most, and the good news is that there are easy ways to reduce the cost associated with keeping a home cool. These ideas all can be beneficial in a homeowner’s quest to reduce energy costs during the summer.

Safety Tips: 5 Ways to Prepare for a House Fire – and What to Do if One Breaks Out

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Safety Tips: 5 Ways to Prepare for a House Fire - and What to Do if One Breaks Out House fires can break out for a wide range of reasons, and these include everything from grease fires while cooking in the kitchen to lightning striking the home. They can cause a significant amount of property damage as well as personal injury or even loss of life, so preventing them and knowing how to properly respond if a fire does break out are important. Whether buying a new home or residing in an existing home, everyone can benefit from learning more about fire safety rules.

Have An Exit Strategy

Fires can break out whether residents are awake in the living room or kitchen, taking a bath or sleeping in the bedrooms. It is important to have a fire exit strategy for every floor of the home and every room of the home. In addition, it is equally important that all residents in the home understand the strategies and know how to get out.

Invest In Fire Safety Ladders

Fire safety ladders are designed to give residents a safe escape route from second story windows, and they should be placed in a convenient location in every second floor room in the home. Residents should know how to attach them securely to the window as well as how to get down the ladder safely.

Purchase A Fire Extinguisher

Generally, it is safer for residents to get out of the home in the event of a fire rather than to attempt to put the fire out, and personal safety should also come before thoughts about saving the property. However, in the event a very small fire has broken out, a fire extinguisher can provide a homeowner with a safe way to put the fire out. It is best to keep a fire extinguisher in a convenient location on each floor of the home.

Place Fire Detectors In Strategic Locations

There are codes regarding the placement of fire detectors in a home, be sure you arefamiliar with and are in compliance with these standards. In many cases, homeowners may benefit from having additional fire detectors placed in strategic locations throughout the home in addition to the locations required by code.

Check Fire Safety Equipment Regularly

Fire safety and prevention equipment is only useful if it works, so it is important to test the equipment and supplies regularly. For example, a homeowner may test the batteries in a fire detector monthly and may take extinguishers to the local fire department for testing annually. These steps will help to ensure that residents have access to functional safety equipment regularly.

Residents should also know what to do if a fire breaks out in a home, and in most cases, the answer is to get out of the home quickly and to call the fire department. Attempts to save personal belongings should not be made, and all residents should know where the family will meet outside of the home in the event of a fire.

Family Matters: How to Choose the Perfect Home for a Large or Growing Family

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Family Matters: How to Choose the Perfect Home for a Large or Growing Family Selecting the right home to purchase for a family is a monumental task, and this process can seem even more challenging for those with a large or growing family. A common goal may be to give everyone ample space to stretch out and feel relaxed, but some home buyers may also be focused on other factors like location, cost and even the general style of the home. While choosing the perfect home for a large or growing family is not easy, the process can be simplified by focusing on a few points.

Focus On Storage Space

There are few things that can make home life more miserable in the coming years than a lack of storage space. When a large family does not have adequate storage space in closets, the attic, the garage and your cabinets, their items will likely find a home on the counters, on the floor and in other undesirable locations. Home buyers can consider looking for a home that has more storage space than is needed right now to ensure that the new home can accommodate growing needs over the years.

Think About Function Over Size

Many people who are looking a new home will focus on finding a home that has a specific minimum square footage or a minimum number of bedrooms, but function is generally more important. For example, if a home has bar-style seating at the kitchen counter, the family may not need as large of a breakfast room to accommodate its needs. The family may also get more use out of a home that has a second living area, such as a game room, rather than a formal dining room that may rarely be used.

Choose The Right Floor Plan

In addition, consider reviewing the floor plan of the home carefully. Many prefer to have the kids’ rooms away from the master room, a study placed away from the kids’ game room or an open area where the kitchen and family room are connected so that a parent can oversee the kids while making meals. Home buyers should consider how they live and their likes and dislikes about their current space to determine which floor plan is best for them.

Deciding which home to purchase is rarely easy to do, but be sure to keep these tips in mind when making your decision.

First-time Mortgage Borrowers: Avoid These “Rookie Mistakes”

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First-time Mortgage Borrowers: Avoid These Many home buyers who are applying for their first mortgage will go to great lengths to research the options, learn more about loan terms and generally educate themselves about a process that they are unfamiliar with. Despite these common steps that rookie mortgage applicants make, they often make similar mistakes when applying for their first mortgage. By learning about these common mistakes, you can take steps to prevent making them yourself.

Not Focusing on All Costs of Home Ownership

Many first-time home buyers are overwhelmingly focused on setting up a mortgage payment that is affordable for their budget. While this is important, the mortgage payment is not the only expense associated with home ownership. For example, there are property taxes, insurance, repair and maintenance expenses, homeowners’ association dues and more. All of these expenses should be reviewed when you consider what mortgage payment is affordable for your budget.

Not Thinking About Short and Long-Term Plans

You should also think about short and long-term plans for your home ownership experience. Some will choose a long term or an adjustable rate to keep the payments low. However, they will not consider the fact that the payment will be in place until the home is sold or the loan is refinanced. It is not certain what mortgage rates will be in the future or if you may qualify for a great rate on a refinance loan in the future, so you should always ensure that you can maintain the payment structure for as long as needed.

Not Getting Pre-Qualified

It can be intimidating to get pre-qualified for a home mortgage. Some may fear rejection or denial altogether, and some may estimate an amount they may qualify for without actually getting pre-qualified. This can backfire for you. The pre-qualification process helps you to learn the maximum loan amount you may qualify for and the payment for that amount, and this is sound, valuable information that can help you to make a more informed decision when selecting your home.

As a first-time home buyer, you may be stressed about finding the right home to buy and researching the neighborhoods and schools. While these are all factors to pay attention to, you also need to focus heavily on your mortgage. Through these efforts, you can set up an affordable home loan that is comfortable for you to manage on your budget.