Designing The Outdoors

We all love outdoor spaces, and if you have a large backyard, your possibilities may be endless. What happens when all you have is a balcony? Guess what: it can be transformed into a functional area! Here are a few tips:

Depending on the square footage of your outdoor area, consider what you will be using it for. Smaller spaces can be tricky, so try to find furniture that can double as storage, like a bench with space beneath or a table with drawers or an extra shelf. For larger spaces, consider separating areas by using potted plants to establish borders between the dining and lounging spaces.

Consider what your focal point will be to help determine your color scheme. If your outdoor space overlooks a beautiful landscape, then choosing neutral materials will create fewer distractions from the view. Alternatively, if you’re working with an urban setting, bring in a bit of color with potted plants and vibrant seat cushions or pillows.

Selecting the right outdoor furniture can be tough. If your space gets a lot of direct sunlight, metal furniture may not be your best choice as it can get hot and uncomfortable to touch. Additionally, if humidity is high it can be harsh on metal surfaces and require additional treatment and cleaning to maintain. Plastic, resin, or wicker furniture can be a bit lighter weight than other materials and easier to put away for the off season.

For smaller spaces, less can be much more. Bistro tables can be an excellent fit for city balconies and smaller patios as they don’t take up too much space and can be easily moved around. Forcing too much furniture into a small space will make it feel even smaller and may deter you from enjoying it.

Is your outdoor dining space for you and your spouse, or do you have a large family or entertain frequently? If you pride yourself as the host with the most, make sure your outdoor dining layout allows for a smooth cooking and entertaining experience. If your grill is the primary cooking space, make sure it is safely separated from the crowd, but also close enough that you can cook and entertain at the same time.

There are a million different ways to design an outdoor space and it really just boils down to your own personal style.

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Buying a Home Today is More Affordable Than Renting

If you are renting but have been thinking about buying a home for awhile, here is a great article published by RISMEDIA that might help you make the right choice:

http://rismedia.com/rrein/22267/1023666/5079737/84283?utm_source=newsletter&utm_medium=email

To search for homes in the Greater New Orleans Area 

go to

http://www.homesalesneworleans.com/

Ready to shop for a home? Know loan types!

Before you go mortgage shopping, know loan types.Conventional Loans:

Conventional mortgages are ideal for borrowers with good or excellent credit. Conventional mortgages follow fairly conservative guidelines for:

—Borrower credit scores.
—Minimum down payments.
—Debt-to-income ratios.

What is “Debt-to-Income Ratio”?

Percentage of monthly income that is spent on debt payments, including mortgages, student loans, auto loans, minimum credit card payments and child support.

Closing costs, down payments, mortgage insurance and points can mean that the conventional borrower has to show up at closing with a sizable sum of money out of pocket.

What’s good: Conventional mortgages generally pose fewer hurdles than Federal Housing Administration or Veterans Affairs mortgages, which may take longer to process.

What’s not as good: You’ll need excellent credit to qualify for the best interest rates.FHA Loans:
 

Federal Housing Administration mortgages have flexible lending standards to benefit:

—People whose house payments will be a big chunk of take-home pay.
—Borrowers with low credit scores.
—Homebuyers with small down payments.

The Federal Housing Administration does not lend money. It insures mortgages.

The FHA allows borrowers to spend up to 56 percent or 57 percent of their income on monthly debt obligations, such as mortgage, credit cards, student loans and car loans. In contrast, conventional mortgage guidelines tend to cap debt-to-income ratios at around 45 percent and sometimes less.

For many FHA borrowers, the minimum down payment is 3.5 percent. Borrowers can qualify for FHA loans with credit scores of 580 and even lower.

Cost: Each FHA loan has 2 mortgage insurance premiums:

—An annual premium that varies from a low of 0.45 percent to a high of 0.85 percent. This premium is rolled into the monthly mortgage payment for the life of the loan. See how the premiums vary by loan term and amount of equity.

—An upfront premium of 1.75 percent of the loan amount, paid at closing.

What’s good: FHA loans are often the only option for borrowers with high debt-to-income ratios and low credit scores.

What’s not as good: FHA mortgage insurance premiums usually are higher than premiums for private mortgage insurance. To get rid of FHA premiums, you must refinance the loan.
 VA Loans:

Who they’re for: Most active-duty military and veterans qualify for Veterans Affairs mortgages. Many reservists and National Guard members are eligible. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply.

How they work: No down payment is required from qualified borrowers buying primary residences. The VA does not lend money but guarantees loans made by private lenders.

Cost: The VA charges an upfront VA funding fee, which can be rolled into the loan or paid by the seller. The funding fee varies from 1.25 percent to 3.3 percent of the loan amount.

The VA allows sellers to pay closing costs but doesn’t require them to. So the buyer might need money for closing costs. Borrowers may also need money for the earnest-money deposit.

What’s good: VA borrowers can qualify for 100 percent financing. Veterans do not have to be first-time buyers and may reuse their benefit.

What’s not as good: There are limits on loan amounts. The limits vary by county.
 
For more useful information or To Search for Homes go to http://www.homesalesneworleans.com/ 

Should you refinance?

Have you thought of refinancing? The option is becoming more of a possibility for many borrowers as housing values across the country continue to increase. The real question is whether homeowners should follow through with the cash out refinancing option.

A cash-out refinance means you refinance your mortgage for more than the current outstanding balance and keep the difference between the old and new loans. For instance, you want $25,000 to start a business. But you still owe $100,000 on a $200,000 house. You can refinance the mortgage at $125,000 and use the $25,000 in equity you pulled out for your business venture. Depending on the rate you started with, you could end up with a lower rate and a lower payment on the new mortgage, too.

Here are some Pros of Cash-Out Refinances:

— Satisfy big expenses: A cash-out refi is a way to access money to pay off big bills such as college tuition, medical expenses, new business funding or home improvements. It often comes at a more attractive interest rate than those on unsecured personal loans, student loans or credit cards.
— Improve your debt profile: Using a refinance to reduce or consolidate credit card debt is also considered a cash-out refinance and is a popular option.
— More stable rate: Many of borrowers choose to do a cash-out refinance for home improvement projects because they want a steady interest rate instead of an adjustable rate that comes with home equity lines of credit, or HELOCs.

Here are Cons of Cash-Out Refinances

— Worse terms: While you may get a lower interest rate than your current mortgage, your cash-out refi rate will be higher than a regular refinance at market rate. Even with a credit score is 800, you will pay a little more, usually an eighth of a percentage point higher, than the market rate on a regular loan.
— Cumbersome, and sometimes pricey, process: Gathering many of the same documents you did when you first got your home loan: past two years of tax returns; past two years of W-2 forms; 30 days’ worth of pay stubs; two most recent bank statements; and possibly more, depending on your situation.
— You’ll also have to pay closing costs at the end of the refinance, which can range from hundreds of dollars to thousands of dollars, depending on a variety of factors.
— Home at greater risk: Taking out equity puts you at greater risk of owing more than your home is worth when housing values go down.

So, is it for you?

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Are you planning to sell your home?

Are you one of the home owners that are planning to sell in 2016?

Whether it's a pending relocation or a thoughtfully planned downsizing that can occur at your own pace, it's a seller's market out there right now. Regardless of that, it never hurts to take proactive measures to ensure your home sells as quickly as possible and for the best price!

Here are some suggestions:

Exceed buyers' expectations. Get your property into tip-top shape before you put it on the market and you’ll eliminate most buyers’ potential objections. If there is no immediate turnaround pressure, sellers should spend some time figuring out what they can afford to do to make their property appealing and what repairs are necessary. Work with a REALTOR® to gain additional insight, suggestions and advice on what would bring sellers the most “bang for the buck”.
Don’t price your home without a comparative market analysis. Ask an experienced Realtor for a CMA to help you understand what it will take to sell in your neighborhood.

Don’t wait for values to go higher before you put your home on the market. According to the National Association of REALTORS®, new home construction is still lagging behind job growth. Additionally, there are more buyers considering the housing market today, as a result of continued improvements in the job sector.

For more useful information got to http://www.homesalesneworleans.com/