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Thursday Sept. 27, 2018
THE EASTERN NEW MEXICO NEWS
Take a second look at your homebuying options (BPT)
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uying a home is an exciting process, but for many people it can also seem out of reach. While many renters would like to buy, there are several factors that may lead potential homebuyers to believe they may not be ready. These include credit score requirements, income and debt levels, and the common myth that a 20 percent down payment is needed. Here is some good news: Qualifying for a mortgage may not be so far out of reach.
While it is true that borrowers with stronger credit profiles – FICO scores of 720 and higher, low debt-to-income (DTI) ratios and cash reserves – generally receive better mortgage terms, there are products in the market that can enable access to affordable, prudently underwritten mortgage financing. Down payment is routinely cited by prospective homebuyers as the largest hurdle to homeownership, but low down payment mortgages are widely available in today’s market. These include conventional loans with private mortgage insurance (MI) and government-backed loans like those insured by the Federal Housing Administration (FHA). Many borrowers incorrectly believe that they need a 20 percent down payment to buy a home, but with private MI a borrower can qualify for a conventional home loan with as little as 3 percent down. In addition to the competitive pricing of mortgages backed by private MI, private MI can be canceled
when a borrower reaches 20 percent equity in his or her home. This added perk often makes private MI a more affordable option over other home loan programs – such as FHA-backed home loans – that require mortgage insurance premiums for the vast majority of borrowers for the entire term of the mortgage, which is often 15 or 30 years.
For more than 60 years, more than 30 million homeowners have used private MI to successfully buy homes and build the long-term wealth associated with home equity. In 2017 alone, private MI helped more than one million borrowers nationwide purchase or refinance a mortgage. According to a study by U.S. Mortgage Insurers, 56 percent of those borrowers who received purchase loans were first-time homebuyers and more than 40 percent had incomes below $75,000. For decades, millions of homeowners and prospective homebuyers have relied on private MI to help them affordably and responsibly buy a home. Based on median home prices, it can take an average of 20 years to save for a 20 percent down payment. And with home prices dramatically on the rise, this wait time will only increase. Luckily, private MI can help you get into the home of your dreams sooner. When making homebuying decisions, it is important to take a second look to make sure you are aware of all your options. Check out lowdownpaymentfacts.org to learn more.
5 steps to protect your home from rodents this fall (BPT)
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nce they’re inside, rats and other rodents can do a lot of harm to your home. This includes damage to electrical wiring, metal or plastic pipes and insulation found in walls and attics. On top of structural damage, the critters aren’t good for the people who live in your home, either: Some species of mice and rats can transmit diseases like hantavirus through their urine and droppings.
Between the potential health issues and possible damage to your home, the last thing you want to hear is the scurrying of little rodent feet in your walls or attic. Luckily, there are steps you can take that will help keep those critters out. The experts at Terminix have some tips that can help you protect your home from rodents. Block possible points of entry Be aware of any holes or cracks in the exterior of your home. You may think a small hole is too narrow for a rat to squeeze through, but a rat may think differently - and may even gnaw the hole wider! A full-grown rat can enter your home through a hole about the size of a quarter, and a mouse only needs an opening measuring one-fourth of an inch. Properly seal any openings you find to help prevent rodents from wriggling their way into your house. Trim back trees and move debris away from your home Tree limbs that touch your house can provide an easy access point for rodents, almost like a ladder or bridge. Some species of rats even nest in trees. Do some careful pruning to
clear away any branches close to or touching your house. You should also keep any stacks of firewood or piles of debris away from your home, as they can attract rodents and hide burrow entrances. Protect food from hungry rodents Your house may be filled with food, but you don’t have to make it easy for rodents to find that out. Avoid attracting rodents that can eat and contaminate your food by storing it properly. Keep unpackaged food – even pet food – in airtight containers so rats won’t be able to smell it, and avoid leaving unsealed food sitting out. Properly dispose of waste and compost An open trash can presents a feast for hungry rodents. Keep outdoor trash cans properly closed and away from your home. If you have a compost pile in your yard, also try to move it as far away from the exterior of your house as possible, to avoid letting rodents looking for a free meal make the trip into your walls, attic or even chimney. Call in the experts Between work, family and other tasks around the house, it can be hard for busy homeowners to set aside time to proactively monitor their homes for invading rodents. The good news is that you don’t have to protect your home or deal with an infestation alone. Pest control professionals, such as Terminix’s trained technicians, can provide an inspection to determine the best way to set up a strong defense and get rid of any unwelcome houseguests that have already moved in.