A Smart Way To Buy A Home

happy couple - home inspection miamiHelpful Information from your friends at Atlantic Building Inspections

Are you considering buying a home? With mortgage rates on the slow and steady incline, there may be no better time for a home purchase than now. Mortgage interest rates will likely continue to go up for the foreseeable future, according to recent data from the housing finance company Freddie Mac. Many housing experts and industry observers agree.

What does this mean?:

If you are thinking about buying a home, it means don’t wait any longer. The overall cost of buying a home in the future will only increase compared to buying a home of the same value today. Furthermore, rising interest rates impact housing inventory, as sellers might not be as interested in moving if it means paying a higher rate on a new mortgage. As a result, the dream home you see today might not be available next year.

The 20 percent down myth:

If you’ve put off buying your next home to save for the full 20 percent there is good news: you don’t need it. If you were unaware of this, you’re not alone. A recent survey found that among first-time homebuyers who obtained a mortgage, 80 percent made a down payment of less than 20 percent. While there are several low down payment mortgage options available, only one has a 60-year history of being a steadfast, smart way to get into a home: a conventional loan with private mortgage insurance (MI).

What is a conventional loan with MI?:

A conventional loan is a mortgage from a lender that is not completely backed by the federal government. For qualified borrowers with a low down payment, private MI is required and typically paid monthly along with the mortgage payment. You can obtain this type of loan with as little as 3 percent down, though buying with a 5 percent down payment will result in a lower monthly payment.

There are other types of low down payment options that also include MI, such as the government-insured loans backed by the Federal Housing Administration (FHA). Unlike the premiums charged by FHA loans, private MI premiums can be canceled once 20 percent equity in home value is reached, and with private MI there are no upfront costs added onto a borrower’s initial down payment like there are with an FHA loan. This means your monthly bill decreases and you have extra money to spend on your family, vacations, retirement and any other needs.

Don’t sit on the sidelines and miss out on your dream home. To learn more about mortgage insurance compared to other low down payment options, visit LowDownPaymentFacts.org. – (BPT)

The Smart Way to Buy a Home

 

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When you or someone you know needs the services of a quality residential home inspection company in Miami FL, we would truly appreciate you thinking of us. You can schedule right from our website or call our office at (786) 477-5975.

Repair or Replace? What To Do With A Worn-Out Cooling System

 

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Helpful Information from Atlantic Building Inspections

Sooner or later, every homeowner will face the same tough decision: Can you repair that malfunctioning system or appliance one more time, or is it finally time to replace it? Summer temperatures can heat up the repair-or-replace debate for homeowners living with an older cooling system.

To arrive at an answer, you must weigh numerous factors, including which option is more cost-effective over both the long- and short-term, how the existing or new system will affect the air quality of your home, and just how much reliability you require. Your decision can affect your wallet and the comfort of your home for years to come.

Guidelines  from The Heating and Cooling Systems Experts at Champion(R):

When you can still repair

Sometimes, it may be preferable to repair a minor problem than to replace a system. Your cooling system might still be a candidate for repair if:

* It’s less than 10 years old and/or is a high-quality, energy-efficient model.

* The repair is still covered under warranty, or you will be able to pay for the repair without financing the cost.

* The cost of the repair will be far less than the cost of replacement.

* You can reasonably expect the repair to solve your problem.

* Repairing the problem means that specific issue isn’t likely to reoccur throughout the system’s remaining lifespan.

When it’s time to replace

It can be much easier to recognize the signs that it’s time to replace a worn-out cooling system. They can include:

* A system that is 10 or more years old.

* Frequent and repeated repairs that are adding up to be very costly.

* Even after repairs and/or maintenance, the system still doesn’t adequately cool your home.

* Very high energy bills. Modern cooling systems are significantly more energy-efficient than older units.

* You can afford to finance a replacement, but can no longer afford to pay cash for repairs.

* The unreliability of the worn-out cooling system is affecting the comfort of your home and causing you to feel stress.

Replacing a cooling system

When you decide replacing a cooling system makes the most sense for your needs, you’ll need to start looking for a new system. Here are some points to keep in mind:

* Choosing an energy-efficient unit like the Champion(R) Momentum(TM) Variable Capacity Air Conditioner can greatly reduce energy bills while improving the comfort of your home. Refer to the system’s Seasonal Energy Efficiency Ratio (SEER) to get an idea of how much more energy-efficient the new unit is. Modern air-conditioning systems can be over 50 percent more efficient than ones manufactured a decade ago.

* It’s important to right-size your new cooling system. A system that is too small for your home won’t be able to deliver the desired comfort level and will use more energy working harder at maintaining cool temperatures. A system that is too large will also use more energy and may result in uneven cooling throughout the house. Your Champion dealer can provide a load calculation and energy analysis to help you determine the right size system for your home.

* Depending on the age of your home and your cooling system, you may have to repair or replace other elements, too. Have your home’s ductwork, insulation, refrigerant piping, electrical service, wiring, thermostat and other cooling system components inspected, too. Ensuring all the parts of the system are in top working order will help your new air-conditioning unit work at its best, too.

To learn more about the advantages of replacing a worn-out cooling system, what you should look for in a new system and where to find a dealer near you, visit www.championhomecomfort.com/repair. – (BPT)

HVAC: Repair vs Replace Your Heating and Cooling System

 

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When you or someone you know needs the services of a quality residential home inspection company in Miami FL, we would truly appreciate you thinking of us. You can schedule right from our website or call our office at (786) 477-5975.

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