Energy efficient home renovations ideas & tips

Energy efficient renovations
Bathroom
The outside walls behind tubs or showers are often poorly insulated and air-sealed. Opening these walls as part of the remodeling project provides an opportunity to seal air leaks with caulk or expanding foam, and install insulation. Also, make sure to air seal around plumbing and electrical penetrations, especially recessed lighting. Provide for adequate ventilation in the bathroom, and make sure the vent fan discharges to the outdoors.
Insulation Basics
Insulation is one of the most effective ways to save energy. Heating and cooling costs comprise more than 50% of the energy consumed in a single family home. Adding the recommended levels of insulation will save energy, reduce utility costs and improve comfort. Proper installation is critical; gaps and compressed areas will dramatically reduce effectiveness.
Insulation provides additional benefits including noise reduction, fire resistance and safety. Factors that affect the performance of insulation, and should be considered when choosing the appropriate type for the job, are insulating capacity, fire resistance, moisture control, convective heat loss, settling and loss of insulating capacity.
Basements
If the basement space in a hot or cold climate is not properly insulated, walls will be a significant source of energy loss. Basement insulation systems must be carefully considered because of the inherent moisture problems and the resulting mold problems that may be exacerbated by inappropriately insulating a basement. Furring out and insulating the inside of the wall is often possible and cost-effective.
Roofs
A cool roof is one that has been designed to reflect more sunlight and absorb less heat—also known as solar reflectance. Cool roofs can be made of a highly reflective type of paint, a sheet covering, or highly reflective tiles or shingles. Nearly any type of building can benefit from a cool roof—however, you must consider climate and other factors before deciding to install one.
By replacing old windows with windows that let light in but keep heat out, you can illuminate and cool building interiors more efficiently. By upgrading or replacing old, inefficient HVAC equipment, you can reduce energy consumption. The climate where you live plays an enormous role on the types of energy efficient renovations you should make and an experienced local contractor will be able to examine your home and help you design a plan within your budget.

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Renting vs Owning. Which is the best choice for you NOW?

There are many advantages to buying a home versus renting. Your income, savings, and monthly expenditures play an important role in determining how large of a monthly payment you can handle.

 In many cases, the amount of money you would spend on rent can be about the same as what you would expect to pay as a homeowner, especially when interest rates are low. Once you factor in the tax benefit for owning a home, the amount saved can be significant.

Here’s an example of a buy vs rent comparison: 

*A renter rents a home paying $800 per month with an annual increase of 5% built into the lease

*A buyer purchases a home for $110,000 with a mortgage payment of $1000

*After 6 years, the homeowner’s payment is lower than the renters in this scenario.

*With the tax savings of owning (writing off interest paid), the homeowner’s payment is less then the renters payment after 3 years

*By owning, you also have the benefit of gaining value through appreciation. Although the last few years have been tough on real estate values, historical trends show that the value of real estate tends to double approximately every 10 years. 

*The homeowner’s mortgage payment on a standard fixed rate mortgage will have an increasingly higher portion of the payment going to the principal balance every month. After every month’s payment is made, the homeowner will earn a small fraction more of their home. On the other hand, the renter’s monthly payment is gone once it is paid to the landlord.

See if I can qualify to buy (click here)

Is the 30 year fixed rate mortgage becoming extinct?

Since most mortgage professionals and homeowners are so accustomed to the 30 year fixed rate home loan being around, is it possible that this program could become extinct? 

It’s the preferred home buying and refinancing option of most borrowers and banks; however, with the government planning to have less involvement in the mortgage industry this could be the beginning of the end for the “grandfather of all mortgages.”

Treasury Secretary Timothy Geithner said this week “lowering the government’s involvement in the mortgage markets would almost certainly restrict the supply of 30-year fixed-rate mortgages, while increasing their costs.”

This news could mean that homeowners and prospective home buyers will have even fewer options when they need a mortgage loan in the future.  more mortgage stuff

Buying your first home. How does loan pre-qualification work?

What is prequalification?

To pre-qualify you for a loan, a lender calculates a loan amount you can receive based on information that you provide. Information includes your income, expenses and debts. If you add the earnings of a spouse or parent as a borrower, your pre-qualifying amount will be higher. Think of this as a preliminary estimate of the loan you might receive. If the information you provide is incomplete or inaccurate, the loan amount will change.


Your lender will use the information you provide to calculate your qualifying ratios. These ratios and any compensating factors will help determine which loan products and financing are best for your situation. Different loan types have different guidelines for qualifying ratios. Your lender usually will not recommend a loan product until you complete a loan application. However, once lenders determine qualification ratios, they have a preliminary idea of which loan types to recommend. Many lenders use automated electronic systems to help them pre-qualify borrowers for loans.

After reviewing the initial information you provide, a lender will try to get you pre-approved. To pre-approve you for a loan, a lender calculates the loan amount you can receive based on information that a third party provides. The lender verifies your information via a credit report. The credit reporting agency acts as a neutral third party. Consider this a firm estimate of a certain loan amount. Final approval depends on whether the property also meets requirements for a loan and that nothing changes, for the worse, from the initial information that you provided.   


to get prequalified, click here http://homebuysite.com/get-pre-qualified/