Laminate Flooring: Pros and Cons

If you are a looking to replace flooring in your home and don’t know which material to use, consider laminate flooring. It is one of the most popular flooring types right now, and its pros could make laminate flooring a winning choice for your home. Its price, look, and easy installation are just some of the reasons why homeowners choose laminate flooring.

Just like any material, laminate flooring does not come without a few cons. Consider the following pros and cons of laminate flooring in your final decision:

Here are some pros of laminate flooring:

·         Price- Compared to hardwood floors, laminate flooring costs less. It can be installed on top of practically any existing floor. It is extremely friendly on your budget.

·         Durability- Laminate flooring is extremely tough, and it handles high-traffic beautifully. It’s perfect if you have pets and children in your home. Laminate flooring is also scratch-resistant.

·         Ease of installation- You don’t need any nails or glue to install laminate flooring. Some planks interlock with each other using dried glue that is already present on them.

·         Stain-resistance- Resistant to most stains, laminate flooring is easy to clean. You don’t have to wax them, and they are also water-resistant when spills are taken care of quickly.

·         Availability- Laminate flooring comes in tile and hardwood designs, and there is sure to be one that fits your home’s style.

Here are some cons of laminate flooring:

·         Moisture damage- Laminate flooring can be prone to moisture damage if it is exposed to standing water. Warping can occur if the flooring is exposed to continuous high moisture levels.

·         Difficult to repair- Because it can’t be sanded and refinished, laminate flooring involves removal and replacement of all damaged planks.

·         Noise- Laminate flooring can sound hollow when walked on, and it can also creak and clack.

Laminate flooring is a great choice because it looks great and gives your home a polished look. Best of all, it’s inexpensive and can add value to your home!

When You Should Replace Your Carpeting?

As a homeowner, you want to make the best investment decisions when it comes to improvements and upgrades. Not only should you be concerned with home value, you probably want your home to have an attractive style. Carpeting is a great addition to complement your home’s décor and look, but you probably already know that it doesn’t last forever. The life span of carpet depends on the use, but regardless, it will have to be replaced sooner or later.

So how do you know when it’s time to replace your carpeting? Consider the following signs:

Your carpet has rips and/or tears in it. This is a sign that your carpet should be replaced. While some carpeting can be repaired, this usually depends on the severity of the damage. Big tears are usually a sign that you need a total carpet replacement.

Your allergies are triggered. If you have older carpet in your home, there is a possibility that it is retaining allergens that are triggering your allergies

There are lingering odors. Pet odors and smoke can penetrate deep into the fibers of the carpet. There may be even some mildew growth if it the carpet hasn’t been properly cleaned for some time.

It’s worn bare. This may be another obvious reason to replace your carpet. If it no longer has that soft, plush feeling, it’s more than likely worn to the point of needing replacement.

The carpet is older than twenty years. According to experts, you should replace your carpet at least every 20 years in order to maintain good indoor air quality.

 

 

The Changing World of Refinancing

In the mid 2000's, getting a mortgage was a whole lot easier. Back then, borrowers were not required to have a good credit history. Even those who couldn't afford to make a down payment could get a home loan.

The underwriting norms were rather relaxed and more people could buy homes or get their existing mortgages refinanced. Some borrowers who saw good appreciation in the value of their homes drew out some of their positive equity and splurged that money on luxury cars or boats.

But then the recession arrived.

During the recession, several people lost their jobs and consequently many of them had to default on their mortgage payments. The value of properties, too, eroded. This forced banks to become more cautious and selective. Now getting refinance is not all that easy. Serial refinancing has become a thing of the past.

Recovering economy

The economy soon started showing signs of recovery and many people who lost their jobs during the recession are back to work. The value of homes, too, has increased. This has encouraged banks to relax their lending norms a bit. Now homeowners who are underwater on their mortgage payment are eligible to get refinance if the value of their home is slightly higher than their original loan amount. Even owners with negative equity are now eligible for refinance through HARP 2.0.

If you are planning to get a refinance, you should be prepared to deal with a lot of paperwork.

Refinancing now

Refinancing your existing mortgage is now difficult. It is still possible, but now banks have more stringent underwriting norms. Gone are the days when they would readily approve each and every application.

More paperwork

Refinancing now involves a lot of paperwork. Banks now require detailed documentation of your income because they are legally responsible to prove that you will be able to repay the loan. As a result, the borrower now has to submit additional documents like tax returns, pay stubs and bank statements.

Your credit score

Ten or 15 years ago, people who had little or no credit were eligible to get a home loan.  But now you need a good credit score. If your credit score isn't satisfactory, you should improve it before trying to get refinance. You should also get a credit report. There may be errors or inaccurate information in it. Your credit score will improve when you get those errors rectified.

Borrowers should also have a good idea about the value of their home.

Longer waiting periods

Now that rates are at their historic low, lenders are getting flooded with numerous home loan applications. Consequently, getting an approval now takes much longer. You can, however, speed up this process by responding quickly to document requests. Any delays on your part can cause your rate lock to expire. You will probably have to pay extension fee as well.

If you are paying too much interest on your fixed-rate mortgage, you are a good candidate for refinancing. When you refinance, you get to enjoy the lower rates. While choosing a refinancing deal, don’t forget to compare rates and fees. To get the best possible deals, you need to stay abreast of the latest happenings in the world refinancing.

Five Tips to Get the Best Refinancing Deals

Fears of recession and widening debt crisis in Europe have lowered mortgage rates in the US. In fact, the current 4% rate on the standard 30-year fixed rate mortgage is the lowest in almost 60 years. Needless to say, many homeowners are planning to refinance.

U.S. banks now follow tight lending standards. Gone are the days when anybody could qualify for a mortgage. That said, if you do a little search, finding a lender is still possible provided that you have a credit score of 740 or higher and at least 20 percent equity in your house. Here are 5 tips to get the best refinancing deals:

1. Shop around.

Mortgage interest rates can vary widely, so do some research before selecting a lender. Rates shouldn't be the only criterion. Processing fees, too, can vary between lenders. Contact lenders in your locality and also ask relatives or friends to recommend a lender to you.

2. Think about closing costs.

Today's mortgage rates are pretty low. But if you already have a low rate, you should perhaps skip a refinance because a new loan may carry closing costs amounting to thousands of dollars. So, if you already have a 4.5% mortgage, you probably have no reason to refinance and get a 4% mortgage.

Before getting a refinance, you should think about closing costs. Ideally, you should refinance only when you can get interest rate cut by 0.5% or more. You should also calculate how many months you will take to recover your closing costs.

3. Beware of hidden costs.

All mortgage refinancing options have closing costs even if they claim that there aren't any. You might come across ads that say 'no closing costs'. You will still end up paying costs in one way or another. Closing costs are typically 1% of your principal amount. Lenders can work these costs into your refinancing deals in several ways.

Some lenders, for example, require borrowers to make an upfront payment. You will have to bring a signed check to cover the expenses. The lending institution will tell you how much money you need to pay. By contrast, 'rolled in' closing costs are added to your loan amount. You won't have to make an upfront payment, but you will have to pay slightly higher EMIs throughout the tenure of your loan.

"No cost" refinancing deals do not usually charge any closing fees; however, they have higher interest rates. It is impossible to say if one option is better than another. So the key is choosing a method that will work best for you.

4. Think about 'cash-in' refinancing.

During the property boom, many homeowners refinanced their existing mortgages to get larger loans. Since housing prices were soaring, they had enough equity in their properties. The housing boom, unfortunately, was followed by the housing bust. Now many homeowners are interested in 'cash-in' refinancing. They are swapping their existing mortgages for smaller ones bringing money to the table to make up the difference. These deals are helpful to customers whose home values have plummeted. By getting a smaller loan, they can increase their home's equity. This also allows them to qualify for refinancing.

5. Get a "rate-lock" confirmation.

Now that mortgage rates are ridiculously low, lenders are getting flooded with refinance applications. To protect your interests, you should get a lock-rate confirmation in writing. A "rate lock" sheet confirms the rate you are getting. It also mentions when the rate expires.