Creating a Home Office

These days, millions of people work from home thanks to innovative technology. In fact, over 20 million Americans telecommute for work at least part-time. This number is only expected to grow as technology advances. While there are pros and cons to everything, working from home presents more advantages than disadvantages. That explains why so many employees prefer telecommuting over hopping in their car and driving to an office.

Many residential architects are building home offices in new homes and in remodeling projects. A home office is a great way to add value to your home as well as functionality. If you’re thinking of creating your own home office, here are some things that you should consider:

One of the most difficult decisions is where to put the home office. Finding the right spot for your office can be a challenge. Some homeowners like to put their home office in the kitchen—the center hub of the house. Others prefer to create an office in a spare bedroom or the basement. If you choose the basement as the location, you need to make sure the space is absolutely dry. Also consider a private entrance for your home office for extra privacy.

Make technology available in the office. The whole point of working from home instead of the office is to be able to replicate what is available at the headquarters. This means that you need the correct wiring for voice communication, wireless setup, etc. Most homes that were built in the last few years have advanced wiring known as Category 5.

Make use of all available space. There will probably be plenty of wall space in your home office, and don’t be intimidated to use it. You can have bookcases and shelves from the floor to the ceiling if you choose. Don’t worry so much about aesthetics if you need lots and lots of storage space.

Be sure the electrical system is up to par. If you live in an older home with older wiring, there is the potential for power surges that can result in fires. If you need to upgrade the wiring, don’t put it off. Hire an electrician to make certain the system can handle the demands of your home office.

Paint the walls a motivating color. For some, yellow or red gets them motivated to work. Others perform better surrounded by calm blue walls. Choose a color that you love and that will motivate you. And don’t worry about what others think—it’s YOUR home office!

Refinancing a Mobile Home Loan

If you’re thinking about refinancing your mobile home, there are some important details that you should know in advance. Refinancing a mobile home can be a challenge, depending on your current situation. For instance, with the majority of mobile home lenders there is a minimum credit score requirement. Your existing credit history could end up being a big factor.

Another thing to be aware of is that with a mobile home loan, you will normally end up paying more in interest than you would pay with a traditional mortgage loan. This is because mobile home loans typically have a higher default rate. Here’s what else you should consider when refinancing your mobile home:

Why refinance your mobile home?

Before determining how to go about preparing to refinance a mobile home loan, you should first consider your reason for refinancing. This is especially true if your monthly payments are already manageable. Are you hoping to obtain a lower mortgage interest rate? Refinancing could lower those mobile home mortgage payments that you make every month. Needless to say, in the long run, you could actually end up paying less by refinancing.

Some mobile home owners opt to get a refinanced loan so they can switch from their existing adjustable rate. They may be ready for the stability that a fixed rate can offer. Obtaining the right kind of fixed rate may enable you to lock the amount in for the duration of your mobile home loan. Other reasons for refinancing your mobile home loan could be to modify a spouse or co-applicant’s name, or even to shorten the loan term so you can pay it off sooner.

If your mobile home is not affixed permanently to land, your original financing was probably the result of a personal property loan. This is a standard situation, because lenders won’t normally finance homes unless they are designated as “real property” by law. Since mortgage loans have lower interest rates than personal property loans, it makes more sense to try and obtain a mobile home mortgage loan. One way to try and do this is to seek to have your mobile home reclassified. That means permanently affixing your mobile home to a foundation that is approved by the Federal Housing Administration. Doing this will change the classification of your mobile home to “real property” and entitle you to a home mortgage loan.

Government help is available

When you decide to refinance your mobile home loan, be sure to look into the type of government help that may be available to you. There are several government agencies that refinance loans if you are a qualified mobile home owner. Freddie Mac is a government sponsored entity that has mobile home mortgage programs. They are well known for being one of the largest purchasers of traditional home mortgages. But not everyone realizes that Freddie Mac also buys and guarantees a number of mobile home mortgages each year.

If your mobile home qualifies as a permanent attachment to land, you may be eligible for a mortgage loan. Freddie Mac can help whether you’re a lender with a fixed or adjustable rate mortgage. Believe it or not, you can get help from the Federal Housing Administration (FHA), even if you are a mobile home owner. The FHA is responsible for enabling the banks to offer traditional homeowners a variety of low-down payment programs. Now more than ever, mobile home owners are also being encouraged to take advantage of these and other related financing programs.