What Kinds of Banks Issue Mortgages?

When you’re shopping for a mortgage, it can be tempting to just talk to the first person you meet, sign the loan documents, and be on your way. But before you do that, it’s actually pretty important that you ask what type of financial institution you’re dealing with, because they’re not all the same. Here’s a quick rundown of the main differences.

Traditional Banks

Traditional banks are exactly what you imagine when you think of banks. They’re big institutions that collect deposits, notarize things, and sell bonds to the public. With the funds from these activities, they also may lend their own money for the long term, or they may sell their loans to a secondary loan buyer like Fannie Mae to free up more cash.

With a traditional bank, you’ll often get a pretty good deal when it comes to fees, since there are no middlemen to pay, and a competitive lending rate. However, if you’re looking for special homebuyer programs, you’ll find that banks can’t always offer the same ones, and you may have to go to the specific bank offering the program you’re after. They can also be pretty picky when it comes to borrowers, and may not be willing to overlook blips on your credit report.

Mortgage Brokers

Mortgage brokers often get a bad rap, but they can be very useful if you’re looking for different kinds of programs to help with things like down payment assistance or loans that are far more forgiving of credit issues or high debt-to-income ratios.

You will pay a higher fee for using a mortgage broker, but sometimes that fee is worth the value they bring. Unlike with a traditional bank, mortgage brokers can match you with loans from a portfolio of banks, making it easier for borrowers to secure the mortgage loans they’re after. They can also often close very quickly, since they should know which lenders move quickly and which are slower to respond.

Credit Unions

Credit unions generally require borrowers to be members, but they can be valuable assets when it comes to securing a loan. Like a traditional bank, they typically loan their own money, or the money of credit unions in their network, but unlike a traditional bank, can often make unusual types of loans for specific circumstances. What each credit union will or can do will vary wildly between credit unions.

The fees with a credit union will typically be on the low side, but you may find that the lending is a bit slower and more tedious, since they may not make very many loans per year. This isn’t a bad thing, but it is a thing to be aware of if you need a quick closing because a previous loan or contract fell through and you’re scrambling.

Community Development Financial Institutions

Community Development Financial Institutions (CDFI) are specially certified organizations that have a primary aim to increase access to financial services like mortgages for low-income communities and other people who simply lack access to financing. These organizations can be banks, credit unions, or even venture capital funds.

If you qualify for a loan through a CDFI, you’ll find that you’ll receive favorable terms, as well as low fees, but may also be limited in your options when it comes to lending programs. However, the loans you can get through these organizations are generally very flexible, making it significantly easier for less than perfect borrowers to qualify.

Looking for a Lender?

Look no further than your HomeKeepr community. There are many members who are mortgage professionals who can help with a range of banking needs, from first time homebuyer mortgages to HELOCs to remodel your home for aging in place. All you have to do is ask for a recommendation, and you’ll be on your way to meeting some of the best and brightest your loan community has to offer. Best of all, HomeKeepr is free to join and to use!

Should You Sell or Should You Remodel Your Home?

Your home, as they say, is where your heart is, and for so many homeowners, it’s a lot more than a saying. Their home is a place where they made so many memories with family and friends, and considering selling it can be extremely painful. But what do you do if your home is no longer meeting your needs? Can you simply remodel your home into the house you need? It’s a hard decision to make, to be sure, but there are some major considerations that can help you decide which is the right choice for you and your family.

How Close Is Your Home to Perfect?

Sometimes, the changes you need to make your home right for today are small. For example, if you’re planning on aging in place, but all the bedrooms are upstairs, you might be able to add a small bedroom suite to the back or side of your home on the main floor, depending on the layout. This would allow you to continue to stay in your home, even if trips up the stairs were increasingly infrequent as you aged.

On the other hand, if your remodel is more about a totally whole new look or going from a space that’s largely compartmentalized to entirely open concept, that’s a huge change to a house that will require a considerable amount of time, effort, and money. In those cases, it’s usually better to find the house you want and sell the one you’re in.

Is the Neighborhood Thriving or Sliding Down Hill?

If your neighborhood is healthy and thriving, and you love everything about it, it’s definitely worth considering a remodel instead of just moving along. You never really know what you’re going to get with a new neighborhood until you live there a while, and besides, you certainly already know some people nearby. That’s a wonderful way to build community.

However, neighborhoods can also deteriorate, and with them go property values, the quality of schools in the area, and sometimes even a sense of safety and security. If you’re pretty sure your neighborhood used to be a lot better and you’re not always comfortable going outside at night anymore, maybe it’s time to look for a different zip code. There’s no amount of remodeling that can fix that particular concern.

Will Your Equity Buy the Home of Your Dreams?

Most importantly, you have to look at the financials. Remodels can take place over years, giving you time to spread out the expense, even if your equity won’t quite cover the costs you think you may incur. So, that dream kitchen might take a little while to become reality, but it’s still possible if the rest of your house makes you happy and you’re willing to wait.

On the other hand, if selling your house could get you closer to the home of your dreams with the equity you’ve secured, you can save yourself a lot of mess and stress by simply moving on to the home you really want. If you’re moving to a different part of your city, or a different area entirely, that equity can easily buy something wholly different and potentially perfect, and maybe even shrink your house payment a little bit.

If You’re Still Unsure…

It’s time to reach out to your HomeKeepr community. The very best bankers in your area are already there and can help you figure out how much equity you may be able to use toward that remodeling project, while the contractors and architects can price it out for you. If a meeting of the minds still can’t quite find the right solution, you can check out movers and designers for that new abode. It’s all free, and it’s really easy to get all kinds of recommendations for home pros right away! Just log in to HomeKeepr to see what’s possible.

 

How to Pick an Air Compressor

When you own a home, it’s important to have the tools that are necessary to make little repairs, or even do major DIY if that’s your thing. One of the most useful tools you can add to your collection is an air compressor. An air compressor can do so many things around the house, from helping you keep screens and vents debris-free, to airing up car tires and other inflatables, and even powering a whole collection of useful tools. But how do you pick the perfect air compressor for your projects? Don’t worry, it’s easier than you may think.

First, Choose Your Air Tools

Before you can really select an ideal air compressor, you need to know what you’re going to do with it. Are you going to use it to power an air nailer to help you install new trim work throughout your home? Will you just use it seasonally to blow up tires and pool toys? Knowing what you plan to do with your air compressor can help you choose an air compressor that can do the work.

How quickly an air compressor can supply air is measured in cubic feet per minute (cfm) and different tools use air at different rates. Paint sprayers, for example, will use a lot more air than a pneumatic nail gun, so if you plan to do a lot of painting, you’ll need an air compressor that can really step up. If you’ll use more than one air-thirsty tool at once with the same compressor, that goes doubly.

Consider Tank Size and Shape

The size of the tank on your future air compressor does matter, but nowhere near as much as the cfm it can supply. Having a large air tank can help compensate for a lower cfm, but that won’t work if you’re using a tool that uses air most of the time, such as a sprayer. You can’t exactly stop mid-spray to wait for the tank to refill, but you certainly could take a break if you were nailing or sanding.

For household use, there’s a secondary concern with tank size. Most of the tasks many homeowners will be tackling will be small jobs, and they may happen anywhere on the property. Having a smaller tank means that your unit is more portable, generally speaking (some do come with wheels), and can get into tighter spots. This can be an advantage, depending on how you’re using the air compressor.

Convenience IS an Option

Sometimes, you know you need tools, and you know you need an air compressor, and you find a delightful bundle of both. If you’re just doing occasional work around the house, and the bundled tools are ones you’ll actually use, it can be a great way to get into an air compressor and tool kit at a significant discount.

You’ll still want to consider all the other things you may do with that air compressor in the future, to ensure it’ll be useful to you as time goes by. So you’ll need to keep in mind how much air it can hold and how much it can produce, but choosing a bundle can make the decision easier. No matter which you choose, though, always make sure to get things like an air chuck for tire inflation, because you’ll use them over and over again.

Not Sure You Want the Baggage of an Air Compressor?

For some homeowners, extra tools just mean extra clutter and valuable space being taken up by things you might not use all that often. It’s ok to not buy an air compressor if it doesn’t make sense with what you hope to do with your home. If you’d rather hire someone to come around and hang your trim or winterize your pool house, that’s perfectly fine.

But, in that case, you’ll need a hook-up for a great air compressor owner who can get the job done right the first time. That’s where your HomeKeepr community comes in! Whether you need a carpenter, a general contractor, a handyman, or a pool expert, there are tons of professionals full of compressed air to choose between. Log in and ask your community for their recommendations to get started!

 

Smart Switches 101

As smart homes become more common, some homeowners are going beyond basics like smart bulbs and assistant hubs like Google Home and Amazon Echo. This can take a number of forms, from the addition of smart electronics and security systems to sensors throughout the house that can recognize when people walk into rooms and adjust the lighting and other resources accordingly. One increasingly popular option is the installation of smart switches in lieu of simply relying on individual smart bulbs to control lighting.

So what are smart switches, anyway? How do they work? Can you install them anywhere, or are there specific things that your home needs? If you’re curious about smart switches and whether they would be a good addition to your home, here are some of the basics that you should consider.

How Smart Switches Work

At their core, smart switches operate like most standard light switches and can turn lights or other connected devices on and off. Given that the switches are smart devices, though, they can do significantly more than that. Smart switches allow you to control the lights remotely using either an app or voice control through a digital assistant or a third-party hub. Depending on the bulbs that you use with your smart switch, you may also be able to control the brightness of the lights (similar to a dimmer switch) or function as a three-way switch. It’s worth noting that unless the bulbs are designed for it, smart switches can’t give you the ability to control the light’s color the way that standard smart bulbs can.

Perhaps the greater benefit of smart switches is that they allow you to tie your lighting into a larger smart ecosystem without having to pair each individual light bulb to the network. This gives you greater control of your home as a whole and allows you to incorporate lighting into smart home routines without having to program a bunch of individual components. You can also pair your smart switches with remote controls, giving you a portable switch that lets you control your lighting even without accessing your overall smart home controls.

Smart Switch Requirements

There are two major things that you’re going to need to use smart switches in your home. Perhaps the most important is grounded wiring, as all smart switches require grounding to operate. If you’re upgrading light switches that weren’t grounded, you’ll have to ensure that a ground wire is available, or your new switches simply won’t work.

Once you’ve got your switches grounded, you’re also going to need access to a 2.4Ghz Wi-Fi network. While this is a standard Wi-Fi frequency, 5Ghz Wi-Fi is also increasingly common, but is not compatible with most smart devices (including modern smart switches). Almost all modern routers and wireless access points are capable of broadcasting on both the 2.4Ghz and 5Ghz bands, so if you don’t have a 2.4Ghz band currently at your home then it shouldn’t be too difficult to add one.

Installing Smart Switches

There are two aspects to installing smart switches: installing the physical switch, and connecting it to your Wi-Fi network. Installing the switch is similar to any other grounded light switch installation, so it’s certainly doable as a DIY project if you feel confident in your wiring abilities, but check with your code office to make sure you’re allowed to do this kind of work. Once installed, the switch can then be connected to your Wi-Fi network using the manufacturer’s smartphone app on a phone or other mobile device that’s connected to the same network that the switch will eventually use.

Since wiring a smart switch involves dealing with electricity, if you aren’t confident in your ability to install the switch, if your local code office requires an electrician for that kind of work, or if you need a wiring upgrade, then you should call in a professional. Fortunately, HomeKeepr is here to help. Create a free account and connect with local electricians and other pros who can get your smart home wired and connected just the way you want. Sign up today and get started.

Contact me to learn more about home trends in your area!

 

What Is a Deep Energy Retrofit?

Owning an older home can be a really amazing experience. Not only do you get to actually live in a slice of history, you’re also there to make decisions about this building that will stay with it potentially for generations to come (no pressure). But it’s not all pink toilets and clawfoot tubs; a lot of the most important calls in older homes are about energy efficiency.

Deep energy retrofits are becoming increasingly common for older homes, helping to turn these structures that can be absolute energy vampires into far more efficient versions of themselves. This is well beyond a little weather stripping, and can make a big difference to longer term performance.

Deep Energy Retrofit Versus Weatherproofing

Weatherproofing is vital for homes of all ages, just to make sure that your home is sealed as best it can be, and that the equipment you have is performing at its best. But weatherproofing usually involves sealing cracks, caulking trim, and making sure everything fits snugly together. Deep energy retrofits can go well beyond that, depending on your home, your goals, and what your experts have to say about it.

In a deep energy retrofit, sealing the holes is important, but so is upgrading materials that are fundamental for the energy efficiency of an older home, using materials that make it more on par with newer ones. For example, as part of a deep energy retrofit, you might replace all your windows with triple pane insulated glass unit windows, and insulate the underside of your roof to help prevent heat penetration into your attic.

You might also upgrade or completely change your HVAC system, for example, going from a boiler to a ductless mini split system or improving air flow by adding new air intakes throughout your home. The combinations are endless, and largely depend on your local climate and your home’s needs.

Problems to Watch for With Deep Energy Retrofits

Although deep energy retrofits can save you a lot of money in the long term, there are some issues with doing the wrong kinds of upgrades to your home. Some houses, for example, use a type of exterior wall structure that isn’t very compatible with spray foam. They actually need the air gap between the walls to help moisture evaporate away from your house.

Other homes might have never been intended to be sealed so tight, so older fixtures like gas stoves and furnaces may require additional ventilation to prevent build-up of harmful carbon monoxide gasses. Most older homes constantly exchange air with the outside world, which is why they may require significant modification to achieve a safe deep energy retrofit.

Because deep energy retrofits often require a rethinking of how the building envelope functions, they can be very time consuming and costly to complete. This isn’t a reason to not pursue one, but it is something to keep in mind while you’re planning out your upgrades. After all, it’s hard enough to live with a kitchen in chaos, let alone an entire house turned upside down. A “one section at a time” approach can work well.

Looking for a Deep Energy Expert?

Although most of the work involved in a deep energy retrofit can be easily completed by a brave general contractor or handyman, it’s important to get the right person for the job when it comes to these projects. Not only will your home’s individual needs be taken into consideration, you’ll be certain that other, less obvious things (like carbon monoxide buildup) are caught before they become an issue.

But where do you find such a person? Look no further than your HomeKeepr community! Not only can you be certain that the experts you’re hearing about are the best in the business, but you’ll easily find everyone you need to complete your project all in the same place. It’s free to join, so why not give it a try and find out what a deep energy retrofit can do for your home?

 

Summer Is the Season for Fireplace Additions

If there’s one thing that you think about during the summer, it’s… probably not getting a fireplace installed. In fact, there are probably very few home updates or additions that are further from your mind when heat indexes top 100 degrees and the sun is beating down. Just because you’re not thinking about a fireplace doesn’t mean you shouldn’t be, though.

Fireplaces add a mix of beauty and function that few things can top. And as weird as it sounds, the summer might just be the perfect time to install a new fireplace or update an old fireplace that’s already in your home. There are several reasons why this might be true, so here are a few things to think about if you’re considering a fireplace addition this year.

Benefits of a Fireplace

There are a number of benefits to having a fireplace in your home. Not only is there something comforting and even romantic about having a live fire going, but it also gives you a good source of heat and light that is typically still accessible even if the power gets knocked out. This can be very useful during the winter, especially if you live in an area that’s prone to severe freezes or heavy snow and ice that can damage power lines.

Depending on the type of fireplace you have, they can also be very eco-friendly. Wood-burning fireplaces can provide a bit of energy independence as well, allowing you to use a fuel source that you might be able to gather yourself instead of having to rely on utilities that will drive up your electric or gas bill. Even if you have a gas fireplace, though, it may still provide you with a cheaper option than some electric heat sources, and you’ll have a much greater amount of control over how much the fireplace is used.

Fireplaces in the Summer?

While it might seem like a strange idea to install or upgrade a fireplace in the middle of summer, there are a few reasons why this might be the best time to do so. One of the biggest is the fact that summer is the off season for fireplace installers, so you can usually get pretty quick service for installations, upgrades, and general maintenance. You’re also less likely to encounter delays because of hard-to-find components or in-demand backdrop materials being out of stock, since there won’t be nearly as much competition trying to get installations at the same time.

Another great advantage to getting a fireplace installed during the summer is the fact that many installers offer sales or other specials to try and keep business moving throughout the slow season. This means that you might be able to save some serious money on your fireplace by getting the work done now, even though you won’t be able to take full advantage of it for several months. Deals and specials will vary from one installer to another, of course, but depending on what you find it could definitely be worth your while to take advantage of an off-season installation.

The Fireplace You’ve Always Wanted

If you want to find a great deal on a fireplace during the off season, the first thing that you need to do is find the right installer. Fortunately, HomeKeepr is here to help. Our app can connect you with fireplace installers and other pros in your area who can install a new fireplace, refurbish an existing one, or make any other remodels or additions that you might want.

The best part about finding the pros you need for your fireplace project through HomeKeepr is that creating a HomeKeepr account is completely free. This means that you can sign up for your account and start using our app to connect with professionals in your area today. Act now and you can be well on your way to getting the fireplace you’ve always wanted at a price that can’t be beat.

 

Summer Siding Clean-Up

Good siding can go a long way toward making your home look beautiful. For a lot of homeowners, they discover only one big drawback to having siding on their homes: it needs to be cleaned to keep it looking its best. Depending on the color of your siding, you may notice dirty streaks, dusty discoloration, and possibly even green tints from algae or mildew that will need to come off in order to restore your siding’s beauty.

Fortunately, cleaning siding usually isn’t too difficult, provided you have the right tools for the job. In this case, the right tool is typically a pressure washer. This can make short work of cleaning your siding, though it’s important that you understand how a pressure washer works and what you should and shouldn’t use one on. With a little caution, though, you’ll have your siding restored to its original beauty in no time.

Pressure Washing 101

Pressure washing isn’t difficult, but it does require a bit of preparation and care. Any loose items or decorations that could be damaged need to be removed from the area being cleaned, and electrical boxes and other items that don’t need to be hit with a high-pressure stream of water should be identified and possibly marked with tape so that you can avoid them. The pressure washer should then be positioned in a convenient area to clean the part of the house you’re focusing on and hooked up to your hose, and any cleaning product that you want to use, such as algae remover, should be added.

Once you’ve got the pressure washer set up, get a firm grasp on the wand and start spraying the siding. Start at the top of the house and work your way from side to side, slowly making your way down, to keep dirt and other unwanted material from flowing down onto areas that you’ve already cleaned. Keep an eye on the pressure and maintain a good grip on the wand as you move it to keep it from getting out of control. After you’ve finished the section you’re working on, move your pressure washing setup to a new area and start the process over.

What to Wash (And What to Avoid)

It should seem pretty straightforward what you should spray with a pressure washer and what you shouldn’t. Unfortunately, there are some potentially problematic surfaces that you might not consider which could result in unexpected damage.

Obviously you should avoid spraying anything fragile or loose, but you might not consider the effect that a pressure washer could have on painted siding where the paint has started to chip or flake. It turns out that pressure washers are great at removing old paint, which isn’t a discovery that you want to make while trying to clean your siding! Another thing to watch out for is siding that’s cracked or otherwise damaged. The pressure washer can make this damage significantly worse, both in vinyl siding and wood siding.

This is why it’s important to double-check the area you plan to clean and look for signs of damage before you actually start up the pressure washer. A little bit of inspection beforehand will go a long way to ensuring that you only wash siding that can withstand the pressure and that you won’t end up breaking or stripping something along the way.

Send in the Pressure Washing Pros

If you’re worried about the possibility that you might mess something up, you can hire a professional to get the job done. Power washing pros are available who know exactly how to handle the job, and siding installers and painters often offer power washing services as well. HomeKeepr can help you find just the right pro to get your home’s siding clean without breaking the bank. Creating a HomeKeepr account is free, so sign up today and get that much closer to restoring your home’s pristine look.