Feb 23, 2018 | Home Decorating
Have you ever walked into your kitchen and instantly felt hungry?
Rarely do people think about the colors that they choose to paint their kitchens. They are often too busy worrying about whether the kitchen will match the rest of the home, or whether the colors will be satisfactory to the rest of the household.
However, as much as you might want to have a special color in your kitchen, your brain is very likely wired in a way to react in ways that you may not have intended! When painting and decorating your kitchen, you may want to think about the process in a way many people do not — how the colors you choose will affect the way in which you eat.
Colors affect a lot of our subconscious thinking. As behavioral psychologists have documented, the presence of specific colors your the kitchen can change your eating habits and your cravings for food.
Here are some examples :
Red: The color red increases your appetite. This is why so many restaurants paint their walls red. Although associated with romance and passion, red is also a color which promotes hunger. Furthermore, it has been noted that the color red in your kitchen can influence high blood pressure.
Orange: The color orange is a “stimulating” color; increasing oxygen supply to the brain and providing a mental boost. An orange-themed kitchen may stimulate your appetite, therefore, and make over-eating more likely.
Gray: Gray can be an ideal appetite-suppressing color for your kitchen. This is because, psychologically, gray is calming and relaxing, and it neutralizes anxiety. Gray can arrest binge eating and impulsive snacking. It’s also a color which home stagers recommend for its neutrality.
Blue: The color blue is calming, which can slow your eating speed, and prevent you from over-eating. When decorating your kitchen and dining room, therefore, using blue wallpaper or blue paint; and blue placemats, for example, can result in “slower” eating and fewer feelings of fullness.
And there’s more about blue! There are very few foods that are naturally blue outside of blueberries and some varieties of potatoes. So over time your subconscious mind has trained itself to be wary of any food that is blue. Some weight loss programs suggest eating on a blue plate and even putting a blue light in your refrigerator!
So if you’re concerned about the amount you or your family is eating, painting your kitchen blue may very well help curb the appetite.
Whether you’re a home buyer, a home seller, or just getting ready to remodel, consider the influence of colors in your home. They do more than just “match the next room” — they affect your food and drink cravings as well.
Feb 22, 2018 | Home Buyer Tips
Are you growing tired of renting? Or perhaps you’ve recently graduated from college and are looking to set down some roots?
Whatever the case, buying your first home is an exciting prospect. Let’s take a look at a quick and easy four-point checklist that you can use to determine if you are ready to buy your first home.
#1: Is Your Credit In Good Shape?
How is your overall financial health? Once you have your down payment saved up, you should turn your attention to your credit rating.
If you are going to borrow a mortgage to help cover the cost of your home, your lender will be doing some digging into your credit history. It is best to ensure that you aren’t late with any payments and have cleared off any black marks from past credit problems.
#2: Can You See Yourself Living In This Community?
Do you love the area you live in? Or are you thinking about moving to a community that you like a bit more than your current one?
Perhaps it’s the local shops, the amenities, the walking trails or just being closer to work. It is always best to ‘love where you live,’ so ensure that you are buying your first home in a community that you can call home.
#3: Is Your Job Situation Stable?
Another factor to consider is your job or career situation. Are you likely to switch companies or be transferred to another division within the next few years? Be sure to give some thought to this as it will be inconvenient to have to move shortly after buying and furnishing a home.
#4: Are You Planning To Have Children?
Finally, have you considered what your family might look like in the future? Are you planning to get married, or if you are already married are you planning to have a family? If you have children now, do you expect to have any more of them?
Keep in mind that as your children grow older, they will need a bit more space. If you have a couple of young kids sharing bunk beds, each will need their own bedroom soon enough.
When you’re ready to buy your first home, our friendly real estate team is here to help you find the perfect home. Give our offices a call and we will be happy to meet with you to discuss your needs.
Feb 21, 2018 | Home Mortgage Tips
Are you ready to join the ranks of homeowners in our local community? Congratulations – homeownership is a big step towards building your net worth and financial freedom.
However, it is also a significant transaction that will affect your finances for the foreseeable future. Let’s take a look at a quick four-step checklist that will help you to get ready to buy a home with a mortgage this year.
Step 1: Set Up A Monthly Budget
It might sound a little basic, but the best first step is to commit to a monthly budget. After you buy a home using a mortgage, you will be responsible for making monthly payments for a period of time. The faster you get used to working inside of a budget, the better.
Your budget doesn’t have to be extravagant. Simply list your sources of income and your expenses. If you are spending more than you are making, you are going to need to cut back a bit.
Step 2: Start Setting Aside Your Down Payment
If you haven’t already, it is an excellent time to start gathering the funds necessary to make your down payment. This is the amount of cash that you put forward against the price of the home. The remainder of the purchase cost is covered by your mortgage, which you will pay off monthly in the future.
Note that the standard down payment amount is 20 percent of the home’s purchase price. If you have less than this available, you may be required to purchase mortgage insurance. But don’t let this deter you from starting the process now, especially if you have found the house that you want to buy.
Step 3: Check Your Credit Rating
Next, you will want to check your credit rating and FICO score to find out if you have any outstanding issues. You can access a free credit report from any of the major reporting agencies up to once per year, so be sure to take advantage.
Step 4: Meet With Your Mortgage Advisor
Last, but not least, you will want to schedule a meeting with your mortgage advisor. This is your opportunity to have all your mortgage-related questions answered by a professional who has your best interests in mind.
If you decide that you are ready to move forward with buying a home, you can begin the pre-approval process at your convenience. We look forward to helping guide you down the path to buying your dream home!
Feb 20, 2018 | Financial Reports
Last week’s weeks economic releases included readings on the NAHB Housing Market Index, housing starts and building permits issued and consumer sentiment. Weekly readings on mortgage rates and new jobless claims were also released.
NAHB: Builder Confidence in Housing Market Holds Steady in February
The National Association of Home builders reported an index reading of 72 for its Housing Market Index in February. January’s reading was also 72; readings over 50 indicates that more builders than fewer are confident about housing market conditions.
Three readings comprising the overall NAHB HMI reading include builder confidence in current market conditions, which was one point lower in February at 78. Builder confidence in housing market conditions in the next six months rose two points to an index reading of 80.
This was the highest reading for future housing market conditions since before the recession. Builder confidence in buyer traffic in new housing developments was unchanged at 54.
Builders surveyed cited strong labor markets and short supplies of pre-owned homes as fueling confidence in current market conditions, but identified ongoing labor and lot shortages and rising materials costs as concerns for builders.
Housing Starts, Building Permits Issue Rise in January
High builder confidence was reflected in readings for housing starts and building permits issued in January. Housing starts rose to their highest level in more than 10 years. The annual pace of housing starts reached 1.326 million starts.
January’s reading exceeded expectations of 1.324 million starts and December’s reading of 1.209 million housing starts. January’s starts reflect strong builder confidence readings and may also signal future relief for short supplies of available homes and high demand for homes in many metro areas.
High demand for homes has caused rapid appreciation in home values and sidelined first-time and moderate-income buyers in areas with high home values. According to the Commerce Department, building permits issued rose to 1.396 million from December’s1.380 million starts annually.
The University of Michigan reported the second highest reading for consumer sentiment in 14 years. February’s reading of 99.9 was higher than expectations for a reading of 95.3 and January’s reading of 95.7Analysts said that recent tax cuts likely stabilized consumer outlook in spite of volatile financial markets.
Mortgage Rates, New Jobless Claims Rise
Freddie Mac reported higher mortgage rates for all three types of mortgages it tracks in its Primary Mortgage Market Survey. Rates for a 30-year fixed rate mortgage rose an average of six basis points to 4.38 percent.
The average rate for a 15-year fixed rate mortgage was seven basis points higher at an average of 3.84 percent. Rates for a 5/1 adjustable rate mortgage averaged 3.63 percent, which was six basis points higher than the prior week.
New jobless claims were higher last week with 230,000 new claims filed, which matched expectations and exceeded 223,000 new jobless claims filed the prior week.
What‘s Ahead
This week’s economic releases include readings on existing home sales along with weekly readings on mortgage rates and new jobless claims. Financial markets were closed on Monday for President’s Day.
Feb 16, 2018 | Mortgage
Whether you are purchasing a new home or you are considering applying to refinance your home, chances are the lender will require an escrow account. These accounts are often a source of confusion for homeowners. In reality, these accounts benefit the homeowner and help protect the lender.
What is an escrow account?
Escrow accounts are sometimes called “impound” accounts. These accounts are set up to help manage payments of property taxes and homeowner’s insurance. Depending on the individual requirements of the lender, you may be asked to pay as much as one-quarter of these upfront and they will be put into the account for the purposes of making payments.
Who controls escrow accounts?
Lenders have complete control over escrow accounts. However, homeowners are entitled to receive an annual statement advising them of their escrow balance. If there is an increase or decrease in insurance payments through the year, a homeowner may request the lender evaluate the escrow account and change the amount that is paid.
Is interest paid on escrow accounts?
There is no mandate to pay interest on escrow accounts. When you refinance your home, the funds for your taxes and insurance are calculated into your overall payment. The portion that is to be used to pay taxes and insurance is placed in escrow. Federal laws do not require lenders to pay interest on these accounts.
What happens if I sell my home or refinance?
When you sell or refinance your home, your escrow account will be credited at closing. The amount may be used to lower your out-of-pocket costs or may be turned over to you as a direct payment.
What happens if there is not enough/too much money in escrow?
If your lender has underestimated your escrow payments, they may request you send an additional payment to make up the difference. In the event you are paying too much into escrow, your lender has the discretion to release the overage amount directly to you. In most cases, shortfalls or overages of $50 or less are typically not a major concern.
If your lender requires you to have an escrow account for the taxes and insurance portion of your mortgage payment, it can be very helpful. Escrow accounts help ensure you do not have to come up with a large payment once a year for insurance or quarterly for taxes.
In some cases, if a lender does not require an escrow account, as a borrower, you may request they escrow your taxes and insurance for convenience.
