10 Timeless Kitchen Trends That Will Never Go Out Of Style

kitchen trends

10 Timeless Kitchen Trends That Will Never Go Out Of Style

By Jennifer Geddes

So if you want a kitchen you’ll love for years to come (or maybe even sell sometime in the future), it’s smart to stick with what’s tried and true. To help in this endeavor, our “Timeless Home Design Trends” series tackles your design conundrums room by room. Here are the top 10 kitchen trends where you can’t go wrong.

1. White cabinets

Whether you choose glossy acrylic or matte, white cabinets always looks clean and fresh, points out Ana Cummings of the eponymous design firm. And frankly, how many dark or black kitchens have you ever seen?

Lean hard on white if you’re redoing your cook space because the shade helps to reflect light, making your room look larger. And a white kitchen goes with every other color or texture you’d like to bring in, making this spot an easy one to design.

2. Marble counters

Marble is the Energizer Bunny of the kitchen world—it just keeps going and going and going.

“It’s really impressive to see centuries-old buildings in Europe made from marble, so you know this material is going to last in your kitchen just fine,” says Cummings.

Many homeowners prefer this counter material, even though it’s porous and maintenance can be a headache.

If you’re looking for an alternative, try white quartzite.

“It looks like marble, but it’s more durable—or consider engineered quartz like Caesarstone, which is amenable to mitering,” says Debra Kling, a home interior pro and color consultant.

3. Stainless-steel appliances

This material is a classic in part because it goes with many modern, streamlined styles as well as more ornate kitchens too, notes Amy Bly of Great Impressions Home Staging and Interiors.

“This [type of] appliance also reads cool and clean, so it’s a solid choice for an upgraded look,” adds Cummings.

And fortunately for tidy homeowners, some stainless steel requires less  maintenance as technology has improved, and even stainless-steel appliances that are fingerprint-free are available. This beauty ($3,399, Home Depot) promises to keep your produce extra fresh, will accommodate large platters, and features an interior water dispenser so as not to mar the smooth exterior design.

4. Shaker-style cabinets

Keep it simple, people, and stick with flat-front Shaker designs (like this one from Lowe’s) when considering cabinet styles in the kitchen.

“This look is ubiquitous and feels safest for most homeowners—and while Shaker cabinets feel somewhat modern, they also combine well with rustic elements like open shelves,” notes Kling.

5. Subway tile

Subway tile has it all: It’s easy to install, it’s relatively inexpensive, and it has a pleasant pattern that doesn’t compete for visual attention, says Cummings.

Not sure you love these rectangles? Try the 4-by-4-inch white squares or hexagon versions, suggests Kling.

6. Open shelving

Despite the cons that crop up when people think about open shelving (dust collects, items need frequent straightening), open shelves are here to stay. And installing them breaks up the monotony of a long row of upper cabinets, allowing you a spot for interesting, thoughtful displays, says Cummings.

7. Kitchen islands

Whether your island is a free-standing table or a built-in behemoth, few homeowners are willing to cast this expansive workspace and storage space aside. Choose from natural wood, painted finishes, or brightly colored lacquers.

8. Hardwood floors

Real wood is beautiful thanks to the various shades, visual texture, and natural grains. And home buyers tend to favor real wood, so installing them can increase your home’s value. Hardwood floors are also softer underfoot than stone or tile, saving wear and tear on your back and knees.

9. Oversize sinks

“Why, I’d love a tiny sink where I can wash a bulky lasagna pan and a big pile of spinach,” said no one, ever.

A large, deep sink is just plain practical, so go for the biggest, nicest one you can afford—and you won’t be sorry. An apron-front or farmhouse-style sink will go the distance, especially this single-bowl stunner made from fireclay ($1,029.99, Wayfair).

10. Integrated appliances

A wall of built-in, coordinating cabinet fronts that hide your dishwasher and fridge may seem dull and matchy-matchy, but this streamlined, seamless look is definitely timeless.

Integrated appliances are less bulky than, say, a fridge that stands alone, and they save space (a cabinet can become a freezer). And syncing cabinets with appliance fronts adds more warmth than a bunch of metal can.

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6 Different Types of Home Loans: Which One Is Right for You?

home loans

6 Different Types of Home Loans: Which One Is Right for You?

By Jamie Wiebe

f you’re a first-time home buyer shopping for a home, odds are you should be shopping for mortgage loans as well—and these days, it’s by no means a one-mortgage-fits-all model. You’ll want to get and understanding of all the basics, with mortgage 101.

Where you live, how long you plan to stay put, and other variables can make certain mortgage loans better suited to a home buyer’s circumstances and loan amount. Choosing wisely between them could save you a bundle on your down payment, fees, and interest.

Many types of house loans exist: conventional loans, FHA loans, VA loans, fixed-rate loans, adjustable-rate mortgages, jumbo loans, and more. Each mortgage loan may require certain down payments or specify standards for loan amount, mortgage insurance, and interest.

Types of mortgage loans: What to know about types of house loans

To learn about all your home-buying options, check out these common types of mortgage loans and whom they’re suited for, so you can make the right choice. The type of mortgage loan that you choose could affect your monthly payment.

Fixed-rate loan

The most common type of conventional loan, a fixed-rate loan prescribes a single interest rate—and monthly payment—for the life of the loan, which is typically 15 or 30 years. The interest rate remains what it is, or stays fixed, for the life of the loan. Compare fixed-rate vs. adjustable-rate mortgages to see what’s right for you.

Right for: Homeowners who crave predictability and aren’t going anywhere soon may be best suited for this conventional loan. For your mortgage payment, you pay X amount for Y years—and that’s the end for a conventional loan. A fixed-rate loan will require a down payment. The rise and fall of interest rates won’t change the terms of your home loan, so you’ll always know what to expect with your monthly payment. That said, a fixed-rate mortgage is best for people who plan to stay in their home for at least a good chunk of the life of the loan; if you think you’ll move fairly soon, you may want to consider the next option.

Adjustable-rate mortgage

Unlike fixed-rate mortgages, adjustable-rate mortgages (ARM) offer mortgage interest rates typically lower than you’d get with a fixed-rate mortgage for a period of time—such as five or 10 years, rather than the life of a loan. But after that, your interest rates (and monthly payments) will adjust, typically once a year, roughly corresponding to current interest rates. So if interest rates shoot up, so do your monthly payments; if they plummet, you’ll pay less on mortgage payments.

Right for: Home buyers with lower credit scores are best suited for an adjustable-rate mortgage. Since people with poor credit typically can’t get good rates on fixed-rate loans, an adjustable-rate mortgage can nudge those interest rates down enough to put homeownership within easier reach. These home loans are also great for people who plan to move and sell their home before their fixed-rate period is up and their rates start vacillating. However, the monthly payment can fluctuate.

FHA loan

While typical home loans require a down payment of 20% of the purchase price of your home, with a Federal Housing Administration, or FHA loan, you can put down as little as 3.5%. That’s because Federal Housing Administration loans are government-backed.

Right for: Home buyers with meager savings for a down payment are a good fit for an FHA loan. The FHA has several requirements for mortgage loans. First, most loan amounts are limited to $417,000 and don’t provide much flexibility. FHA loans are fixed-rate mortgages, with either 15- or 30-year terms. Buyers of FHA-approved loans are also required to pay mortgage insurance—either upfront or over the life of the loan—which hovers at around 1% of the cost of your loan amount.

VA loan

If you’ve served in the United States military, a Veterans Affairs or VA loan can be an excellent alternative to a conventional loan. If you qualify for a VA loan, you can score a sweet home with no down payment and no mortgage insurance requirements.

Right for: VA loans are for veterans who’ve served 90 days consecutively during wartime, 180 during peacetime, or six years in the reserves. Because the home loans are government-backed, the VA has strict requirements on the type of home buyers can purchase with a VA loan: It must be your primary residence, and it must meet “minimum property requirements” (that is, no fixer-uppers allowed).

USDA loan

Another government-sponsored home loan is the USDA Rural Development loan, which is designed for families in rural areas. The government finances 100% of the home price for USDA-eligible homes—in other words, no down payment necessary—and offers discounted mortgage interest rates to boot.

Right for: Borrowers in rural areas who are struggling financially can access USDA-eligible home loans. These home loans are designed to put homeownership within their grasp, with affordable mortgage payments. The catch? Your debt load cannot exceed your income by more than 41%, and, as with the FHA, you will be required to purchase mortgage insurance.

Bridge loan

Also known as a gap loan or “repeat financing,” a bridge loan is an excellent option if you’re purchasing a home before selling your previous residence. Lenders will wrap your current and new mortgage payments into one; once your home is sold, you pay off that mortgage and refinance.

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Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?

pre approval

By: Lisa Gordon

When buying a home, cash is king, but most folks don’t have hundreds of thousands of dollars lying in the bank. Of course, that’s why obtaining a mortgage is such a crucial part of the process. And securing mortgage pre-qualification and pre-approval are important steps, assuring lenders that you’ll be able to afford payments.
However, pre-qualification and pre-approval are vastly different. How different? Some mortgage professionals believe one is virtually useless.

“I tell most people they can take that pre-qualification letter and throw it in the trash,” says Patty Arvielo, a mortgage banker and president and founder of New American Funding, in Tustin, CA. “It doesn’t mean much.”

We asked our experts to weigh in to help clarify the distinction.

What is mortgage pre-qualification?

Pre-qualification means that a lender has evaluated your creditworthiness and has decided that you probably will be eligible for a loan up to a certain amount.

But here’s the rub: Most often, the pre-qualification letter is an approximation—not a promise—based solely on the information you give the lender and its evaluation of your financial prospects.

“The analysis is based on the information that you have provided,” says David Reiss, a professor at the Brooklyn Law School and a real estate law expert. “It may not take into account your current credit report, and it does not look past the statements you have made about your income, assets, and liabilities.”

A pre-qualification is merely a financial snapshot that gives you an idea of the mortgage you might qualify for.

“It can be helpful if you are completely unaware what your current financial position will support regarding a mortgage amount,” says Kyle Winkfield, managing partner of O’Dell, Winkfield, Roseman, and Shipp, in Washington, DC. “It certainly helps if you are just beginning the process of looking to buy a house.”

Why is mortgage pre-approval better?

A pre-approval letter is the real deal, a statement from a lender that you qualify for a specific mortgage amount based on an underwriter’s review of all of your financial information: credit report, pay stubs, bank statement, salary, assets, and obligations.

Pre-approval should mean your loan is contingent only on the appraisal of the home you choose, providing that nothing changes in your financial picture before closing.

“This makes you as close to a cash buyer as you can be and gives you a huge advantage in a competitive market,” says Lea Lea Brown, a vice president and mortgage banker with Atlanta-based PrivatePlus Mortgage.

In fact, pre-approval letters paired with clean contracts without tons of contingencies have won bidding wars against all-cash offers, Brown says.

“The reliability and simplicity of your offer stand out over other offers,” Brown says. “And pre-approval can give you that reliability edge.”

So take notice, potential home buyers. While pre-qualification can be helpful in determining how much a lender is willing to give you, a pre-approval letter will make a stronger impression on sellers and let them know you have the cash to back up an offer.

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How Much Mortgage Can I Get? Home Loan Math Made Simple

By: Angela Colley

Of all the questions you may have when buying a home, one of the biggest that may stump you is this: How much mortgage can I get? After all, the amount of money you can borrow could spell the difference between snagging your dream home or being priced out of your favorite neighborhood entirely.

Of course, one way to know for sure is to head to a lender and get pre-approved for a mortgage—that way you’ll know exactly how much money you can spend on a house. Still, if you don’t want to wait until the banks open (e.g., it’s 2 a.m., you’ve found the perfect home online, and you need to know right now if you can buy it), there are ways to do the mortgage math yourself.

Break down the mortgage into monthly payments

The beauty of a mortgage is that you can pay it off over time rather than all at once (otherwise, you’d just pay cash upfront). Still, this complicates matters because you have to not only figure out what you’ll have to pay every month, but also factor in interest—that’s the extra money you give your lender for the privilege of borrowing all that cash. Then, on top of that, you will also have to pay property taxes and home insurance. So how can you figure all that out?

Luckily there are online mortgage calculators that make the number crunching easy. All you have to do is enter the price of the house you’re eyeing, as well as what you’ve scrounged together for a down payment and the terms of your loan.

Let’s say, for instance, that you’ve found a home in Toledo, OH, for $200,000. Presuming you have $40,000 to put toward a down payment and you get a 30-year fixed-rate mortgage at 4%, this will mean your housing payments will end up being around $1,022 per month ($764 to your mortgage, $208 to property taxes, and $50 to home insurance).

These monthly mortgage payments will change based on the terms of your loan and other factors, explains Keith Canter, CEO of First Community Mortgage in Murfreesboro, TN. For instance, if instead you get a 15-year mortgage at a 3% interest rate, your payments rise to $1,363 per month. Put down only $20,000 as a down payment, and your monthly payments rise further, to $1,595. The area you buy in also makes a huge difference, because property taxes vary wildly. Toledo’s may amount to $283 per month, but in Birmingham, AL, you’ll pay less than half that, at $125.

Consider your income—and debts

Knowing how much a mortgage will cost per month is helpful, but still, another question remains: Can you handle paying it? To know the answer to that, you’ll have to factor in a few more numbers of a more personal nature—namely, your income and monthly debts.

Understanding why income is important is easy—the higher your salary, the more money you can put toward a mortgage. Still, the funds you’re funneling every month toward debts—like college loans, car payments, and credit cards—can put a crimp in how much you have for home financing. But how much?

Simple: Just navigate to a home affordability calculator and enter the necessary info, including your income, debts, and down payment, to find out how much house (and mortgage) you can afford. In Toledo, for example, if you earn $60,000 per year, pay $500 per month to debts such as credit cards, and have $40,000 for a down payment, then you can afford a house worth $228,500 at 4% interest—which will amount to monthly payments of $1,298.

Keep in mind that as useful as these tools can be for fleshing out a budget, these numbers are just estimates. You will need to talk to lenders to learn exactly how large a home loan they are willing to give you. Still, having a general understanding of the numbers you need is a good place to start—and can help you set your sights on homes that are realistically within reach.

Happy house hunting!

 

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Is There Really Any Difference Between Mortgage Lenders?

pick a mortgage door

By Credit.com

Is There Really Any Difference Between Mortgage Lenders? – Real Estate News and Advice – realtor.com

The Consumer Financial Protection Bureau has safeguards in place to make sure mortgage companies operate on a level playing field with consumers. The level playing field specifically has to do with rates, pricing, and whether borrowers are getting a fair and reasonable offer from one lender to another. But how banks look at your financial picture is something else entirely.

Here are some factors that impact how your mortgage company works and the deal you get on your mortgage.

What’s their relationship with Fannie Mae & Freddie Mac?

The relationship your mortgage company has with Fannie Mae and Freddie Mac carries significance in whether or not they can fund your loan even if it is slightly outside the box.

For example, if you’re dealing with a company that originates the loan through another source, and then ultimately that loan is sold on the secondary market, the mortgage originator may be more conservative in its product offering and underwriting. Simply put, the more hands touching the file, the more scrutiny that file is going to have when the loan ultimately is delivered to the end investor.

Are there investor overlays?

Some mortgage companies still have what are called investor overlays, which are additional constraints an individual mortgage company may have beyond what Fannie Mae and Freddie Mac deem acceptable as traditional underwriting standards. For example, some mortgage companies will not let you pay off debt to qualify while others do.

What products do they offer?

Not all lenders carry the same types of loans, and some have differing restrictions for some loan types. For example, the debt-to-income ratio can differ among lenders. If you have a DTI on a jumbo mortgage (a special kind of mortgage based on the amount of the loan) beyond 43%, some companies won’t work with you, while others will go as high as 49%. Another example could be an FHA loan with a credit score, say, at 600 versus one at 640. Some work with a 600 score, some do not. (You can check your credit scores for free on Credit.com to see where you stand.)

Is There Really Any Difference Between Mortgage Lenders? – Real Estate News and Advice – realtor.com

Where you get your mortgage is entirely up to you as a smart, well-informed consumer. Do not be fooled by a lender or mortgage company promising you the world just to get your business, only to find later on your loan has too many roadblocks or your financial picture does not meet the guidelines set forth by that company. Integrity in lending and helping consumers is quality you should look for when picking a reputable mortgage source.

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