3 ways credit plays into mortgage re nancing
(BPT) - If you’re thinking about refinancing your mortgage, there’s often a lot to consider. For instance, your decision to refinance may rely on current interest rates or your personal financial situation.
Your credit score also plays a role in the mortgage refinancing process. While it can certainly factor into your ability to refinance, the relationship between your mortgage and your credit score can be complicated. However, it doesn’t need to be.
What to know about credit scores and refinancing
Credit requirements can vary depending on the terms of your loan. But at the same time, many programs share similar traits. Here are a few you’ll want to know:
The score you need can depend on the type of loan you have
According to NerdWallet, if you’re refinancing a VA or conventional loan, you’ll typically need a score between 620 and
720 to qualify. And if you have an FHA loan, you need a score between at least 500 and 580 to qualify.
Fortunately, lenders understand that life happens and are willing to work through different options if your credit score recently dropped below the requirements. For instance, there are different streamline financing options for VA loans, FHA loans and USDA loans that don’t require credit checks or score benchmarks.
A lot of people also choose to get home loans through Fannie Mae and Freddie Mac, two of the largest home loan lenders in the country. Both typically require a minimum credit score of 620 to get approved.
Good credit isn’t the only thing you need to qualify
When you’re looking to refinance, having an excellent credit score can be beneficial. However, your score doesn’t automatically make you eligible. Lenders will look at a number of
other things before they approve refinancing, such as your:
* Debt-to-income ratio (DTI): The amount of debt you have compared to how much money you make.
* Loan-to-value ratio (LTV): Allows lenders to assess the lending risk before approving a mortgage or a mortgage refinance. Loans that have a higher LTV are typically considered to be a higher risk.
If your lender says you have a high LTV ratio, that doesn’t automatically disqualify you. There are government-sponsored programs from Fannie Mae and Freddie Mac that are available for borrowers who have LTV ratios that are 97.01% or higher.
Refinancing can drop your score temporarily
Like any changes to your installment accounts, refinancing your mortgage can lower your score. However, you don’t need to worry about this as much if your credit is already in good standing.
There are a couple of reasons why your score may drop. One is that lenders take what’s called a “hard inquiry,” or a detailed look, at your credit score. Such hard inquiries can cause your score to drop by a few points. The second is that the fact of refinancing itself can reduce your credit score. The third is a possible increase in your utilization ratio, which is calculated by comparing the amount you owe versus your total credit limit.
Start the refinancing process on the right foot
There’s a lot involved in the refinancing process. But when you know where your credit score is at before you begin, it can help you create a better plan for action.
With VantageScore’s latest scoring model, you can get an accurate and detailed picture of your credit scores so you can make the best refinancing decision for you.
Choosing the best decking material Choosing the best decking material
Beauty
when renovating a home as it is when studying a piece of art. Therefore, when homeowners are looking for the best building materials for their home remodels — including backyard decks — their own personal preferences may ultimately dictate the direction they go.
Deck boards and railings can be made from a diverse array of materials, including traditional hardwood, plastic and composite materials. Here’s a deep look into some of the more popular decking materials so homeowners can make informed decisions when contracting with a decking professional for the build.
HARDWOOD, SOFTWOOD OR PRESSURETREATED WOOD
effective. However, as anyone with a wood deck knows, wood requires frequent upkeep and it can be susceptible to rotting or insect damage. Wood decks also may splinter and deteriorate when exposed to the elements or pool water. Pressure-treated boards are infused with chemicals to help them endure, but that does not make them impervious to wear. Still, the traditional look of a wood deck remains appealing to many homeowners.
COMPOSITE
In the not-so-distant past, decks were primarily built using some type of wood. Wood is widely available and fairly cost-
Composite decking materials are made from a blend of recycled plastic and wood fibers. Since there is so much recycled content, composite decks attract those who are concerned about the environment and sustainability. Composite decking comes in uncapped and capped varieties. The capped version has an extra layer of protective capping made from high-performance polymers, says TimberTech, a decking and outdoor furniture
provider. While composite decks may have similar up-front costs to wood, they will require less maintenance over the years, but they must be scrubbed to avoid mildew growth.
PLASTIC
This Old House says there is another plastic decking material made from polystyrene. It is stiff, strong and light, and with the brand Eon, the nonslip surface becomes less slippery when wet so it may be great around pools.
Decks made of polyvinyl chloride, polypropylene or high density polyethylene (HDPE) are collectively referred to as PVC decks. They are made entirely from environmentally safe plastic with no wood in the mix at all. PVC decks are more durable than composite and can last a lifetime. All PVC decks need is occasional cleaning. A potential disadvantage to PVC is it doesn’t always look, sound or feel like wood. Also, complex fastening systems can make the boards move as the temperature changes, resulting in squeaking as people walk on the deck. Generally, PVC is more expensive than wood or composite, but that investment may be worth it for those who never want to worry about deck repair or replacement.
ALUMINUM
Aluminum may not be as popular as other decking materials, but it is lighter and stronger than wood, composite, and plastic. Aluminum also is resistant to mold, weather and insects, and it can be recycled. An aluminum deck will last for years, which is why it is one of the more costly decking materials.
Homeowners have many choices when picking materials for their decks. If they want a traditional look and moderate cost, wood may be the way to go. Those concerned about looks and durability may like composite. People who want very durable and long-lasting may want to give strong consideration to plastic or aluminum materials.
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ways to personalize your bathroom 5
(BPT) - Your bathroom doesn’t have to solely be a utilitarian space. With just a few easy changes, you can turn your no-frill bathroom into a relaxing space with a personalized feel.
Don’t know where to start? Check out these five simple tips that can help you enhance your existing aesthetic or completely update the vibes of your bathroom.
1.HANG ARTWORK THAT REFLECTS YOUR TASTE
Hanging artwork in the bathroom is the easiest way to quickly add personality. If you’re looking to change the room’s theme from a minimalist black-and-white color scheme to a maximalist
tropical theme, find photos and prints with plants and trees in bright greens, reds and yellows.
Or, if you’ve been having a hard time finding a spot to hang art you’ve either purchased or been gifted by a friend, these pieces may look right at home in your bathroom!
Pro tip: Choose waterproof frames that can protect your art from humidity.
2.UPDATE HARDWARE TO EXPRESS YOUR STYLE
The hardware you choose sets the tone and style of a bathroom. If you currently have cool silver drawer pulls, faucets, towel
bars and other fixtures with a polished finish, consider switching to warm gold or bronze hardware with a brushed finish.
Keep in mind that you can mix and match colors, materials and finishes to create a bathroom with hardware tailored to your taste. For example, if you want to upgrade your faucet, check out Kohler’s Mix & Match Faucet options. Three faucet collections provide you with the freedom to choose the spout style, handle and finish.
If you’re looking to inject turn-of-the-century charm into your bathroom, choose the Artifacts collection. For a highfashion, effortless glamour of the Golden Age of Hollywood, opt for the Occasion line of faucet sets. Want to lean into minimalism? Take a look at the Components collection. Each line offers faucet fixtures in several finishes and colors, so you can find what suits your style best.
3.ADD A SPA-LIKE FEEL WITH PLANTS
Turn your bathroom into a
tranquil retreat with bathroomfriendly plants. Adding natural, organic elements like plants can bring an otherwise sterile room to life and can soften a bathroom’s hard, clean lines. There are many plants you can choose from, but it’s best to choose ones that thrive in humidity, like calatheas, monsteras, pothos, orchids or ferns.
Once you’ve chosen your plants, look for decorative planters that match your aesthetic or the bathroom’s color scheme. If you’re short on space, consider hanging planters. No matter what you choose, the plants you care for can make the bathroom more inviting.
4.CONTROL THE AMBIANCE WITH LIGHTING
Changing the lighting in your bathroom allows you to effortlessly control the ambiance. For example, dimmable white light bulbs create a cozy atmosphere, but still offer enough illumination for grooming tasks like shaving and applying makeup. Installing a dimmer switch al-
lows you to adjust brightness to create a sunlike daytime mood or a soothing evening glow for a relaxing bath after a long day. For flexibility, install smart lighting that allows you to change the color and brightness depending on your mood and needs.
Pro tip: Choose lighting elements that match or complement other bathroom hardware. If you’re considering installing a faucet from Kohler’s Artifacts, Components and Occasion collections, you’re in luck. Each collection also offers customizable lighting fixtures.
5.ADD COLOR AND TEXTURE WITH PAINT AND WALLPAPER
Finally, a new coat of paint or wallpaper can do wonders for a bathroom. With so many colors and patterns to choose from, you can easily find the combination that suits your style.
Tired of the sterile white or beige of your bathroom walls? Grab a can of baby blue or sage green to create a serene setting
or use warm reds and pinks for a homey ambiance.
If you want to add textures and patterns, look for wallpaper that reflects the theme of the bathroom or that shows off your hobbies or interests. From florals to faux stone to geometric shapes and more, wallpaper offers endless possibilities to express yourself in this space.
Pro tip: The type of paint and wallpaper you choose matters. Acrylic and latex paints are popular bathroom choices because they can prevent mold and mildew that can flourish in humid conditions. Similarly, vinyl wallpaper is best for the humid bathroom environment.
Are you ready to restyle your bathroom? Using these five tips, you can turn a basic room into a retreat personalized to your heart’s content. To find more bathroom makeover tips and get inspired, visit Kohler.com.
