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How To Make Your Home Look More Luxurious On A Budget

February 28, 2014 by Jeff Cost Leave a Comment

How To Make Your Home Look More Luxurious On A Budget Have you been looking through home décor magazines and gazing with wonder at the gorgeous homes inside? Do you want to add a touch of elegance and luxury to your home, but you are on a tight budget?

No need to worry, there are many ways that you can make your home look like a million bucks, without actually having to spend a fortune.

Luxury Home Decor Ideas

Here are a few great ideas that don’t have to cost a lot, they just require a little bit of planning and some elbow grease and they will take your home from ordinary to luxury.

Mount your curtains at ceiling level rather than the top of the windows. This draws the eye upwards and gives the illusion of high ceilings.
Paint your interior doors a sleek and shiny shade of black. This looks very modern and sophisticated and is much cheaper than buying expensive doors.
If your home doesn’t have crown moulding, paint a white band around the ceiling to fake the look.
The little details can make a big difference when it comes to making a home look elegant and luxurious. Add in finishing touches such as a beautiful glass vase, a stack of coffee table books, fresh flowers or a piece of artwork.
Remember, less is more and a cluttered house will not create the impression of luxury. Eliminate as much clutter as possible, making your home seem more spacious and sophisticated.
Lighting can also have a big impact on how luxurious your home appears. Invest in a few beautiful and stylish lamps, or a chandelier, and you will transform the entire space.
When choosing fabrics for accessories and upholstery, go for fabrics that have a luxurious texture such as velvet, satin or fur. They can be faux to make them cheaper, but they will still add to the luxurious look.
You can take simple and cheap accessories such as a candle holder or a vase from the dollar store and then paint them with gold paint. They will have a luxurious look, for much less than the real thing!

These are just a few ideas that you can incorporate into your home décor of your home in order to make it look and feel more luxurious. For more helpful information, contact your mortgage professional.

Case Shiller Price Index Shows That It’s A Buyers Market

February 27, 2014 by Jeff Cost Leave a Comment

Case Shiller Price Index Shows That It's A Buyers Market Two major indicators of home price trends showed a slowing momentum for home prices in December. The S&P Case Shiller 10 and 20 city indices reported that of 20 cities tracked, home prices were lower in December than for November.

Case-Shiller’s seasonally adjusted month-to month reading showed that home prices rose by 0.8 percent as compared to 0.90 percent in November.

David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said that “Gains are slowing from month-to-month and the strongest part of home price recovery may be over.” He also noted that seasonally adjusted data was showing a loss of momentum for home prices.

December home prices posted a year-over-year gain of 13.40 percent, down from November’s year-over-year reading of 13.70 percent. December’s reading reflected the highest year-over-year increase in home prices since 2005.

Analysts note that a slower pace of increasing home prices may allow more buyers to enter the market, and may also encourage more buyers to list their properties for sale. This would increase inventories of available homes and relieve pent-up demand for homes.

Although home price growth is cooling off, average home prices remain 20 percent below their pre-recession peak in 2006.

Home Prices Face Challenges In 2014

Another factor in slower growth of home prices is regional differences in the rate of economic recovery. Cities including Dallas, Texas and Denver, Colorado recently set records for escalating home prices.

Five states including Florida and Michigan accounted for almost half of foreclosures completed during 2013. Slow job growth and poor winter weather were also blamed for slower gains in home prices.

New mortgage rules and relatively strict mortgage lending standards may continue to dampen housing markets, but there is some good news as some lenders are easing credit standards.

FHFA: Home Prices Higher For 10^th Consecutive Quarter

The Federal Housing Finance Administration reported similar trends in December home price data for properties either financed or owned by Fannie Mae or Freddie Mac.

Home prices rose by a seasonally adjusted rate of 0.80 percent in December as compared to November’s reading. Home prices were 7.70 percent higher for the fourth quarter of 2013 than for the same period in 2012. Adjusted for inflation, this reading indicates an approximate year-over-year increase of 7 percent.

FHFA reported higher readings for 38 states in its fourth quarter 2013 Home Price Index, as compared with 48 states in in the third quarter of 2013.

In order of home price appreciation, the top five states with highest growth in home prices were Nevada, California, Arizona, Oregon and Florida. These calculations were seasonally adjusted and based on home purchases only.

How Can I Get A Cash-Out Refinance Using An FHA Loan?

February 26, 2014 by Jeff Cost Leave a Comment

How Can I Get A Cash-Out Refinance Using An FHA Loan? While homeowners typically equate the FHA loan program with low-down payment mortgages, FHA refinances are also available.

In addition to easy-to-source rate-and-term and streamline refinances that replace an existing FHA mortgage with a better one, the FHA even offers cash-out refinance loans.

A cash-out FHA loan refinance allows the borrower to take out up to 85 percent of the value of his property. In today’s market, the ability to pull out 85 percent of a home’s equity is attractive, but not as generous as a 96.5 percent FHA purchase mortgage.

Nevertheless, while the borrower doesn’t get the high leverage of a regular FHA mortgage, he still gets many of its other benefits.

FHA Refinance Requirements

FHA cash-out refinances don’t impose limitations on how borrowers use the cash they take out. In addition, they also don’t require the applicant to have stellar credit.

It’s possible that someone could qualify with a credit score in the 500s. What they don’t need is an existing FHA mortgage — FHA cash-out loans are available even when a borrower is coming from a conventional mortgage.

100% And Beyond

It is also possible to borrow more than 100 percent of your home’s value through the FHA 203(k) program. 203(k) loans have one catch, though. Borrowers have to spend the money on their home.

203(k) loans are sometimes referred to as rehabilitation loans. Based on the assumption that the repairs or renovations performed with the money will raise the home’s value, the FHA lets borrowers take out extra money to pay for them.

Applying for a 203(k) loan isn’t always easy, but it can provide extra money for repairs. If a borrower thinks of an FHA loan as only being a tool to buy a house, he is missing out on some of the FHA program’s biggest benefits.

For many people, it is also the best cash-out refinance program available, whether in its traditional or in its 203(k) guise.

How To Make Your Home Look More Luxurious On A Budget

Case Shiller Price Index Shows That It’s A Buyers Market

How Can I Get A Cash-Out Refinance Using An FHA Loan?

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