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Chris Nooney January 22, 2021

Let There Be Light! 3 Easy Ways to Make over a Room by Adding New Light Fixtures

Let There Be Light! 3 Easy Ways to Make over a Room by Adding New Light Fixtures Light is an important design element that can be used to influence your interior decor in a number of ways. In fact, you can experience a major transformative change on the overall style and ambiance of a room by making a few simple lighting changes. Consider how these ideas can help you to improve the look of your space with great results, and think about ways that you can improve your space by making a few changes.

The Addition of Spotlights

If you have fine pieces of artwork, decorative display areas or other features that you want to illustrate with beautiful clarity, the addition of spotlights is a great idea. You can shine light on these special features in your home by installing a single, bright fixture with a focused beam overhead, or you can use track lighting to highlight larger features. In some cases, the design or layout of your room may be sufficient to allow lighting to be placed at eye-level or even below the fixture to shine upward at it.

Background Illumination

While spotlights can shine a focused beam of light on fixtures, you can also use background lighting for ambiance. Consider how you can incorporate background lighting with under-cabinet kitchen lighting, dimmer recessed lighting placed behind a sofa or other features. Generally, these are lights that do not provide direct lighting, and the light may not be the main source of light in the room. It may even have a hint of color to it for a dramatic flair that further establishes ambiance.

Beautiful Lamps

Another idea is to use beautiful or decorative lamps in your room. These may be smaller desk lamps, towering floor lamps or table top lamps. There are lamps available in a wide range of colors, sizes and styles. The lighting from the lamps may influence ambiance and provide functional lighting, but the decorative nature of the lamps themselves can enhance the décor even when the lights are not turned on.

There are many different types of lighting that can influence your home’s décor, and in many cases, it makes sense to incorporate each of these styles of lighting in a single room to enjoy different benefits. You can study your rooms’ layouts and designs today to learn more about how the existing light fixtures influence decor, and you can make a few appropriate changes to enjoy better overall results for your space.

Filed Under: Around The Home Tagged With: Around The Home, Home Maintenance, Upgrades and Renovations

Chris Nooney January 21, 2021

Understanding The Role Of A Mortgage Prepayment Penalty Fee

Understanding The Role Of A Mortgage Prepayment Penalty FeeWhen people take out a home loan, it is important to think carefully about how the home loan works. At first, the majority of the monthly payment is going to go towards interest. For example, it is not unusual for 90 percent of the monthly mortgage payments go toward interest during the first year. Then, during the latter part of the loan, most of the payment is going to go towards paying off the principal.

Therefore, it should come as no surprise that a lot of homeowners are looking for ways to reduce the amount of Interest they pay on a home loan. 

For example, some homeowners consider putting a larger down payment on the home in order to reduce the amount of money they have to pay in the form of interest. Another possibility involves paying off the mortgage early; however, a mortgage prepayment fee may apply. 

What Is A Mortgage Prepayment Fee?

A mortgage prepayment fee is exactly what it sounds like. This is a fee that some homeowners have to pay if they end up paying off their mortgage early. For lenders, they know that a lot of the money they are going to make comes in the form of interest. Therefore, they also understand that if their home loan gets paid off early, they are going to lose a significant amount of money. Therefore, as a way to disincentivize homeowners from paying off their home loan early and posting them interest, they apply a mortgage prepayment fee. 

When Will A Mortgage Prepayment Fee Apply?

Of course, it is also important for homeowners to take a look at the contract carefully and see when a mortgage prepayment fee applies. For example, if homeowners are paying one extra monthly payment per year, then it is highly unlikely that a mortgage prepayment fee is going to apply when the home loan gets paid off early. On the other hand, if a homeowner is looking to pay off an entire home loan in 3 years, then there is a high chance that a prepayment fee is going to apply. In order to avoid this mortgage prepayment fee, every homeowner has to take a look at their contract carefully.

 

Filed Under: Mortgage Tagged With: Mortgage Fees, Mortgage Prepayments, Mortgage Tips

Chris Nooney January 20, 2021

4 Steps to a Smooth Mortgage Refinance at a Rock-Bottom Rate

4 Steps to a Smooth Mortgage Refinance at a Rock-Bottom RateRight now is the best time to look at refinancing your home. Even if your current mortgage is as young as a year old, you might find that a refinance is in your best interest.

Be Sure That A Refinance Makes Sense

With today’s rates, refinancing makes sense for many homeowners, but it might not be the right move for you. Depending upon your mortgage, you may pay a penalty if you prepay early. Also, if you’ve paid heavily into your mortgage, refinancing into a new 20 or 30 year mortgage could cost you money over the long-term. The bottom line is to carefully read through your loan documents or even call your loan company to find out the details of the impact of a refinance.

Consult With A Professional

Once you’ve determined that a refinance makes sense in theory, it’s time to talk with an objective professional, i.e., not your loan rep. Seek out a fiduciary, who has receives no gain whether or not you refinance. Have the professional run the numbers so you can see in black and white where you will stand financially after a refinance.

Compare Rates

If you and your financial professional decide that a refinance is the way to go, now it’s time to compare rates. Even with rates at rock bottom prices right now, you’ll find that you might save even more money just by shopping around. Also, remember that if your credit is excellent, you have more negotiating power. If you have a preference with working with a certain company, ask them to match the interest rate you’ve been offered by a competitor. 

Protect Your Investment

Now that you’ve improved your mortgage situation with a refinance, it’s time to consider what your heirs will be left with when you’re no longer here to provide for them. Make sure that your loved ones can reap the benefit of your savvy financial planning by taking out a life insurance policy. There are many variations on life insurance policies, so by sure to compare and contrast benefits, terms and rates.

As a homeowner, you should always be on the lookout for ways to maximize your investment. Use these refinancing tips to get the most out of your home’s value.

 

Filed Under: Mortgage Tagged With: Mortgage, Mortgage Rates, Refinance

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Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. © 2021 Draper and Kramer Mortgage Corp. All Rights Reserved.
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Christopher James Nooney (NMLS ID # 179371 (www.nmlsconsumeraccess.org) TX:179371) Roger G Ryman Jr. (NMLS ID # 180704 TX:180704) Michele Domenico Zugheri (NMLS ID # 179379 TX:179379) are agents of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. TX: Draper and Kramer Mortgage Corp. NMLS ID 2551.

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