Improve Any Space With These Interior Design Tips For Rented Homes

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Are you searching for creative ways to make your home look better through interior design? Do you lack the knowledge to help you make those changes? If so, continue reading because the article below will present you many ways that are simple and will give your home that nice new look.

When choosing colors for your interior design, avoid going with fads. Olive green walls may have been popular once upon a time, but it can make your home look dated. Go for neutral colors that can withstand the test of time. That way, you would not feel like you have to repaint every year.

It is ideal that most pieces of artwork are placed at the eye level of those occupying a room. If you hang it in the wrong place it can make your room seem unbalanced.

Use slipcovers. If you have old sofas and couches that you are getting bored with, think about simply buying a slipcover to cover them with. Slipcovers come in all designs and colors, so you are sure to find one that suits the decor in your home. Make sure to wash the slipcover regularly.

When you are getting ready to paint a room, paint just a portion of a wall first, and wait a few days before you decide. You can avoid the hassle and added cost of re-painting a poor color choice by seeing how you feel about it after a couple of days.

As you can see from the above article, you don't have to be someone with a lot of creativity in order to make your home stand out. Interior design is rather simple when you have a few good tips to follow. Incorporate the information you learned today and use it in your own home to give yourself an exciting new place to live.

Things You Should Know Before You Buy

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Buying real estate can be confusing and time consuming. It is often hard to know which factors are important when looking at a property and it can be difficult to get a good deal on the purchase price. This article contains some helpful tips to make buying real estate less stressful.

Make sure you seek out and hire a reputable and professional real estate agent before buying or selling real estate. An agent can make all the difference in the smoothness of the transaction you have. Their expertise can be invaluable in making smart decisions during the entire process.

Investing in real estate in this market can still make you money. With prices well below the cost to replace the building it has shifted to a buy & hold strategy rather than the fast flipping of previous years. But there are some fantastic bargains available now from their peak prices of 2006.

Considering hiring an agent to guide you whether you are buying or selling. Going it alone when buying or selling a house is possible, but difficult. A good agent will help you find the right house or the right buyer. Agents will also handle the overwhelming paperwork that comes with real estate transactions.

First-time home buyers should consider not only the home they're looking at, but also the neighborhood. What are the schools in your new neighborhood like? How convenient are shopping and entertainment sites? Questions like this are important to ask so you can establish or maintain a lifestyle that works for you.

As described at the beginning of this article, buying real estate can be draining. Hopefully the tips presented above will increase your knowledge of the real estate market and help make your search for the perfect property easier, while also enabling you to acquire your chosen property for a reasonable price.

A List Of Expert Tips For Buying Real Estate

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 Buying real estate can be a wise investment. There are many things, however, you need to consider before and during the buying process. Do not jump-in-over-your-head and regret your decision! This article can help you with some of the items that need to be considered. Read on. If you're considering buying a house in a new neighborhood, don't just take the real estate agent's description of the area. Find out about crime levels from the local police department, pick up the local newspaper and visit the local grocery store. You can find out a lot about the local area by doing these three things. When making an offer to purchase a home, consider offering more "bottom line" money but ask the buyer to pay some of your fees or add in an insurance contract. This is because your offer sounds higher to the seller so they will be more likely to accept it; however, you still save money. If you are not in any hurry to buy a home, check the paper for homes that are listed to go up for auction. One homeowner's loss may be your gain. You can get a home for far less than market price by going through the home auction process. Chose a real estate agent that is dedicated to working for you. A good Realtor should be available before, during and after a sale. Ask the Realtor for references before making a decision. This person will be your eyes and ears in this process so make sure they are someone you can trust to stick with you. As was stated earlier, buying real estate can be a wise investment. Using good judgment when buying, this is no doubt a big investment. Avoid getting caught up in the moment! Use the information in this article to help you make the right choice.

Solid Guide When It Comes To Interior Design For Rented House

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Are you looking to brighten up a dull room and searching for interior design tips? One great way to help you liven up a room is by painting and giving it a whole new look. The following article will give some helpful information on ways you can go about adding color through paint to help turn a dull room into one that pops. If you have children, you should take them into consideration before planning your interior-design project. For example, you will probably want to stay away from furniture pieces that have extremely sharp corners, as your children can easily harm themselves on them. It would be a waste if you were to purchase's pieces that end up breaking or causing harm to your children. Set a budget for your interior-design project before you start any work. Costs for home-improvement projects can quickly spiral out of control if you don't set a spending limit. While you can be a little flexible, you shouldn't spend more than you can afford. Having a budget can help you be more creative as well. Anyone who is designing a room in their house would be wise to incorporate hang art on the walls. Artwork does a great job of making your room look complete. Just make sure you choose a piece or two that meshes with the current decor of the room you are designing. You will get the right effect by hanging artwork at eye level. Hanging a piece of art too high or too low throws the balance of your room and can even make the room look smaller and more disorganized. Now that you read the article from above, it is very simple to turn an ordinary room into a room that dazzles by adding some color through painting. Stick to the tips presented in this article to help give you some solutions to turning that boring room into a room that nice and relaxing.

Great Resource When It Comes To Interior Design For Rented House

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The economy is starting to pick up more and more, so a lot more people are becoming interested in designing the interior of their homes. If you want to help your home look good, and help the economy get back on its feat then invest time and money into fixing the interior of your home.

Start with a fresh coat of paint. Paint is inexpensive and can make a big change to a room in just a few hours. Go to your local home store and get swatches. Then, come home and imagine what each swatch would look like, and how it would blend with the furniture and other rooms in your home. Choose one and see how different your room looks!

Make creative use of pillows and rugs. These are inexpensive and can change the attitude of a room very quickly. Play with different textures, colors, and prints to see what suits you best. The best thing about pillows and rugs is that you can move them to another room when you want a different look.

Look for innovative ways to add storage and organization to your home. You can use decorative baskets to organize papers and things that tend to invade every room of the house. It is difficult to relax in a home that is disorderly. A well-organized home will give you a sense of peace when you relax after a hard day.

With all that you learned you can help your home look beautiful. Go ahead and see if you have a natural feel for what it's like to design the interior of a home. Remember you do not have to do it all at once, you can work little by little as the year goes on and make a significant change to your home as time progresses.

Earning Wealth in Real Estate

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The real estate market is frequently at the center of national economic news. Mostly it’s about whether or not homeowner values are increasing or decreasing but there is plenty written about real estate investing. When it comes to taking the step up from personal residence investing to more diversified real estate investing, it can be a frightening proposition for many. It can also be more responsibility than many people want to take on. Before any beginner invests in real estate, he or she needs to first understand the many options available. Especially the low risk options without direct ownership responsibilities.

Low Risk, No Ownership Real Estate Investing

Earn wealth in real estate without owning anything. This is something many beginning (and experienced) investors don’t understand how to accomplish. There are multiple ways you can create wealth in real estate without the hassles of ownership. A few ways of building wealth in real estate include:

• Lease options
• Assigning contracts
• Government tax liens
• Buying deeply discounted mortgages

The goal here is controlling valuable contracts without the liabilities and hassles of ownership. No plugged toilets in the middle of the night or broken hot water tanks on Christmas Day.

Think Low Risk Wealth in Real Estate Producing wealth in real estate is much lower risk when you control the paperwork without out right owning it. A lease option can be walked away from for very little cost if the deal falls through. Assigning contracts is a form of wholesaling. You put the house under contract with the provision that you can walk away if you don’t find an end buyer. If you don’t execute the contract, you never have ownership of the property.

Tax liens pay a high interest rate if the owner redeems the home. Or you may become the owner for dimes on the dollar if the owner fails to bring the property taxes or other government lien current. Private investors buying mortgages has recently become a popular way of earning wealth in real estate. You finance someone else’s real estate purchase with the property as security for the loan. You don’t have any of the hassles of a landlord. The buyer is fully responsible for the property while you collect interest on the loan of 12% or more.

Earn Wealth in Real Estate by Investing Other People’s Money

Another great strategy to wealth in real estate is using other people’s money to control properties. In this scenario, you are more likely to become a landlord and have more hassles but for that trouble, you eventually own the real estate, creating long term wealth in real estate.

Despite the drop in home prices during the past recession, historically real estate prices have always gone up. When you factor in government subsidies, expense deductions, and cash flow, real estate is one of the fastest roads to wealth. There are many investors out there that will loan you the money to buy property. You put your credit rating at risk but their money, not yours. You’ll pay interest for the loan but over time, you take full ownership of the property.

Home Design Helpful Hints And Advice for your rented homes

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Interior design isn't hard and doesn't require years of professional expertise in order to help you design your home. Simple steps and ideas can already have you thinking and acting like a pro. The article below focuses on some of the great ways that you can use interior design to your home's advantage!

If you have children, you should take them into consideration before planning your interior-design project. For example, you will probably want to stay away from furniture pieces that have extremely sharp corners, as your children can easily harm themselves on them. It would be a waste if you were to purchase's pieces that end up breaking or causing harm to your children.

Think of the function of a room when you are designing it. If you are decorating your child's bedroom, you may consider using lively and bold colors to match their personality. But those colors will not work if the room is a library.

One of the easiest steps in interior design involves painting a room. Paint gives a room a fresh look, and it can completely change the feeling in the space. Paint allows you to put a dash of your individual style in the space, and it is an inexpensive way to begin redesigning your home.

Consider adding some artwork to your room. A nice piece of art can really make a room look "finished." Make sure you choose a piece of art work that goes with the colors and feel of the room. You don't want it to compete with other things in te room for attention.

Your personality deserves a home that is unique to your needs and desires; this is where interior design can help! The article above has hopefully cast light on this subject for you and has given you insight to all of the great ways you can achieve the perfect design for your home.

Useful Real Estate Selling Techniques For You

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So you want to sell your house fast, but not much is selling in your area. How can you accomplish a seemingly impossible task? Though selling in a today's market is challenging, there are things that you can do to get your home at the top of most people's lists. Time and time again experts will recommend the same tips. Let's highlight a few of them.

Helping a buyer with financing will help you make the sale. There are many painless ways a seller can assist someone who may not readily qualify for a mortgage; you might offer a lease-to-own option, pay for points to reduce interest rates or even foot the bill for closing costs. This could really shrink the time your home spends on the market.

Make your Open House appealing to potential buyers by baking a batch of cookies. The olfactory senses of your buyers will be pleased, and your home will instantly feel more appealing. Fresh flowers can have the same appeal. Be cautious when using strong air fresheners however, as over scented houses can turn a buyer off.

To find the best agent to sell your real estate you should never list with the one who is suggesting a a much higher price than the other agents you are interviewing. In many cases it simply points out that they are unfamiliar with your market or just trying to get the listing and have you reduce the price later.

Your goal is to sell your home, and sell it fast. Today's market makes that challenging, but it doesn't have to be impossible, if you apply some sensible advice. In this article we have discussed some proven tips that can help you get the sale you want, for the price you deserve. Follow them and you just might see that sold sign go up quicker than you would have believed possible.

Home Mortgage: Tips To Keep You Safe

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Home ownership is the American dream, but obtaining a mortgage loan in the current state of the economy can be difficult. There are multiple home mortgage options, and it is important that you choose the right one. This article contains some valuable tips to help you get a mortgage for the home you finally found.

Start early in preparing yourself for a home loan application. If you seriously thinking of home ownership, then you should have your finances in order. You need to build up savings and reduce your debt. You run the risk of your mortgage getting denied if you don't have everything in order.

Make sure that you do not go over budget and have to pay more than 30% of your total income on your house loan. Paying a lot because you make enough money can make problems occur later on if you were to have any financial problems. Manageable payments leave your budget unscathed.

When you decide to apply for a mortgage, make sure you shop around. Before deciding on the best option for you, get estimates from three different mortgage brokers and banks. Although, interest rates are important, there are other things you should consider also such as closing costs, points and types of loans.

Know what the going interest rate is. This will help you know when to lock in an interest rate. Many mortgage companies offer to lock you into a particular interest rate for a period of 30 to 60 days. If the interest rates increase, you are protected. If they decline you can opt for the new interest rate.

Now that you are armed with the valuable information found in this article, you have a better chance of getting the financing you need. Your best option may be a short term loan that you can convert later, or a 30 year mortgage. Follow the advice in this article to find the loan that works best for you.

Easy Ways To Improve Your House

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Home improvement can be great for the do-it-yourself homeowner, or the homeowner who likes to hire a professional to take on the project. Either way, you can't go wrong with making repairs and doing some upgrading as long as you follow these tips and advice on how to avoid pitfalls and make the best decisions possible.

Wires and cords can be a safety hazard and unsightly. When doing home improvements, consider adding your home surround sound and networking wires into your attic. If everything is ready to go and wired for these amenities, you will be able to use this as a selling point for your home later.

Make sure you have weather stripping around all of your doors and windows. This helps you with multiple problems. It keeps air from leaking out keeping your house cooler or warmer when you're running your A/C or heat. It can also keep little critters from finding their way in. It's also good if you're in an area that floods a lot, to keep water from seeping in.

To repair a larger hole in your walls, use sheet rock. First make the hole into a uniform square or rectangle by cutting away a measured area. Doing this will make the hole bigger, but will allow you to get exact dimensions for repair. Then cut a piece of sheet rock that is the same size as the square or rectangle you just cut from the wall. Place the newly cut piece of sheet rock in the hole and secure in place with drywall nails. Then apply joint compound to the seams. Cover the seams with joint tape, then apply another layer of joint compound and smooth it out. When dry, paint over it with any color.

Whether you are improving your own personal residence or an investment property that you will use for resale or renting, the tips we have discussed in this article will set you well on your way to higher property values as well as hassle free and financially responsible remodeling projects.

Making Your Home A Better Place To Live

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You may be mistakenly under the impression that you can't do any home improvements yourself. There are certain things that anyone, no matter their level of experience, can accomplish. Improving your home has some long term benefits and the following article should give you some great ideas as to how you can do it all yourself.

When planning a home renovation with your contractor, be honest about your budget. While many homeowners fear that they will get ripped off by a contractor if it is known how much money they have to spend, the reality is that being honest will get you better results. The contractor is free to budget for better work and higher-quality materials if they know your true cost ceiling.

If you are thinking about home improvement, consider which part of your house needs the work first. You may find that working on a single room is much easier to manage in terms of funds and scheduling. Plan your remodeling ahead of time and watch out for bargains that can save you a bundle. Planning ahead always helps you anticipate issues and save money.

When it comes to home improvement, be sure that you are not causing your home to awkwardly stand out from the rest of the neighborhood. This will ensure you will be able to resell it and also, that you will not receive scorn from your neighbors. Be creative, but try to lean toward conservative with colors. With additions, keep your the total size of your home somewhat near that of your neighbors.

Use shelf brackets to silence your squeaky stairs. Metal shelf brackets can have a multitude of uses. One use is to attach them underneath stairs to stop them from squeaking. Use a drill to quickly screw them into place. Be careful not to allow the screws to protrude through the steps!

As mentioned before lots of projects are accessible, even to newbies. Now that you've read this article, you should be confident enough to start your first project. Seeing your own work is sure to make you feel good about yourself.

The "How To's" Of Home Improvement Today

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Home improvement projects are the perfect way to help you update your home and customize your living environment to showcase your unique style. No matter what you plan to work on, this article can help you get started by providing you with quick and easy tips to change your home.

Adding insulation to your walls, crawl spaces and attics isn't something that a lot of people think about when it comes to improving your home, but they should. Adding insulation is a great way to make your home cooler in the summer, warmer in the winter, and more sound proof.

Age your new wall paneling a few days before installing it. New paneling is typically stored at the warehouse in large tightly compressed piles. When the individual pieces are removed from those piles and exposed to room humidity they sometimes shrink. Providing an aging period of a few days in your home will keep you from suffering the consequences of the shrinkage.

To see a return on your home improvement project, consider converting existing space into a new living environment for your family. Making an attic into a bedroom or finishing off your basement will earn you extra money when reselling your home because you are utilizing something that is already available to create a desirable feature.

Before you begin your next home improvement project, make sure to secure any permits that you might need. Anything dealing with electricity, plumbing or structural work will require a permit. If you aren't sure how to get the proper paperwork, it may be helpful to hire a general contractor to assist you.

Home improvement work does not have to be difficult. By following the advice we provided above, we hope that you will find it easy to begin working on any number of projects around your house. You'll be amazed at the results you can achieve, once you get started!

Home Improvement: What You Need To Know And What You Need To Know More

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If you have a growing family or just want more space for your family, try tackling a few home improvement projects. The things you can do to improve your home are literally limitless. Read this article to find out how you could improve your home.

If hiring home improvement professionals, be certain the companies you are considering are legitimate. If you can't get a physical address for a company and can only reach them by phone, they probably aren't all that big of a company. Try to go with companies that have a strong reputation.

Any area in the home that experiences moisture, such as the kitchen or bathroom, should should have water-resistant wall board installed. This water-resistant board is commonly referred to as "green board" by contractors and those in the industry. It can tolerate moisture rich environments, and will resist mold as well as water.

Any home improvement project intense enough to involve opening a house's walls should include some new wiring for modern electronics. Even though the cutting edge of high-tech has moved on to wireless computer networking, adding integral Ethernet wiring to your home increases network security, offers added convenience and improves resale value.

To save on energy costs, consider adding a series of small fluorescent lighting fixtures under your cabinetry. These lights consume less energy than your overhead light and can cast a glowing light on the counter surface that is ideal for preparing food or illuminating a richly colored counter top or decorative back splash area.

Now that you are armed with a few solid tips to guide you, making a sound decision regarding home improvement should seem less daunting. Remember, quality home improvements to your home will not only allow you to have a more desirable space but will also improve the overall value of your home.

Hourly Pricing vs. Project Pricing

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Where to start is by considering both methods of paying contractors; hourly or by the project. You’ll soon learn there are significant differences.

Paying Hourly: When you pay a contractor hourly, 100% of the responsibility to save money is on you, the investor. If the contractor hustles, you’re going to save money, and that’s what is enticing. Paying hourly requires heavy oversight to make sure the contractor hustles. But, if the contractor doesn’t hustle then you lose money. From experience, you’ll find that an hourly contractor will hustle on the first one or two jobs but the tendency over time is to slow down for job security.

Depending on your state laws, you also run the risk of having the contractor classified as an employee instead or as an independent contractor. Only hire independent contrators. That way you don’t have to be their accountant and responsible for for their taxes, insurance, and other costs and responsibilities that come with having employees.

Paying by the Project: Paying a contractor a set price for a specific scope of work puts the responsibility to make money on the contractor because if he hustles, he makes more money, if he doesn’t hustle, he loses money. For this reason, project pricing is better than hourly pricing. A good gauge of a good contractor is that he prefers being paid based on the project because he knows he’ll make more money then hourly. For example, a contractor once worked all through the night hanging kitchen cabinets on a project (a neighbor called complaining about the noise). The following day he was asked why he worked all night. His response was, “I like money more than sleep.” You can be guaranteed that wouldn’t have happened had he been getting paid hourly. Paying by the project is also a good tool for staying on schedule.

Selecting Contractors

Selecting the right contractors is critical to completing the rehab on schedule with quality craftsmanship at the right price.

Understand Labor and Material: The better you understand the “going rates” for each subcontractor, the better you will be at selecting the right contractors. For example, a recent quote from a painter came in unexpectedly high. You should know that the material should cost approximately $900 and a 2-man crew should be able to complete the job in approximately 30 hours for each painter. If each painter earns $20/hr, labor should cost approximately $1,200. When you take the time to learn how much material and labor costs are for painting, you will have a gauge ($2,100) when reviewing quotes. In this example, the quote from this new contractor was $3,800. After asking him to explain why his price was $3,800 (to make sure your not missing anything), you can determined that you aren’t missing anything and his price quote is simply too high. Find a different paint contractor.

Attention to Detail: You want contractors who are really paying attention to detail, really looking at the big picture, going the extra mile. If you have contractors that go the extra mile then they will stay on your team. If they aren’t a team player and don’t pay attention to detail, you can easily replace them. It’s a competitive market and you should use that to your advantage as the boss.

Proven Track Record: All contractors must first have a proven track record. What does that mean? You don’t want to be the “on-the-job training” program. For example, you don’t want someone learning how to do ceramic tile on our job. You want an established tile contractor on your job that is experienced and good. For that reason, contractors must be highly referenced. Your best contractors should come highly referred to by another respected investor or contractor. And you should offer your own references to others for highly skilled contractors that pay attention to detail. Being totally involved in your rehab projects will make you a lot more money than hiring a general contractor.

Real Estate Investing Success is Knocking at Your Door

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What’s amazing is the mass media and even seasoned professionals claim there is no money to be made in real estate today. There is nothing further from the truth. Real estate has made more millionaires over the years than any other industry. It wasn't always as easy as it is today to make your fortune in real estate but people have been doing it for hundreds of years.

It used to be much more difficult than it is today. Creative financing has come a long way over the past 20 years. It used to be you had to personally guarantee any financing you could find. It was the old story where those that don’t need to borrow money were the only ones that could qualify.

Opportunity Abounds

Not so today! Nonrecourse loans are much easier to obtain. Those are loans that are only secured with the property the money is used to purchase. Also, thanks to the communication power of the internet, banks are no longer the only source for borrowing capital. Today, money is flowing into real estate from private investors. Not just independently wealthy individuals but from every day people wanting a secure investment far away from the loses that have occurred on Wall Street constantly for the past two decades. This includes working people looking for secured investments for their 401k and IRA retirement funds.

If a fear of not being able to find investment capital is holding you back from your success, take a look at this short list of money sources:

• Private Individuals with Retirement Funds to Invest
• Seller Financing
• Wrap Around Mortgages
• Angel Investors
• Hedge Funds
• Venture Capitalists
• Hard Money Lenders
• Real Estate Investment Clubs
• Already Successful Real Estate Investors
• And Many More Sources of Other People’s Money

How to Succeed in Today’s Real Estate Market

There is always big money to be made in real estate. It doesn’t matter if the market is screaming upward, flat lined, or plummeting downward. As with any business, success comes to those that uncover a problem people are having in the marketplace and providing a solution.

In today’s marketplace, the problem is pretty obvious to most. What’s not obvious is the solution. The problem is a great one for real estate investors. There are still distressed properties on the market presenting investment opportunities. Maximizing the opportunity is that there are few bank-qualified buyers in the marketplace. Even the few want-to-be buyers in the marketplace can’t obtain a traditional loan from banks and don’t know how to find other people’s money.

Distressed properties minus qualified buyers, plus your knowledge for finding other people’s money is the magic formula to you making a fortune in today’s real estate market.

I can’t provide references for private money to every reader. The secret is for you to scour the internet for private sources of money. But believe me, ambitious people are making money in today’s rising real estate market.

Overview of the Math

When you are able to bring 4 or 5 properties for flipping into the pipeline each month. Each of those properties will bring you between $25,000 and $30,000 in profits. Take a look at the conservative math of how much there is for you to earn starting right now.

4 properties X $25,000 X 12 months = $1.2 million

Is there work involved? You bet there is. This is a get rich system but it’s not a get rich quick scam. You do need to build a system and network of financial sources and a network of birddogs finding deals for you. It takes time and it takes work but it is a proven road to financial freedom.

Simple Ideas For Success At Your Next Home Improvement Project

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If you are not a professional home improvement worker, there is always information that will help you complete your jobs. If you lack some knowledge, the improvement could turn into a catastrophe. This article will provide you with information that will help you defeat what used to be challenging home improvement ventures.

Removing dated wallpaper is a home improvement that can completely transform the interior of your house. If you have money to spend, the best way to remove wallpaper would be to buy a commercial stream wallpaper stripper. If, however, you are on a limited budget, fill a spray bottle with a mixture of hot water and fabric softener and completely saturate the wallpaper. Leave the wallpaper for a few minutes then carefully peel off with a putty knife.

Seriously reconsider adding a swimming pool to your backyard. A pool can be an enjoyable addition to a home. What some people fail to realize is that they are also very expensive. Not only are there the initial costs to consider, there is also the cost of regular upkeep. Make sure you have the money and time required, to keep your pool area from falling into disrepair, before you spend the money on it.

If you are suffering the wrath of owning a small bedroom, you can create an optical illusion making it seem larger than it is. Repainting your room in light green or blue can create a feeling of more "space". You can also incorporate colors such as off white or beige, but they won't feel as comfortable or warm as the other colors would.

As was said earlier in the article, home improvement can turn into a great catastrophe if you do not have the knowledge necessary for some of the jobs. Now that you have the knowledge, apply it to your specific needs of home improvement. Don't let setbacks get you down, trudge through and the practice will make you better.

Encouraging Boomerang Kids to Move Out

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In the not so distant past, it was expected that kids would leave home after college, and most of us were anxious to do so. Nowadays things are often quite different, and many parents find themselves looking after adult children with little idea of when they will fly the nest.

An article in aol.com points out that a significant number of young adults are now choosing to return home, and recent research by Gallup shows 14% of young adults aged 24 to 34 years old have moved back in with their parents. During the first quarter of this year the homeownership rates for those aged below 35 was 36.2% compared with a historical high of 43.1% at the end of 2005. These figures are attributed to the high cost of living, college debt and a weak job market.

While some parents may welcome their adult children back into the nest there are plenty of others who would like to have their homes back to themselves. The article goes on to highlight several points that could encourage children to fly the nest. The first is pretty unsurprising and that is to charge rent if you’re not already doing so. This helps to give boomerang kids a bit of a reality check and could be enough to force them to seek out alternative accommodation, as if they are being forced to pay rent they might as well do it as an independent adult. Another idea is to collect monthly payments that are equivalent to local rents for the next six months. The money is returned to them at the end of this time when they leave home.

This helps encourage them to budget properly and give them a helping hand on setting up their own. It can also help to enforce house rules such as no guests after 10 PM and no loud music or parties. Most young adults will soon baulk at these strict rules and want to gain more independence through living in their own place. Some parents may find it helpful to set a deadline for the amount of time children are able to live with them. Once this deadline is set it’s important to stick to it, as after all most parents didn’t bargain on having their kids living with them for more than the first 20 years or so. Boomerang kids may also need a bit of help in setting up their new home and in organizing and buying all the things they’ll need. Parents can help by making a list of everything that is essential plus everything that might be nice to have a little later down the line.

Avoid The Pitfalls Of Buying A Fixer Upper

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If you are looking at buying real estate, now is an excellent time. There are a lot of properties available and prices are at an all time low. Read on for some great tips on how you can get a great deal and a great home for your money.

Have a professional appraisal and home inspection done before even considering purchasing a piece of real estate. If their is a home on the land, you will want to know about any problems or defects in the house ahead of time. This can save you lots of money and headaches down the road.

If you are purchasing a rental property with tenants, check their lease length and history. It is not unheard of for a person desperate to unload a property to find or hire short term renters to entice a buyer. Once the home is sold, you could be left scrambling to find new tenants.

Spend some time shopping for your home before you contact a realtor. If you have an idea of exactly what you are looking for and the correct price range, two to three times your yearly gross, it makes the job for your realtor much easier. Your realtor can then target specific homes that will make it on your short list.

If you are a first-time homebuyer, don't make the mistake of buying the first house that you like. You need to view at least three other houses that are comparable in value, before making a decision. Too often, people get caught up in the mere idea of buying a house, not realizing that there may be something better out there.

You don't have to be a wealthy real estate investor to get a great buy in real estate and take advantage of these historically low prices. You just need a little bit of advice and tips on buying in general. The tips in this article should give you at least a great start.

Home Improvement: Make Your Home More Valuable With These Easy Tips

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Many home-improvement jobs can be done without the help of a professional. Many self-help books are available that you can use to learn exactly what techniques and equipment you need for any job. If you follow the directions, you should be able to get the job done right the first time.

Many tenants who are renting an apartment or home are in a pickle when landlords don't allow tenants to paint the walls in a different color or take off the wallpaper that doesn't suit their tastes. A great way to get around this is by purchasing flat bed sheets (the unfitted kind) and tacking them in a pleasing design on the wall. This will not harm the underlying wallpaper or paint and can add a touch of personality that won't displease the landlord.

Protect yourself when you change the blades in your utility knife. While changing the blade, wrap tape around the old blade before tossing it in the trash. By doing this, the sharp edges of the blade will be covered. When taking out the trash, or packing down the trash, the sharp edges will not be able to hurt anyone with the tape wrapped around them.

In order to save money on air conditioning costs during the summer, try installing ceiling fans. Ceiling fans recirculate air within a room, cooling it down without the need for turning on a central air system. They are relatively easy to install and can be installed in place of your lighting fixture.

Doing the home improvements yourself can give you a lot of pride and joy. The money that you can save from doing the improvements on your own could be used somewhere else or to do more improvements in the future. Following the directions in the books will make the work quick, easy and rewarding.

Selling Real Estate Does Not Have To Be Difficult

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A great way to ensure that your next real estate venture is a success is to make sure you work up an overview of the entire process. Selling isn't always easy, so using the tips listed in this article to give you an edge and to construct a plan from is a great way to achieve in the real estate market.

When you are getting ready to sell your home and your agent is coming over to take pictures think of what potential buyers will see. Some people will be turned off by pictures if you have a lot of clutter or mess. Clean the house really well and make sure things are put away.

All pertinent information about a home you are selling should be kept well-organized and easily available. Create a list of all the contractors who have worked on the house and all the work they've completed. This allows prospective buyers to appreciate the fact that you took an active role in the upkeep of your home.

When you are selling and buying a home at the same time, make sure that you have the closing on the property you are selling first. In this market, you really never know when a sale will fall through, and it is better to lose your deposit than to carry two mortgages for an indefinite amount of time.

One tip to keep in mind when it comes to real estate is to not wait too long to put your house on the market. This is important because while many people wait until the warm season to buy and move, it doesn't mean that people aren't searching for houses in late winter and early spring. Get your house on the market, and get it out there early.

Remember that you need a plan, even if you're only selling a single home. In order to formulate the best possible plan for your selling venture, you need the best possible advice. Pay attention to the real estate advice given in this article and you can sell your property without any problems.

Get All Your Home Buying Questions Answered

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With the high prices of real estate today, you may become discouraged as a buyer. Don't give up on finding a great property, though. If you need to find the right property to purchase for you and/or your family, this article will shine a light on some great tips you can use as a real estate buyer in any market.

When looking to purchase a home, do not hire an appraiser who was recommended to you by your agent. Due to a conflict of interest, the appraiser may not be the best person for the job. Instead, find someone with several years of experience and who is state-licensed.

If you have kids and are looking at buying a house, try to include your children during the search process. So much of their life will be changing with the move and by including them in the search you will make the transition a little bit easier. They will feel like they can have some sort of input in the change.

Your debt, credit history, the type of mortgage you choose and the current interest rates will all play an important role when you go to apply for a mortgage. These will all determine, along with your income and cash on hand, the amount of money that a lender will give you to purchase a home.

Look at your families needs when considering the floor plans of potential new homes. If you have elderly relatives living with you, a 2-story house may not be the best choice. Likewise, privacy concerns may send you towards a home with bedrooms on separate floors for different members of the family. Think about how your life will flow when making a decision.

Yes, the prices are still very high on a lot of properties out there, and purchasing real estate can still be quite risky. By reading this article, however, you have taken your first real steps to becoming well informed and ultimately making the best purchasing decision for you and your loved ones.

Real Estate Selling Tips Anyone Can Use

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A lot of us become emotionally attached to our properties in one form or another. Whether it's a property we've called home for years or one in which we are invested, emotions can easily keep you from making a big profit and moving the home quickly. Read these tips and find out how you can act as a professional and move that real estate.

Give your home the best possible curb appeal when selling, by making sure that the lawn is watered and mowed, excess items are not left outside, and putting a couple of potted flowering plants by the front door. The clean cut appearance will help attract buyers to your home.

You should challenge your real estate tax bill because most municipalities wind up changing the value once they see your evidence. Because the appraiser is trying to value everything based on one set of standards for the entire area, his data is not as specific as what you can show for recent sales near your property.

If you are trying to update your home for sell, don't forget about the front door. This is one of the first areas that people see when they are considering buying your home. Updating the doors and surrounding windows can make a significant change to the look of the home making it more attractive to prospective buyers.

Knowing a bit about the features of a property can help know how much to sell or offer for a home for. Things like swimming pools, two-car garages, single car detached garages or attached garages can make a difference in the value of the home. They can either increase or decrease the value of the property depending on where the home is.

Not everyone is going to have the same level of success in the real estate market, but there is no reason that you shouldn't be able to sell a home in any market. Just follow the tips we provided here and your home will sell quickly and for top dollar.

Participants with mental illness, addictions thrive after being given apartments: five-year national study Social housing study shows financial, life benefits

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A five-year study that housed people with mental illness and drug addictions in apartments scattered throughout Vancouver found most participants stabilized their lives and coexisted peacefully with their neighbours.

The findings mean residents should not be afraid of social housing mixed into neighbourhoods throughout the city, concluded the Mental Health Commission of Canada’s final report into the Vancouver At Home/Chez Soi research project.

“Historically, projects in Vancouver that have tried to house people who were formerly homeless or experiencing mental illnesses in neighbourhoods outside of the Downtown Eastside have met opposition and sentiments of ‘not in my backyard’,” says the report, to be released today.

“That has not been the case for (Vancouver At Home) participants, who have successfully joined neighbourhoods scattered throughout the City of Vancouver.”

Indeed, just last year, Yaletown residents used social media to fight a winter homeless shelter in their neighbourhood and a group of Abbotsford business owners protested the creation of 20 housing units for homeless men because the building could scare away customers.

At Home study participants chose to live in apartments outside the Downtown Eastside, and acceptance from landlords and other tenants was “a hugely powerful part” of their transformation, said SFU health sciences Prof. Julian Somers, the Vancouver study’s lead investigator.

“I think people now understand to a greater degree that housing preference matters,” he said. “Regardless of the state of your mental health or your economics, within reason being able to exercise choice is pretty important to thrive in life.”

The final report into the Vancouver portion of the national Mental Health Commission of Canada (MHCC) study was provided early to The Sun.

The local arm of the $110-million federally funded study took 200 chronically homeless people off the street and put them in random apartments all over the city, where participants were living next door to the buildings’ other tenants.

The research project, which concluded a year ago, found those given homes, compared to a control group of 200 homeless people who were not given housing, had more stable living conditions, committed fewer crimes and relied less on social services.

The final results of the study — which was held in five Canadian cities — were released by MHCC in April, and found that paying for housing and support services for high-needs, homeless people cost nearly the same as leaving them on the street to rotate through shelters, emergency rooms and jails.

The price breakdown in Vancouver was similar: it cost, on average, $28,282 annually to provide housing and support to high-needs participants living in the scattered apartments; as a result, their lives stabilized and they used, on average, $24,190 less per year in social services, the MHCC report said.

That means that for every $10 invested in providing this “housing first” model of support, there was an average savings of $8.55 in avoided use of social services.

For the difference of $1.45, the participant went from living a chaotic life on the street, to living inside and starting to address challenges such as mental illness, addictions, terrible health, poverty and poor quality of life.

“It’s more possible than we thought to support rehousing and recovery for people who have been left out of housing and support for far too long,” said Somers.

“And their success stories can be remarkable, and surprising.”

Those in the high-needs group who were housed relied on emergency rooms “significantly” less and had far fewer criminal convictions compared to their years before entering the study.

They reduced their use of drop-in centres, ambulances and food banks, although more research is required to determine why in some categories use by the unhoused group also fell.

A portion of the 500 Vancouver participants were classified as moderate needs, and the financial and social results for them were not as black-and-white.

For example, intervention costs to provide services to the moderate needs group were, on average, $15,952 per year in Vancouver. But, instead of costing the health and social welfare system less once they were housed (such as the high needs group did), this less-marginalized group actually cost the system $2,667 more each year because their increased use of some services (community health centres and hospital medical units) were not offset by their reduction of use of other services.

Somers, though, argued the moderate needs folks would have cost the system more while living on the street (and, therefore, offset the study intervention costs) if there were more services available — such as drug treatment and mental health services — that they desperately need.

He also insisted this outcome does not mean this model doesn’t work for moderate-needs homeless people — only that intervention early can stop them from becoming a high-needs person, which ultimately costs the system more in crisis response.

“Just because it is cheaper (to leave moderate needs people on the street) than housing them, doesn’t some how lead to the inference that that is acceptable,” he said.

The 300 Vancouver study participants who were given homes are no longer receiving the same social services — and in some cases not living in the same housing — as they did during the study, although most are receiving some form of support.

The MHCC study increased the talk in Canada about the Housing First model — giving a chronically homeless person a place to live first, and then addressing other obstacles such as addictions and mental health.

The federal government pledged in 2013 to spend $600 million over the next five years on Housing First initiatives, because of the findings of the At Home study.

In a speech in Surrey Wednesday, federal secretary of state for social development, Candice Bergen, said $41 million of that money will be allocated to Metro Vancouver and implied it would be invested in neighbourhoods outside the Downtown Eastside.

“The Downtown Eastside is where many of the region’s homeless are found. It is an eye-opening experience to see their conditions firsthand,” Bergen said.

“That’s why our government has placed such an important priority on addressing the issue of homelessness through ... Housing First.”

Somers applauded Ottawa’s move, but said other governments and agencies need to do more.

“There is definitely a movement in the support for Housing First, we are moving in the right direction, but we are not there yet,” he said.

The Downtown Eastside is crammed full of service agencies because it is the last chance for people to rent a room near the welfare rate of $375. Ten years before the study started, Somers said, most participants lived in other neighbourhoods but gravitated to the DTES when their situations deteriorated.

The study’s final report found Vancouver’s homeless population, compared to the rest of Canada, was unique for its “geographic concentration” in the Downtown Eastside.

“The housing options available for people in these circumstances are limited and often of poor quality, which contributes to worsening health conditions and social exclusion,” the MHCC report says.

“Alongside the SROs, a high concentration of drop-in centres, community health clinics, outreach support services, and emergency shelters can be found in the DTES, which comprise a substantial proportion of usual care services for people experiencing homelessness and mental illnesses in Vancouver.”

The MHCC report says its research provides new evidence in the ongoing debate about how best to service Vancouver’s sizable homeless population.

“While service agencies and institutions have struggled to overcome differences of organizational cultures, mandates, and styles of work, the (Vancouver At Home) study has encouraged diverse stakeholder groups to come together and establish a common framework.”

Starting Saturday, The Vancouver Sun launches a four-day series that, for the first time in recent history, tallies the organizations providing services to the Downtown Eastside, as well as the annual costs in the neighbourhood.

The newspaper spoke to many experts about whether these services need to be scattered, in central hubs, to other neighbourhoods throughout the city to better serve our most vulnerable residents.

Home Improvement Tips That Are Easy To Try Out

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With regards to your living space, it is important that it looks good and is very comfortable. In order to make the necessary improvements, you have to be well versed in home improvement. This article should help you learn some tips on ways to improve your house.

Improving the air quality inside your home can be an invaluable home improvement for both your health and the resale value of your house. The first step would be to replace any old carpets or have them professionally cleaned, as they could be hiding contaminants, allergens and unpleasant odors. Secondly, if your budget allows, install an energy efficient air conditioning system.

Changing a tire can be problematic if you don't happen to be a very strong person. Loosening the lug nuts, in particular, can take more strength than many of us have. Use a cheater bar! A yard long piece of pipe that is just big enough to fit over the end of your lug wrench will give you that extra leverage to get the job done.

An easy and cost effective way to spruce up your home is by painting the interior. To estimate the amount of paint you need, you have to calculate the square footage of the walls. Simply multiply the length of the wall by its height. One gallon of paint will cover approximately 350 square feet. Bear in mind that you may need two coats of paint, depending on what color you are painting over.

Lampshades with no design or color are dreary and boring. You can use a few stencils and a little paint to liven them up. This also adds personality to your entire room, and avoids the tedium of an ugly lamp.

Refer to this article before starting your next project. Write out a plan, get your equipment and supplies, and get started. Enjoy yourself as you work on your project.

Canada's house prices continue to slow, demand remains strong

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The Canadian house price rises continue to subside, amidst the government’s continuous implementation of several rounds of housing market cooling measures.

House prices in the country´s eleven major cities rose by just 2.68% during the year to end-Q3 2013, from year-on-year price rises of 1.81% in Q2 2013, 2.6% in Q1 2013, and 3.08% in Q4 2012, based on figures released by the Teranet – National Bank of Canada. When adjusted for inflation, house prices in the country increased by 1.61% over the same period.

On a quarterly basis, nationwide house prices increased by 1.35% (1.06% inflation-adjusted) in Q3 2013.

However, the national figures conceal variations in local house price movements. During the year to November 2013, Calgary recorded the highest annual house price increase of 5.9%, followed by Hamilton (5.2%), Toronto (4.2%), Vancouver (3.9%), and Quebec (3.7%). Modest house price rises were also seen in Edmonton (3%), Winnipeg (2.8%), Ottawa (1.2%), Montreal (0.8%) and Halifax (0.8%). Only Victoria registered a house price fall of 1.4% in November 2013 from a year earlier.

The aggregate composite MLS® house price index rose by 3.52% y-o-y in October 2013, according to the Canadian Real Estate Association (CREA). By property type:

The average price of one-storey single family homes rose by 4.19% y-o-y to October 2013.
The average price of two-storey single family homes increased by 3.88% during the year to October 2013.
The average price of townhouses/row units rose by 3.28% over the same period.
Apartments saw minimal annual price increase of 2.05% in October 2013.

The national average price for homes sold increased to CA$391,820 (US$368,467) in October 2013 from a year ago, according to CREA.
House prices in Canada surged by 49% from Q1 2000 to Q1 2009, mainly due to low interest rates and continuous economic growth. From Q2 2009 to Q4 2012, house prices increased by another 17%, despite efforts by the government to cool the housing market.

Actual home sales posted an 8.3% gain in October 2013 from the same period last year, to a total of 402,299 homes, according to the Canadian Real Estate Association (CREA), led by Greater Vancouver, Calgary, Edmonton, and Greater Toronto.

“While the Finance Minister will no doubt continue to keep a close eye on Canadian housing markets for signs of overheating as interest rates remain low, October sales results may provide him with reassurance that tightened mortgage regulations and lending guidelines are working as intended,” said Gregory Klump, CREA’s Chief Economist.

In mid-2013, the country´s federal housing agency, the Canada Mortgage and Housing Corporation (CMHC) tightened mortgage lending again by limiting guarantees it offers to banks and other lending companies, in an attempt to strengthen its bid to slowdown the housing market.

Canada’s nationwide house prices are expected to increase by another 1.7% in 2014, according to the Canadian Real Estate Association (CREA). In 2013, house prices are expected to rise by 4.8% in Alberta, 3.1% in Ontario, 2.7% in British Columbia and 0.9% in Quebec.

In the third quarter of 2013, the economy registered a higher-than-expected annualized real GDP growth rate of 2.7%, up from 1.6% in the previous quarter, according to Statistics Canada. The country’s economic growth is expected to be 1.6% in 2013, 2.3% in 2014 and 2.6% in 2015, according to the Bank of Canada (BoC).The BoC kept its key interest rate steady at 1% in October 2013, in place since September 2010.
Tighter mortgage lending rules
Canada interest rates

The dear that Canadian housing might be in bubble has been a major concern for the government. In order to ensure a soft landing, tighter mortgage rules take effect on July 9, 2012:

The reduction of maximum amortization from 30 years to 25 years, discouraging buyers from acquiring too much debt; and
Maximum LTV ratio was lowered from 85% to 80%.

As the Canadian Mortgage Trends (CMT) reports, the government will also:

Limit the maximum gross debt service (GDS) to 39%, and the total debt service (TDS) to 44%; and
Ban mortgage insurance on properties over $1 million.

These measures were applauded by Bank of Canada (BoC) Governor Mark Carney as appropriate and timely, a contribution to reducing household indebtedness. The new mortgage rules are expected to tighten mortgage lending, which the country’s low interest rates won’t.
Canada outstanding residential mortgages

The Bank of Canada has maintained its key interest rate at 1% for 14 policy announcements, since implementation in September 2010.

Actual mortgage rates also remain at historic lows, compared to pre-crisis levels of 2008:

The 1-year mortgage rate has fallen to 3.2% in May 2012, from 6.15% in May 2008.
Interest rates on 3-year mortgages have decreased to 3.95% in May 2012, from 6.15% in the previous four years.
The 5-year mortgage rate has fallen to 5.34% in May 2012, from 6.65% four years earlier.

Higher existing home sales in 2012

Sales of existing homes in Canada are expected to increase by 3.4% in 2012, to 472,300 units, according to the Canadian Mortgage and Housing Corporation (CMHC).
Canada home sales

In 2011, rhere was a 2.4% increase in total MLS existing home sales. Leading the increase were Saskatchewan (10.3%) and Alberta (8.1%). Sales of existing homes in Canada peaked in 2007, when 520,511 housing units were sold.
canada housing starts and completions

Housing starts slightly increased in 2011, by 2.1% to 193,950 units, having peaked in 2007 at 228,343 housing units. Meanwhile, completions fell by 6.01% in 2011, to 175,623 units. The average number of housing units completed from 2002 to 2008 was 207,244 units per year.
New house prices up a little

Canada’s new housing price index (NHPI) rose by 2.5% during the year to April 2012, according to Statistics Canada. The metropolitan areas with the highest y-o-y price increases were Toronto and Oshawa (5.9%), Regina (5.6%) and Winnipeg (4.3%).
Stable rental market; lower vacancy rate

Average rents in Canada increased 2.1% during the year to April 2012, according to CMHC. Rents for new and existing two-bedroom apartments rose in all provinces, with rises from 0.9% (Quebec) to as high as 6.6% (Manitoba).
Canada rental vacancy rate

The most expensive rental properties can be found in Alberta, which has average monthly rents of CA$1,055 (US$1,028) for a two-bedroom apartment, followed by British Columbia with CA$1,036 (US$1,010) per month, and Ontario with CA$1,014 (US$988) per month.

Quebec offers the lowest rents for two-bedroom apartments at CA$677 (US$660).

Rental yields in Montreal are really attractive, ranging from 6.30% to 8.19% on small apartments, according to Global Property Guide research of January 2012. The average rental yield in Montreal increased to 7.19%, from its 6.06% average in 2011.

Toronto’s rental yields are lower, ranging from 3.68% to 5.59%. Its average rental yield fell to 4.70%, from an average of 5.71% in 2011.

Due to the country’s improving job market, and the influx of new migrants to major centres, demand for rental apartments has been increasing, causing a decline in the national vacancy rate to 2.3% in April 2012, down from 2.5% from a year earlier, according to CMHC.

Among the provinces, New Brunswick had the highest vacancy rate at 6.2%, followed by Prince Edward Island (4.8%), and Nova Scotia and British Columbia (3.4%). Manitoba had the lowest vacancy rate at 1.2%.
Economic slowdown
Canada gdp growth and inflation rate

In the third quarter of 2013, the economy registered more-than-expected annualized real GDP growth rate of 2.7%, up from 1.6% in Q2 2013 and 2.5% in Q1 2013, and the fastest pace in eight quarters, according to Statistics Canada.

However, the country’s economic growth is expected to slow to 1.6% in 2013 before growing by 2.3% in 2014 and 2.6% in 2015, according to the Bank of Canada (BoC). The Canadian economy expanded by 1.7% in 2012, a slowdown from GDP growth rates of 2.5% in 2011, and 3.4% in 2012, according the BoC.

The nationwide unemployment rate held steady at 6.9% in November 2013 from the past three months but actually unemployment fell from 7.2% in a year earlier, according to Statistics Canada. The Canadian economy created an additional 21,600 jobs in November 2013, though most of the new workers were part-time.

From 2009 to 2012, the average unemployment rate rose to 7.8%, up from an average annual rate of 6.9% from 2000 to 2008, according to the International Monetary Fund (IMF).

In November 2013, the country’s overall inflation rate slowed to 0.7%, below the 1% to 3% target band. In 2012, the nationwide inflation rate stood at 1.5%, from 2.9% in 2011, 1.8% in 2010, 0.3% in 2009, and 2.4% in 2008, according to the IMF.

The BoC kept its key interest rate steady at 1% in October 2013, in place since September 2010.

“We think that interest rates will stay where they are for quite some time,” said Bank of Canada Governor Stephen Poloz. “So issuing a warning that they are almost ready to go up—it’s not the right timing.”

Canada’s New Home Prices See Moderate Gains In December

New home prices in Canada climbed 0.1 percent in December from November, as expected, for an average annual increase in 2013 of 1.8 percent, the slowest since 1999, according to Statistics Canada data released on Thursday.

The monthly advance matched the median forecast in a Reuters poll of analysts and reinforces the view that the country’s housing market is stabilizing after a recent boom.

The closely-watched Toronto-Oshawa region was the top contributor to the monthly advance in the new housing price index with a gain of 0.2 percent in December and of 1.4 percent year-on-year.

Vancouver, another hot market for real estate, saw a 0.1 percent monthly decline in prices and a 1.1 percent decline from a year earlier.

Nationwide, prices rose 1.3 percent in the 12 months to December, down from 1.4 percent in November and the fifth straight month of slowing growth.

Overall, prices were unchanged in 11 metropolitan regions, down in five and up in five.

The Canadian government has intervened in the mortgage market several times since 2008 to cool the sector, and most economists expect a gradual softening rather than a U.S.-style crash.

The new housing price index excludes condominiums, which the government says are a particular cause for concern.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.

Top 10 Tips For Mortgage Borrowers in 2014

The clock is ticking for buyers and homeowners who want to grab a low mortgage rate in 2014. But if you stay on top of your game, keep your finances in order and act quickly, you can still grab attractive mortgage deals.

These 10 mortgage tips can help you with your mortgage decisions in 2014.

1. Document your finances. Lenders will be extra diligent when underwriting home loans in 2014, as new mortgage regulations went into effect in January. The rules put pressure on lenders to verify that borrowers have the ability to repay their loans.

Keep good records of your finances, including bank statements, tax returns, W-2s, investment accounts and any other assets you own. Be ready to explain any unusual deposits to your accounts. Yes, the $500 that Grandma deposited in your account for Christmas could delay your loan closing if you can't prove where the money came from.

2. Lock a rate as soon as you can. Rates will likely climb in 2014 as the Federal Reserve is expected to reduce the pace of the economic stimulus program that has long helped keep rates low. If you are planning to get a mortgage, lock in a rate as soon as you are comfortable with the numbers.

3. Refinance now - if you still can. Many homeowners lost the opportunity to refinance at a lower rate when rates jumped in 2013. But those who are still paying more than 5 percent interest on their home loans might still have an opportunity.

If you think you may be able to save with a refinance, but you are not sure, it doesn't hurt to try. Speak to a loan officer and take a look at the numbers to see if refinancing still makes financial sense for you after you consider how long it will take to break even with the closing costs.

4. Buyers, use your bargaining power. As mortgage rates climbed, lenders lost a big chunk of their refinance business. In 2014, they will turn their attention to homebuyers and will fiercely compete for their business. Buyers should take advantage of bargaining power they gain with that increased competition. Shop around for the best deal and look beyond the interest rate on the loan.

5. Learn your rights as a borrower. Mortgage borrowers will get many new rights as consumers this year when new mortgage rules created by the Consumer Financial Protection Bureau go into effect in 2014. If you run into issues with your mortgage servicer in 2014 or fall behind on your payments, make sure you are aware of your rights and put them to use.

6. Take good care of your credit. It's nearly impossible to get a mortgage without decent credit these days. That will continue to be the case in 2014. If you are planning to get a mortgage, monitor your credit history and score until your loan closes. The best mortgage rates usually go to borrowers with credit scores of 720 or higher. You may still get a mortgage with a score of 680, but lower scores will mean higher rates or higher closing costs.

7. Don't overspend. Lenders don't want to give out loans to borrowers who will have little money left each month after they pay their mortgages and other debt obligations such as credit cards and student loans. If that becomes the case, the lender will tell you that your DTI, or debt-to-income ratio, is too high and you don't qualify for a loan. Try to keep your monthly debt obligations, including your mortgage and property taxes, below 43 percent of your income.

8. Consider alternative mortgage options such as ARMs. Mortgage rates are rising, but there are alternatives to grab a lower rate, depending on your plans.

A homeowner planning to keep a house for seven to 10 years could take advantage of lower mortgage rates by choosing a seven- or 10-year ARM instead of the 30-year traditional fixed-rate mortgage. Rates on adjustable-rate mortgages can be as much as 1 percentage point lower than on fixed-rate loans.

If you are not sure for how long you plan to keep the house, a fixed-rate loan is probably the better choice.

9. Considering an FHA loan? Reconsider. FHA loans have long been popular among first-time homebuyers because they require low down payments and have somewhat less strict underwriting standards than conventional loans. But they come at a price. Mortgage insurance premiums on FHA loans are likely to continue to rise in 2014, and after recent changes, the borrower is now required to pay for mortgage insurance for the life of the loan. Try to qualify for a conventional loan before you apply for an FHA mortgage.

10. Don't panic. Yes, mortgage rates will likely climb in 2014. But don't panic, thinking you have to buy a home now to grab a low rate. If you are shopping for a home, do your best to move quickly, but remember that this is one of the biggest financial decisions of your life. Get your mortgage and buy your home when you feel ready.

Visit Dominion Lending Centres Mortgage Village to consult a mortgage professional.