A second mortgage, also called a home equity loan, involves borrowing money against the portion of your home that you own. To put it simply, if you have a $350,000 mortgage on a home you bought for $400,000, you have $50,000 of equity and may be able to use some of it to consolidate debts or finance a project. Here are the pros and cons of doing so.
A common reason for taking out a second mortgage is to consolidate debts with a loan that has a lower interest rate, thus saving money in the long run. In addition, it offers flexible payment arrangements, as you can also negotiate for a longer or shorter amortization period, which is the length of time you have to repay the loan.
The interest rate will be higher than that of your first mortgage. In addition, you need to have enough equity to cover the entirety of the debts you mean to consolidate.
The most serious downside, however, is that paying off credit card debt with a second mortgage means transforming an unsecured debt into a secured debt by putting your home up as collateral. If you fail to make your payments, the bank may be entitled to foreclose on your home.
Before applying for a second mortgage, speak with your financial adviser. If you’re struggling financially, it may also be a good idea to seek debt counseling to assess whether a second mortgage is the best option.
Curved shapes: a 2020 design trend to try
Forget geometric forms and strong lines – 2020 is all about bringing the shapes found in nature into your home. Curves and arcs revitalize interior spaces and rounded shapes lend energy and inspiration. Here’s how to in¬corporate this trend into your home.
Be on the lookout for C-shaped sofas, round dining tables, and chairs with curved backs and arms. In the bedroom, consider updating your bed frame for one that features a circular headboard or placing an oval bench under your window.
This year’s hottest home decorating trend is easy to try. Best of all, it can work in practically any room, regardless of space’s style and features.
3 benefits of opting for a custom-designed pool
Are you thinking about installing an in-ground pool? If so, here are three benefits of opting for a custom-designed model rather one that’s a standard size and shape.
1. A durable product
Custom-designed pools are particularly durable and water-tight. This is because they’re usually built from a single piece of concrete or similar material. These types of pools are constructed in a way that minimizes the risk of cracks and leaks.
2. A perfect fit
3. An eco-friendly option
A custom-designed pool can be environmentally friendly, provided you choose the appropriate building materials, sanitation method, and power source. For example, you can choose a structure made of clay or gravel, a natural filtration system, and a solar-powered water heater.
Additionally, if you opt to install a custom-designed pool, you get a feature that blends seamlessly with the rest of your landscape. Indeed, this type of pool will be uniquely suited to your property.
How to update French doors
French doors are a great way to separate two interior spaces that are visually connected. They’re also ideal for enhancing your view of the outdoors and letting natural light shine into a room. However, they can sometimes look dated. Here are a few ways to give them an upgrade.
Change the look
French doors are typically made of wood. If you’re not a fan of yours, why not paint them? White is a timeless choice, but you can also turn your doors into a focal point by painting them a color that contrasts with the rest of the room. Alternatively, replace the whole setup with doors that each feature one large pane of glass or have a modern steel frame.
Adopt a new style
Finally, if you love the look of French doors but lack the space for them to swing open, consider sliding or folding options.
Landscape redesign: 5 factors to consider
Upgrading your yard can be a major undertaking, and it’s easy to miss a key detail if you’re not careful. Here are five things to consider before you begin.
If your upgrade involves moving large objects into your yard, there needs to be a safe access route. Fences, walls, and trees can make it difficult or impossible for trucks to deliver supplies. Create a plan before the work starts to avoid delays.
If your project involves a significant structural change, you may need to obtain a permit from the city. Your landscaping might also have to meet certain requirements such as respecting the maximum height for fences and hedges. Contact your municipality before starting any work.
The consistency of the soil on your property can directly impact the stability of new installations. Heavy rainfall and rapid freeze-thaw cycles can make the ground unstable. Hire a professional to inspect the yard before you begin construction.
Gardens may require frequent care to ensure they don’t become overgrown. Also, keep in mind that maintaining trees involves clearing seeds, leaves, and branches. Additionally, many building materials need to be regularly cleaned, painted, or stained.
Landscaping projects can revitalize your yard but for best results, they should be planned in advance.
Lawn care: 3 reasons to leave it to the pros
Are you tired of spending your weekends taking care of your lawn? If so, hiring a professional may be the solution. Here are three great reasons to use a landscaping service.
1. You won’t need any equipment
If you hire a contractor to take care of your lawn and garden, you won’t need to maintain a lawnmower, sharpen hedge trimmers or shop for fertilizer. In fact, you won’t need lawn care tools at all. This will save you the hassle and expense of buying, storing, and maintaining them.
2. You’ll have more free time
3. You’ll avoid unpleasant surprises
If there’s a problem with your lawn, plants, or trees, your landscaping contractor will know exactly what to do. A professional can identify and resolve issues involving pests, watering, fertilization, and more. This will save you the time and effort of trying to figure it out on your own.
This summer, trust your lawn care to a professional. Your yard will be beautiful and well-maintained, thereby increasing the value of your home and enhancing your enjoyment of the property.
What type of fruit should you grow?
Fruit-bearing trees, shrubs, and plants are easy to grow and can add visual interest to your yard with their vibrant foliage and flowers. Here’s what to plant based on various preferences.
If you want a harvest this summer
To enjoy your fruit within a few months, opt for fast-growing plants. A few examples include strawberries, raspberries, ground cherries, cantaloupes, and watermelons.
If you want long-lasting producers
If you want unique but delicious berries
If you want to plant fruit that’s a little out of the ordinary, try black currants, Arctic kiwis, or Saskatoon berries. These berries are great for making mouth-watering jams.
Keep in mind that some trees and shrubs only bear fruit if there’s a second plant nearby to pollinate it. If you want to grow apples, for example, you’ll need to plant two trees.