Your debt-to-income ratio is also considered when you refinance. DTI is calculated by combining all your recurring monthly debt and dividing it by your gross monthly income. The maximum DTI allowed varies by loan type and lender, but you’ll typically need a DTI of 50% or lower. To take cash out, you need to have a certain amount of equity in your home. When you apply to refinance, your lender will require an appraisal of the property to determine property value.
- You can avoid buying special tools for one-time use by wrapping your soft-leather work glove around the fitting and using your standard pliers or pipe wrench over the protective cover.
- To keep your family comfortable and energy costs low, set your fan to spin counterclockwise in the summer and clockwise in the winter.
- To keep this project affordable and doable, try papering a focal wall or a small, low-humidity space like a powder room or closet.
Mortgage interest is usually tax-deductible, but the interest on many other types of debt is not. Depending on where you live and the tax rules that apply to you, the interest you pay on your mortgage can be deducted. Check with a tax professional to see how this applies to you and if you’re able to claimrefinance tax deductions.
Patch Holes in Walls
Calling a contractor to repair or improve every single thing gets expensive fast. What if there were a way to know what they know about home improvement? Here are 17 of the best time and money-saving home improvement and care hacks that only a contractor would know about. Grab bars are one of the simplest ways to make an existing bathroom more accessible. Stylish designs can be found at your local home improvement center.
Open up your kitchen storage
Arrange wall-mount shelves above a desktop framed by cabinets or file drawers to fashion a home office or a kid’s homework station. Whether an art-arranging project went awry or you’re tired of looking at dings around the house, concealing wall blemishes is a weekend-worthy project. With a putty knife and surfacing compound, you can easily repair nail holes and other minor wall imperfections.
Hidden benefits of home improvement
Your choice should balance aesthetics with practicality. Choose a low-flow showerhead and you’ll get virtually the same sensation of water flow while saving money on your water bill. If your showerhead flow is already low (and shouldn’t be), check to see if hard-water deposits are clogging the holes. Many new showerheads provide more options for control—multiple spray styles, pivoting angles, temperature settings—and they’re more efficient. Try replacing your showerhead with a newer model so you can achieve a spa-worthy bathing experience in the comfort of your home.