Considering a Patio Fire Pit?

Are you a homeowner looking to make your backyard a fun place to hang out? Why not try a patio fire pit? Summer comes with a lot of warmth during the day followed by cool evenings. This alone makes it a period where homeowners are privileged to explore outdoor activities that winter denies them. Now fire pits are useful in any season throughout the year, but they are used more when the weather allows for regular outdoor recreation.

Many homeowners with idle backyards are starting to look for ways to enhance their outdoor living. Having a fire pit close to the patio in your yard touches up the overall aesthetics of your home. In no time and with the right feature, you will come to enjoy being outdoors more:

There are different options for adding fire pits to your yard:

Grounded fire pits: These are built into the ground using bricks of various kinds. The result is usually a permanent structure where you can sit around and spend quality time with friends and family.

Movable fire pits: For different reasons, you may decide to go for pre-made models that you can place in your backyard.

Benefits of setting up a patio fire pit

Whether you settle for the first or second option, or you choose a sophisticated fire pit with designs that attenuates the beauty of your patio, one thing remains common. Moreover, that is the great stream of benefits you are set to enjoy with a fire pit in the yard. 

Attractive backyard: A well-designed fire pit can give your yard aesthetic touches. A fire pit, with its beautiful features, can be used with different seating positions and other landscape features. With the fire as a focal point, the yard will be in the right shape for entertainment.

Brings in the warmth: On most summer nights, outdoor spaces usually record low temperatures. With a fire pit, you have a choice of starting a fire to keep warm and enjoy more outdoor living on cold nights. You can bring your cooking outdoor to share grilled foods with family and friends. Some fire pits come with grills where you can cook hot dogs and roast marshmallows.

Increased home value: Features like fire pits in your yard increase the value of your home. This works especially if your fire pit is integrated with a patio to add a sitting space. If you need to sell your house later on, patio fire pits make incredible selling points.

If you’re looking to add a fire pit to increase the value of your home, talk to a real estate agent about the best style for your house and neighborhood.

Do You Need to Save 20% for a Down Payment on a Home?

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount you’ll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In today’s post, we’re going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that don’t involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that they’ll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that you’re paying your bills on time and aren’t overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, they’ll consider the amount you’re putting down.

If you have less than 20% of the mortgage amount saved for your down payment, you’ll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you don’t have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until they’ve paid off 20% of their home.

So, if you’re hoping to buy a home in the near future, saving should be a priority. But, don’t worry too much if you don’t think you can save the full 20% in advance.