While excess moisture and humidity in your basement may seem like more of an annoyance than a serious problem, you might be surprised at the potential consequences of ignoring it. Two negative outcomes, for example, are mold growth and the possibility of foundation damage.
Mold Growth: Mold, which tends to grow and thrive in moist environments, is both an eyesore and a potential health hazard. Not everyone is allergic to mold spores, but those who are can experience a variety of uncomfortable symptoms, ranging from eye irritation and sneezing to skin rashes and asthma attacks. According to the U.S. Environmental Protection Agency, "The key to mold control is moisture control." In the case of plumbing leaks or flooding, fast action is necessary to prevent mold growth. The E.P.A recommends that affected areas be dried out within 24 to 48 hours.
Prevention and Control Tactics
Whether you’re a new homeowner or have owned your home for a few years, there’s always much to learn when it comes to understanding mortgages. Depending on your financial status and your long-term plans, it may make sense to either make larger payments or to refinance your home loan.
Today, we’ll tackle some of those difficult “what if?” questions, helping you decide when to refinance, when to keep your payments stable, and when you might want to increase your monthly mortgage payments.
We’ve all heard about the benefits of refinancing when under financial stress. For things like student loans and credit card debt, refinancing is often a debtor’s only choice. However, with home loans, the allure of refinancing may not always be a good fit for you.
If your plan is to refinance to get lower mortgage payments each month, you should first question if it will be worth it on the long run, which might amount to you paying more in interest. To avoid paying more in interest, refinance after you’ve accomplished important financial milestones, such as increasing your credit score which makes you a lower risk client to banks.
The benefits of paying off your mortgage in a shorter period of time are obvious. It means less time making payments, and less money spent on interest.
However, depending on your mortgage, you might be better off investing your savings in something that will give you a larger return. Investments in a retirement fund, for example, are likely to pay off to a larger degree in the long term. To do the math, simply calculate the savings you would earn on by cutting your mortgage interest and weigh that against projected gains in retirement funds.
None of us can predict the future. Stocks rise and fall, people get laid off from their job due to fluctuations in the economy, and so on. These factors make it difficult to determine whether you should invest. So we encourage you to do your homework when it comes to investments so that you have the best chance of succeeding.
Your relationship with your lender will likely be a long one, so you want to make sure it’s one you’re comfortable with and that they are giving you reasonable rates. Now that you’re secure and living in your you have time to shop around for the best rates.
Be sure to ask lenders for good faith estimates and compare applicable fees. Ask friends and neighbors about their experience with lenders and read online reviews to get a better idea of what type of customer experience can expect.
