| How to Lower Your Mortgage Interest Rate Posted: 21 Feb 2018 04:00 PM PST Getting a lower mortgage interest rate can save you a lot of money. If you've already bought a house, you may be able to refinance your home at a lower interest rate. If you haven't bought one yet, you can take a few steps to get the lowest interest rate possible. If you're just wanting to lower your mortgage payment, you can also take steps to do that without refinancing your home. EditRefinancing Your Home to Lower Interest Rates - Choose a time period with lower interest rates. Watch the market to see how the interest rates are going up and down. When the market reaches rates that are lower than what you're paying, that's a good time to refinance.[1]
- Pick a fixed-rate rate over a variable one. When you refinance, make sure you choose a fixed-rate mortgage. If you are currently on a variable-rate mortgage, your rate goes up and down with the market, costing you more. However, if you can lock in a lower amount, you'll save money over the long term.[2]
- Shop around. Most of the time, different banks are going to give you different rates. You'll need to talk to several banks to see which one offers you the best rate for your refinancing.[3]
- Talk to your lender about your loan. If you are in danger of missing a payment or you've just missed one, call your lender. Oftentimes, they can work with you to modify your mortgage using federal programs without refinancing, but they can also help you to refinance your loan if you're eligible.[4]
- Check your savings. When you refinance, you're likely to run into a number of fees, such as an application fee, origination fees, appraisal fees, and so on. You also need to pay fees like the closing costs again. So make sure you discuss with the lender ahead of time how much money you'll need to have in hand.[5]
- Application fees tend to run $250 USD to $500 USD, while an appraisal can be up to $600 or more. The loan origination fee will run you 1% of the total cost of your loan. Document fees, flood certification, title search and insurance, and recording fees can run you as much as $1,250 or more together.
- Use a mortgage calculator to figure out how amortization will affect you. Amortization refers to how your payments are applied to your loan. In the beginning, a much higher percentage is applied to interest than is applied to the loan amount. When you get a new loan, amortization starts over, so it can increase your costs over the life of the loan.[6]
- For instance, if you started with a $150,000 30-year loan at 7% interest and 20% down payment, your monthly payments would be about $800 per month on principal and interest, and you'd pay close to $400,000 over the life of the loan.
- If you refinance $100,000 of that loan after 10 years at a 6% interest for another 30 years, you'd pay about $600 a month and about $280,000 over the life of the new loan, but you've already paid about $100,000 in the 10 years, meaning you'd actually pay $380,000 for the house overall. It does save you money, but there might be instances where it doesn't, particularly when taking into account the possible $3,000 to $6,000 in closing costs.
- Apply with your prefer lender. Once you've decided to refinance, work on the process with your preferred lender. You'll have to go through a lengthy process with paperwork, just like when you bought your house the first time. You'll need all the original paper work on hand, as well as current pay stubs and bank statements, if you're not financing with the same bank you have your checking account with.[7]
EditGetting a Lower Interest Rate When You're Buying a Home - Improve your credit. Your credit is one of the biggest factors in determining your interest rate. If you have poor credit, you can take steps to make it better, but it will take time. Many credit card companies offer free credit scores, and you can request free credit scores on a variety of websites, such as Credit Karma.[8]
- Check your credit report for anomalies, as any mistakes on your report could be costing you. You can appeal any mistakes with the credit agency. You'll need to report it in writing to the credit agency and the creditor.[9]
- Pay down your credit card debt. Your credit card debt contributes to your credit score. The lower your debt is in ratio to your credit (what you can use), the better.
- Stay current on payments, as late payments can create dings on your credit score.[10]
- Make a higher down payment. A higher down payment, one closer to 20%, will usually earn you a lower interest rate than a lower down payment. However, even a 10% down payment is better than nothing.[11]
- If you have a 5% down payment on a $150,000 loan, you might get a 5% interest rate or higher. In that case, you'd pay $760 (on principal and interest) per month and $370,404 over the life of the loan.
- However, if you're buying a home at $150,000 and you put down 20%, you might be able to get an interest rate of 4% instead. In that case, your monthly payment will be about $575 (principal and interest), and you'll pay $312,743 over the life of the loan.[12]
- Compare rates. Many banks will offer you different rates, so it's a good idea to get quotes from multiple banks. You'll need to get "pre-qualified" by giving the bank information, but it can help in the long run so you can see which is the better deal.[13]
- Try to do these all at once, as it will be less of a hit on your credit score.[14]
- Keep in mind that rates are constantly fluctuating, so watch the market rates before applying.
- Pay for points on a long-term loan. With this system, you pay a certain percentage of the mortgage to reduce your interest rate by a small amount. This step can be beneficial if you plan to keep your home for a long time, but it will not likely help if you plan to move quickly.[15]
- For instance, you might be able to pay $2,000 to lower your interest rate from 4.25% to 4.125%. On a loan for $150,000 with a 20% down payment, that can lower your payment from $590 a month principal and interest and $319,018 over the life of the loan to $582 a month and $315,869 over the life of the loan.
EditLowering Your Mortgage Payment - Extend the length of your loan. If you're just looking to lower your payment, you have a few other options. You can make your loan longer, adding 10 or 15 years onto it, which will make the payment lower per month. Of course, that means you'll pay more over the life of the loan, but if you can't afford your payments, this option is a good one.[16]
- Most lenders will do this without refinancing, but they'll likely charge you a fee. Call your lender to find out if they can help you.
- For instance, if you have $80,000 left on your loan and 10 years, you could extend that to 20 years. With a 4% interest rate, that could change your payment from nearly $1,000 to closer to $650. However, you'll pay about $150K over the life of the loan instead of closer to $115K.[17]
- Check on your property taxes and make an appeal if necessary. In some cases, you may be paying more property taxes than you need to be, if the county has assessed your property for more than it's worth. For instance, if you have a room that isn't heated or cooled, that shouldn't be included in property taxes. However, sometimes, it gets roped in.[18]
- Ask for the county's assessment, and check the details to see if they're correct. If not, you can appeal it with the county and possibly pay lower property taxes.
- Ditch your PMI. If you didn't make a 20% down payment when you bought your home, then your lender required that you to get private mortgage insurance (PMI). The idea is that it helps protect the lender from financial loss. However, if you now have more than 20% equity in your home, you can likely ditch it. Talk to your lender about how much equity you have and whether you are able to remove the PMI.[19]
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| How to Test a Fire Alarm System Posted: 21 Feb 2018 08:00 AM PST Fire alarms are essential safety devices that, when activated, will alert you of danger and quite possibly save your life. Testing your system regularly ensures that the detectors and alarms are working properly and will operate as intended during dangerous situations. EditIn a Hurry? To see if a smoke detector has enough power, press and hold the test button located on the front or back of the device. You can test the particle detector by spraying a can of Smoke Test aerosol near the alarm. To check if the smoke detector works, ignite 2 or 3 matches below the device and blow them out immediately, letting the smoke rise to the detector. If the alarm does not activate after any of these tests, your device may not be operating correctly. For tips on testing a commercial fire alarm system, read on! EditTesting a Smoke Detector - Locate your smoke detector. In most houses, you'll find smoke detectors on the ceiling or high up on the wall. Most models look like small, white discs with a single LED light on the top or side. If they were properly installed, you should not find any detectors near doors, windows, or air ducts.[1]
- Check the power by pressing the test button. For some alarms, this may be as simple pressing and holding a button on the hood of the device. For others, you may need to unscrew the device from the wall or ceiling and press a button on the back of the device. If the alarm goes off, the device has enough power. If it does not, you may need to change the device's batteries or, for hardwired detectors, replace the wires connecting it to the wall.[2]
- Before finishing your test, walk away from the alarm to see how loud it is. If you cannot hear the alarm in the next room over, it may not be loud enough to keep you safe.
- For modern devices, testing the power will also test the particle and smoke sensors, making further tests unnecessary.
- Spray aerosol to check the particle sensor. Go to a home improvement or hardware store and purchase a can of spray aerosol labeled as 'Smoke Test' or something similar. Following the instructions listed on the can, spray the aerosol close enough to the smoke detector that it can pick up the particles. If the alarm does not go off, your detector's particle sensor may be out of commission.[3]
- When the test is finished, use a handheld vacuum to suck remaining aerosol particles out of the air near the detector. Then, if it is still dirty, clean the device with a soft cloth or brush.
- Light matches to check the smoke sensor. Hold 2 or 3 matches in your hand and, while you're below the smoke detector, strike them. Blow them out immediately and let the smoke rise to the detector. The smoke should trigger the device's smoke detector and set off the alarm. If it does not activate, your detector is not operating correctly.[4]
- Be careful when handling matches to avoid burning your hands.
- After the test, suck up the smoke with a handheld vacuum. If the detector is dirty, clean it with a brush or soft cloth.
- Reset your alarm after each test. Once each inspection is complete, you can turn off the alarm by holding down the Test button for around 15 seconds. This will reset the device and allow you to proceed with the other tests.[5]
- Remove and replace the alarm's power supply if it won't turn off. For battery-powered detectors, simply remove and reinsert the battery pack. For hardwired detectors, disconnect the detector from the wall and remove any backup batteries. Then, reinsert the batteries and reconnect the device. If the alarm sounds off immediately after reconnecting the power, your device may be malfunctioning.[6]
- If you're trying to reset multiple hardwired alarms, try simplifying the process by flipping the circuit breakers connected to each alarm.
EditTesting a Commercial Fire Alarm System - Notify your fire department if necessary. Many commercial fire alarm systems are directly connected to your local fire department, meaning that as soon as the alarm goes off, it sends out an emergency distress signal. If your system is like this, call your fire department's non-emergency hotline and tell them when your test will take place.[7]
- For some alarm systems, you can set your control panel to a Test mode, meaning it will not call the fire department. Check your alarm's instruction manual for information on how to do this.
- Activate your fire alarms. For some fire alarm systems, you may be able to activate the alarms directly from the control panel. To do so, press a button labeled 'test' or follow the instructions detailed in your user manual. For other systems, you may need to activate the alarms manually, typically by opening an alarm lever box with a master key and pressing the button located there.[8]
- Examine all your alarms. While the test is active, walk around the building and check each alarm. In addition to the alarm simply turning on, make sure the sounds coming out of the device are loud and any strobe lights located on the device are active.[9]
- Record your results. While checking your fire alarm system, keep a list of every individual activating device and how it reacted to the test. If one or more alarms are faulty, this information will help a technician locate the problem quickly. This is particularly important for large institutions with dozens of different alarms.[10]
- Some modern alarms can connect directly to your phone, creating reports automatically. However, you should still check the alarms in person to make sure the reports are accurate.
- Reset your alarm system. To reset your fire alarm system, go to your central control panel. For most commercial systems, you can reset the alarms by selecting activated zones and pressing a button labeled 'reset' or 'silence.' For older or more complex systems, consult your user manual for shut-off information.[11]
- Inspect your detectors regularly to adhere to NFPA 72 regulations. In addition to performing alarm system checks, it's important to have your smoke detectors, heat detectors, sound systems, strobes, and sprinklers checked and tested by a NFPA or NICET certified Fire Alarm inspector. You should have sprinkler systems examined twice a year and all other devices inspected annually.[12]
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| How to Do a Human Flag Posted: 21 Feb 2018 12:00 AM PST The human flag is one of the most difficult upper body exercises to do—without strong arm, shoulder, back, and core muscles, it is nearly impossible. But the challenge of the pose is also what makes it satisfying. With strength training and practice, completing a human flag is attainable. Start by practicing a vertical human flag, which requires the least strength, then work your way into completing the classic human flag pose. EditPracticing Your Hold - Grab the pull-up bar with one hand. Rest the other hand on one of the vertical side bars. Keep both arms as straight as so your upper body muscles stay engaged. Upper body strength is of utmost importance when doing a human flag.[1]
- Lift your feet off the ground. Press into the support beam with your bottom hand, then pull your upper body and legs up with your top hand. Avoid bending your elbows, as your form will be much stronger if your arms remain straight.[2]
- Raise your hips in the air. Kick your legs forward to lift your hips further in the air. Pull away from your top arm while pressing your bottom arm into the side pole. Tuck your knees close into your body to prevent them from dragging your hips downward.[3]
- Hold this pose for as long as you can to strengthen your upper body. This is the first phase of a human flag—from here, you can do the vertical or classic human flag pose. If you notice your hips drooping downward, lift them up and align them with your shoulders.[4]
- Aim to maintain this position for at least 30 seconds before you attempt a vertical or classic human flag.
EditTrying a Vertical Human Flag - Do a vertical human flag before attempting the classic human flag. The vertical human flag is both an easier version of the position and the second step in doing the classic human flag. It requires less upper body strength to hold. Practice the vertical human flag a few times before transitioning into the full-on human flag.
- Extend your legs into the air from the tucked position. Lift your legs slowly above your shoulders until you're able to reach a diagonal position. Keep your legs straight to maintain the ideal form, as bent legs look crooked.[5]
- Lift your legs until they are as vertical as possible. Aim to make your legs parallel to the side pole. Hold this position to achieve the vertical human flag, which you can then lower into a classic human flag from.[6]
- Bend your knees to ease weight off of your body. If you cannot hold the vertical human flag position for long, try bending your knees. This can make your pressure more centered and prevent you from losing your balance.[7]
EditDoing a Classic Human Flag - Lower your legs from the vertical flag position. Keep one knee bent while straightening out the other and move your hips downward until they and your legs are parallel to the ground. Lower your hips slowly so any more pressure on your body is added gradually.[8]
- Straighten out both of your legs. This will increase pressure on your upper body, especially your core. Try to maintain this position as long as possible—if you feel your grip weakening, tuck one leg into your chest again for an easier "bent" human flag position.[9]
- Let go of the bar if you start to fall. If you can feel your grip slipping, let go of both poles. This will allow you to land safely on your feet. Holding onto the pole while you're slipping increases your chance of tearing a shoulder muscle, which can cause long-term damage.[10]
EditImproving Upper Body Strength - Do an oblique tip to strengthen your biceps. Lie on your side with your legs completely straight. Prop your body up with your bottom arm to put the pressure on your bicep. Raise your hips until your body forms an even diagonal line.[11]
- Practice oblique tips on both side of your body.
- Try handstand pushups to exercise your shoulders. Lift yourself into a handstand, then bend your hands until your head is almost touching the floor. Lower yourself down as far to the ground as possible without hitting your head, then rise back up to complete one handstand pushup.[12]
- Keep your neck straight to prevent contorting your spine.
- If you have a hard time maintaining your balance, practice handstand pushups against a wall.
- Practice pull-ups to work your arm, shoulder, and back muscles. Grab your pull-up bar and pull your upper body up until your chin is just above the bar line. Then, lower yourself to the ground until your arms are completely extended.
- Do sit-ups to build your core muscles. To maintain stability in a human flag pose, you need strong abdominal muscles. Practice sit-ups by yourself or with a spotter to hold your legs down for a firmer core.[13]
- Try deadlifting to strengthen your core if you have trouble maintaining a human flag.
- Hire a personal trainer if you do not have as much upper body strength or struggle with keeping proper form while doing a human flag.
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