Showing posts with label Home Improvements. Show all posts
Showing posts with label Home Improvements. Show all posts

Sunday, February 12, 2017

7 Valentine's Day gifts that last

MANILA - Valentine’s Day is just a heartbeat away. Are you planning on giving chocolates and flowers again to your special one?

Although romantic tokens are always popular, why not consider gifts that will last beyond Valentine’s Day and make a lasting impact on your significant other’s life? These gifts reflect long-term thinking and express your deep concern.

Unlike presents that you can just pick up from a store, these gifts entail a bit of research or “digging” on your part, which show that you are willing to give the gift of time and security to your loved one.


 Here are seven gifts that will clearly show you are "investing" in your relationship.

1. Art.

Artwork by the masters is always valuable, but if you can’t afford one, there are plenty of other equally promising pieces. An art piece, especially by an up and coming artist, is a gift whose value can grow over time. This is not limited to paintings, but also to sculpture and other art forms.

The best part? Works of art come in different price points, so you can acquire one within your budget, Spend time in galleries and check out art exhibits to get a feel of what’s out there. Make sure to do your research before you buy anything. Make sure that you get a piece according to your partner’s taste.

2. Jewelry.


The best thing about jewelry is that they are not only very romantic when given as a gift, they also appreciate in value. Gold prices, for instance, have been rising over the past few years, so you can pick up a ring, necklace, or earrings that your loved one will like. Diamonds and precious stones can likewise appreciate over time. Before buying jewelry, check out an appraiser so you know you’re getting something of value that will appreciate over time.

3. Expensive time pieces.

If your loved one likes time pieces, get a top-end watch. Usually, these are mechanical, handcrafted pieces that are laden with precious stones. Unlike new models, these pieces can last through generations while keeping their value. Do some research to know what these pieces and brands are.

4. Mutual funds.


Mutual funds may not exactly sound romantic, but when you give this to a loved one, you are showing long-term concern. The nice thing about mutual funds is that you can put in an amount that you are comfortable with. Later on, you can continue to top up this amount or you can leave it to your loved one to continue doing so.

Mutual funds can be invested in a variety of instruments with different risks that suit the recipient’s profile. You can get these at any financial institution, whose experts can readily answer your questions.

5. Home improvement.


Show your love by investing in a home improvement program, which will not only help improve the atmosphere that contributes to your loved one’s well-being, but can also improve the value of your home. Don’t just focus on beautification. You can also find ways to make full use of your land and invest in disaster-proofing your home, which are steps that can definitely add to its value.

6. Skills enhancement.


Enroll your loved one in a program that can enhance or upgrade his or her skills, possibly in new fields. Learning is a lifelong process, and the benefits of joining this program is sure to last for a long time. There are many options available to suit different inclinations and learning priorities. You can check out online courses, as well as face-to-face workshops offered by universities and other skills training providers.

7. Wellness programs.

Your loved one’s physical, mental, and emotional well-being is important to his/her happiness. It also ensures good health and freedom from costly medications. For Valentine’s, why not enroll your loved one in a gym or a fitness program? Alternatively, yoga classes or a visit to the spa for alternative treatments are also good for physical, mental, and emotional well-being.

For this coming Valentine’s Day, give a gift whose positive effect will last for more than a day. This is a sign of true love and a real gesture of a lifetime.

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Grow Your Money is an editorial partnership between news.abs-cbn.com and Citi Philippines to promote financial education and provide helpful information to Filipinos on how to better manage their personal finances.

Visit www.citibank.com.ph for more information.

source: news.abs-cbn.com

Tuesday, August 4, 2015

What is Private Mortgage Insurance?


Depending on the type of mortgage and the type of borrower, the initial down payment on a home might not be a significant percentage (less than 20%) of the total price. In situations like this, the lender knows that the borrower doesn’t have much stake in the property, which means they are at a greater risk of defaulting on their loan.

The result is that the borrower has to pay for private mortgage insurance (PMI), which usually amounts to between 0.5 and 1 percent of the loan. So if you get a mortgage for $200,000, and your mortgage insurance premium is 1 percent, you’ll pay $2,000 a year for PMI, or about $167 a month.

Paying extra on your mortgage certainly isn’t enjoyable; however, it does allow borrowers who wouldn’t be able to afford a higher down payment the ability to purchase a home. When does it end? You might be wondering. There are two ways you can get rid of private mortgage insurance.

1. Borrower-requested cancellation

 

Once you’ve attained 20 percent equity in your property, you can ask your lender to cancel PMI on your property; however, they have no obligation to do so. There are many ways to build equity faster, the simplest of which is to pay a little extra every time a mortgage payment is due.

Home improvements, if chosen wisely, are another way to get to that 80 percent loan-to-value level. The reason being that your loan will stay the same, but your home will now have a higher value. The difference between your loan and the new value is equity in your pocket. Just remember that before the lender will eliminate PMI, they’ll require a home appraisal, which costs about $300-$400.

2. Automatic termination

 

If you can’t afford extra payments, or your lender rejected your cancellation request, never fear, in a few years your private mortgage insurance will automatically terminate.

The Homeowner’s Protection Act (HOPA) makes it illegal for lenders to unnecessarily charge borrowers mortgage insurance. Typically, this means that when your mortgage balance is paid down to 78 percent of the original value, lenders will automatically end private mortgage insurance.


If PMI sounds like a headache, then start saving and make sure your down payment is greater than 20 percent. You might have to wait longer until you make a purchase, but the stress you save yourself could make it worth it.

source: totalmortgage.com