new construction loans

We often think of air pollution as something that could affect us outside. However, as Americans spend about 90% of their time indoors, keeping indoor air as clean as possible is essential.

You can make simple changes to reduce the number and exposure of air pollutants in your home. Here are seven things you can do right away to improve the air quality in your home:

Get Rid of Mold

In bathrooms and kitchens, mold and mildew can easily grow where moisture levels are higher than the rest of your house. Plus, the hot summer months can bring about incredibly humid conditions. Exposure to mold can lead to respiratory issues like allergies and asthma. Invest in a dehumidifier in an HVAC system to reduce humidity levels and create comfortable living conditions in your home.

Purchase an Air Purifier

Using air purifiers is another effective way to limit air pollutants. There’s a variety of indoor air quality products on the market to combat common indoor pollutants. Place purifiers in the house’s most commonly used areas, including the kitchen, bedroom, and living room.

Invest in Indoor Plants

Houseplants can detoxify indoor air naturally. Spider plants, Chinese evergreens, snake plants, and aloe vera are all plants that NASA recommends for the best air purification.

Increase Ventilation

Proper airflow and ventilation are crucial for good indoor air quality. Over time, dust and mold can accumulate in your ducts. Opening your windows and cleaning your ducts allows harmful air pollutants and allergens to circulate outside, thereby limiting your exposure to it.

Clean and Vacuum

Rugs and carpets can easily trap dust particles in their many fibers. Use a vacuum cleaner with a HEPA filter, strong suction, and rotating brushes to suck up all the dust and dirt. Try to vacuum once or twice a week, and don’t forget about furniture, shades, and sheets.

Keep it Outside

People can track all sorts of chemicals from the dirt on their shoes. Put a large floor mat at every entrance. By simply wiping your shoes off, you can reduce the amount of dirt and pollutants fin your home.

With summer nearing an end, many of us will be spending more time indoors. Determine what you need in place to keep your indoor air quality high all winter long.

Buying a home may require a mortgage, but building your dream home requires a different type of mortgage – a construction loan. New construction loans can help pay for home building or renovations and work differently from traditional loans. We’ll delve into what you need to know about a construction loan and how it works.

What is a new construction loan?

A construction loan is a short-term loan that covers the costs of work and materials for new-build homes. Some of the items you can finance with a construction loan include permits, contractor labor, roof framing costs, and many other expenses that come with building a house.

Types of New Construction Loans

Construction lenders provide different types of loans for a variety of homebuilding scenarios. Here are some financing options when building a new house:

Construction-to-Permanent

Also known as “single-close” construction loans, this type of loan converts to a permanent mortgage after construction is completed. The benefit with construction-to-permanent is that there is only one set of closing costs to pay, reducing your overall fees.

Construction-only

Construction-only loans are also referred to as “two-close” construction loans that require closing on two different loans. The first loan is taken out for the construction. Once work is completed, the loan is paid off with a new loan, called an end loan. The end loan is based on terms locked-in as the home nears completion.

Renovation Construction Loan

If you want to upgrade your existing home instead of building one, you can look for a renovation loan. This type of loan comes in various forms depending on the amount of money you’re planning on spending.

How Construction Loans Work

As mentioned previously, new home construction loans work much differently from the typical mortgage loans. The lender pays the loan to the contractor, not the borrower, in installments. Once the project has been completed, construction loans can be either converted to permanent mortgage or paid in full.

How to get a Home Construction Loan

Before applying for a loan, the borrower should meet with the designated contractor to understand the total cost to build so a loan amount can be established. The lender will then review a borrowers’ employment history, savings, income stability, and ability to pay back the loan. A property appraisal will also be obtained to support the value of the project. To qualify you will need an excellent credit score, stable income, low debt-to-income ratio, and a down payment of 20 percent.

How to Find a Lender

It is important to find a lender who specializes in construction lending and isn’t new to the process. Research several lenders to obtain detailed information about their background and specific programs. We recommend that you compare construction loan rates, terms, and down payment requirements to make sure you’re getting the best deal possible.

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7 Ways to Improve Indoor Air Quality