Fall is upon us is your home ready? Here are some maintenance musts when repairing for the cold months ahead.

1. Check for Peeling Paint - protect the siding of your home by making sure existing paint is not peeling or blistering.

2. Clean the Gutters - clogged gutters are one of the major causes of ice dams!

3. Caulk Windows - and door frames. This will help during the winter months as it helps to prevent heat from escaping.

4. Inspect the Roof - check for missing and loose shingles, weather in the months ahead can cause serious damage on your roof.

5. Ready the Fireplace - have your heating system serviced and make sure your wood stove and/or fireplace is in working order!

6. Seal the Driveway - inspect your driveway for cracks, clean out and repair any damage.

7. Reverse Ceiling Fan - changing the direction creates an upward draft that redistributes warm air

8. Cover Air Conditioners - remove units from windows, vacuum internal parts and wrap the outside box (if applicable) with an approved tarp or plastic conditioner cover which will help in prevention of rust on vital parts

9. Clean Yard Equipment - for those that are going into storage; as well as drain fuel from gas-operated equipment. While your at it also check on the status of your snow equipment to make sure they are running.

10. Prepare Deck for Winter - clean your porch as well as furniture before covering and storing in a protected area.

For more fall home maintenance and tips click here!

With all the stress of buying a home, navigating mortgages can be the straw that breaks the camel's back. Here are some general overviews of the more common types of mortgages, as well as some vocabulary lessons.

escrow - an account in which a neutral third party holds the documents and money in a real estate transfer until all conditions of a sale are met. Also, an account in which money for property taxes and insurance is held unti paid; money is added to the account every time a mortgage payment is made.

mortgage - the charging of real (or personal) property by a debtor to a creditor as security for a debt ( especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.

prepayment penalty - a fee charged to borrowers who pay a loan off faster than the prescribed payment schedule.

principal - amount of debt, not including interest, that remains on a loan.

adjustable-rate mortgage - also known as a variable-rate mortgage, this is a mortgage whose rate of interest is adjusted periodically to reflect market conditions. Many have capped interest rates.

balloon mortgage - a loan which offers smaller monthly payments over a period of time (typically between 3 and 10 years). Then, the principal balance must be paid off in a lump sum, or balloon payment.

FHA (Federal Housing Administration) loan - a mortgage that is insured by the Federal Housing Administration.

fixed rate mortgage - a home loan, typically with a lifespan of 15 or 30 years, whose interest rate does not change.

interest-only mortgage - adjustable-rate mortgage that lets the borrowers pay only the interest for a specified period of time.

reverse mortgage - loan available to homeowners age 62 and older, where the lender makes payments to the borrower by converting some of the equity in the home into cash. The loan does not need to be paid back as long as the borrower lives in the house.

VA loan - a mortgage that is insured by the Department of Veterans Affairs.

Overviews and definitions provided by www.usa.gov and www.bankrate.com

Some people, particularly first time home buyers, feel intimidated at the thought of making a large down payment on a house. Sometimes, they feel some confusion about how much will be required.

The size of your down payment will depend on the price of the home you want to buy. It will also depend on your ability to pay and the type of mortgage you get.

As a general rule, lenders like to see a 20% down payment for a conventional mortgage. A conventional mortgage is one that is underwritten by a bank, savings and loan, or some other mortgage company. A 20% down payment on a $100,000 home would be $20,000.

If you are selling your current home in order to buy another, you may get enough cash to cover the 20% down payment. If you are a first time home buyer, however, you may have trouble coming up with that much money.

Certain mortgage options allow you to make a smaller down payment. Some lenders, for example, will accept smaller down payments if you buy private mortgage insurance, or PMI.

FHA loans require an even smaller down payment, as little as 3-5%. If you qualify for a VA loan, you don't need a down payment at all. Many special loan programs for first time home buyers also have a reduced down payments.

The principal behind these requirements is simple. Lenders know from experience that homeowners who put a substantial amount of their own money into buying a home are less likely to default on the mortgage.

If the mortgage is secured by an insurance policy (e.g. PMI) or by the government (e.g. FHA or VA loans), the lenders feel protected and they are willing to skip the requirement for the large down payment.

If you have any further questions, please do not hesitate to contact me! I would be happy to counsel you or recommend a good mortgage broker who can provide the specifics on the various mortgage programs available to you.