Retractable doors are solid, one-piece overhead garage doors that swing out and up when opened, coming to rest entirely inside your garage. Retractable doors provide a little more of an antiquated feel to them, thus are often more popular for those looking to install a new garage door to match an older home. On the downside, retractable doors need quite a bit of space to open (you’ll need to be sure you don’t park any cars too close), don’t insulate as well as some of the other options on the market, and are easier to break into than other door types.
Canopy doors are similar in design to retractable doors, but don’t require as much room to swing open, which one of the main headaches of retractable doors. In order to achieve this, a canopy door does not retract all the way into the garage, instead leaving about 1/3 of the door exposed outside of the house. They are a little more secure than retractable doors when closed, and they are the easiest type of garage door to fit with a garage door opener.
Sectional doors are by far the most popular type of overhead garage door on the market today. Built of several hinged sections that rise up and then back along a system of rails, sectional doors provide you with the highest amount of security, come with varying degrees of insulation, and take up very little space in your garage. Because of their popularity, going with a sectional door will also provide you with the largest range of design possibilities.
Roller doors are garage doors made of a “curtain” of narrow slats that actually wind up onto a roller when retracted. On the positive side, they don’t require any of the tracks or frames that other garage doors do since they simply roll up. As for downsides, they don’t provide much in the way of design possibilities since features such as windows and panels generally don’t fit with the narrow slat design.
Archive for May, 2010
Popular Types of Garage Doors
Monday, May 31st, 2010Sub Prime Loan Modification
Monday, May 31st, 2010Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose higher costs on their contracts. For credit cards, this is usually a higher fee for over-the-limit spending or late fees. Sub-prime mortgages usually have higher interest rates and stricter terms.
Contrary to popular belief, sub-prime lending is a perfectly legal business. But like many new industries, it has been tainted by lenders who don’t play by industry standards. From 2003 to 2007, shady companies have turned up offering terms ranging from unfair to downright illegal. This, along with the economic slowdown, has contributed a great deal to the real estate crisis that forced many homeowners into foreclosure.
Are all sub-prime loans bad?
No. There are actually some sub-prime companies who give you good value for your money. If you find a good lender and stay current, sub-prime lending can have its benefits.For example, many people use sub-prime loans as a means of credit repair. Basically, it gives you a chance to rebuild your credit history and improve your scores. By keeping up a good record on sub-prime loans, you can eventually refinance to better terms and get back on your feet.
How do I know when a loan is sub-prime?
The first thing you should look at is the cost of the loan. Sub-prime loans have a higher overall cost (including interest, origination and closing fees) compared to prime loans. Although the basic formula is the same for both types, the pricing for sub-prime loans is more noticeably risk-based. A low credit score, small down payment, and other negative factors can greatly increase the cost of a sub-prime loan.
Another common feature is the prepayment penalty. Prepayment is when you pay more than the minimum monthly amount, or pay off the loan ahead of schedule. The penalty is to make up for lost interest on the lender’s part. Because you’re getting off early, the lender stops earning regular interest—and naturally, they charge you for it.
Many sub-prime mortgages follow the 2/28 structure. This means that you pay a fixed interest rate for the first two years, after which the loan switches to an adjustable rate where your payments are determined by market indicators. Often, the introductory rate is higher than the current index and the margin is applied once the loan shifts. For example, a lender can give you an intro rate of 8% while the index is currently at 4%, with a margin set at 6%. Assuming the index stays the same; your rate can jump to 10% when your two years is over.
What can I do if I’m in a sub-prime loan?
Fortunately, there are laws in place to protect borrowers in any loan, prime or sub-prime. For instance, the Real Estate Settlement Procedures Act (RESPA) requires all lenders to give you a good faith estimate of the total cost of the loan before closing any deals. This prevents any third party, such as mortgage brokers, from making any kickbacks at your expense.
All mortgages are also covered by the Truth in Lending Act (TILA). This law gives you the right to know the full lending terms and loan costs in any credit transaction, including credit cards. The TILA allows you to opt out of a transaction within a reasonable time if you don’t agree with some of the terms.
If a sub-prime mortgage has put you in financial difficulty, another thing you can do is apply for Loan Modification or in this case Sub Prime Loan Modification refers to an agreement between you and your lender to change the terms of your loan on account of your financial situation. This way you can modify your loan terms to a more affordable level. The Sub Prime Mortgage Loan Modification is a lengthy and time consuming process. However a competent loan modification attorney can expertly handle your case and expedite the loan modification process. A loan modification attorney will expertly present your case and use the above mentioned lending laws as leverage to get you more reasonable rates. If you’re already in foreclosure, this will also stop the process while you work out better terms with your lender.
Home Improvement Contractors
Monday, May 10th, 2010There is can be no other place like your sweet home- whether it is small or big. And regardless of size, people always want their homes to appear wonderful. Therefore, get on the stick with taking up home improvement projects. No slackers allowed.
Whether your improvements include simply adding a new addition or new things to your home or renovating it, you can change roofing, flooring, siding, repairing windows, painting, improve the backyard and much more. However, note that the success level of your home improvement project will depend on the person at the head of the project, your home improvement contractor.
Home improvement contractors are in charge of scheduling, coordinating, planning and activating plans to provide the results you want in a timely and efficient manner. You can find good home improvement contractors via online sites or home improvement centers. And selecting good and affordable home improvement contractors is essential.
Some homeowners choose to handle project themselves, however choosing to hire a contractor can be a wise thing to do since they have expertise on how to handle these projects properly.
Note these other points about home improvement contractors:
1) There are numerous jobs like landscaping, tile setting, swimming pool construction and more covered under the blanket of home improvement. However, for each job, there are different kinds of home improvement contractors that you can hire. So do your homework.
2) Home improvement contractors first need to understand the requirements of your house. Then they should try to know the factors involving the home improvement like why home owners need to improve house or garden. Then according to your budget, they should prepare the quotation and only after the approval, can they start working on your home improvement project.
3) When hiring home improvement contractors, one must shortlist a few contractors before hiring the best of them. Consider those home improvement contractors who have been recommended by friends, colleagues or anyone you know well. Hiring a contractor who has been recommended online is also a great option. Check out all references before hiring home improvement contractors. Hiring a contractor who has done similar jobs before is the best option.
4) Professional home improvement contractors should have everything written in their contracts before they begin. And both parties must sign this contract. So read the contract carefully and note that you must get answers for all the questions you have before you sign the contract.
5) Good home improvement contractors generally give out all the information about their suppliers and subcontractors. These are their support systems so homeowners can check with these supplier and subcontractors.
6) Homeowners should get estimates from at least three home improvement contractors. Good home improvement contractors will give homeowners plans and specification in writing.
7) A flat fee for home improvement project is often more cost effective than wasting time and materials. Home improvement contractors should list all details about materials, paint colors by brand, appliance make and model and warranties.
A good home improvement contractor should be able to follow up with your project from start to finish and deliver results in given time period. Home improvement centers, online sites and neighbors are all good places to start your search for home improvement contractors. Homeowners can also refer to yellow pages and other forms of advertisements.