Archive for May, 2019

May 30th, 2019

Vinyl Fence Repair Tips

When it comes to the old saying “Good fences make good neighbors,” only those who have properly maintained their fences can really say that. From choosing a durable fence material to general upkeep and maintenance, any fence can show wear and tear over time. While wood and chain link fences are classic choices, vinyl has become an increasingly popular option in recent years as it is durable, easy to clean, and requires little maintenance. Vinyl fences are also very attractive and come in a wide variety of colors. Some likely maintenance you will face with your vinyl fence repair is a hole. Following are the steps to fixing holes and cracks in your vinyl fence.

Step One: Clean the Fence

Prior to tackling any hole in your vinyl fence, be sure to properly clean the area. With a clean cloth and a simple and inexpensive water and dish soap mix, rub it over the area and then rinse and dry.

Step Two: Sanding

With a medium-grit piece of sandpaper, sand gently around the hole in the fence. You don’t want to do this too hard to really scratch the vinyl, just enough to remove any sharp edges around the hole or crack. Use the sandpaper 3 inches out from the area in need of repair.

Step Three: Expanding Foam

When it comes to filling the hole, expanding foam is an excellent choice. For holes that are larger than 1″, you’ll have to fill it. Fill the hole slowly with the foam and allow it to expand. The foam should overflow from the fence’s hole to ensure a full fill. Let it dry overnight.

Step Four: Remove Foam

After it has fully dried overnight, use a small handsaw to buzz the excess foam off the fence.

Step Five: Sand the Foam

Next, use some more of that medium-grit sandpaper to smooth out the foam and make sure it is flush with the fence’s surface. Then use the sandpaper to indent the foam slightly so it is slightly concave.

Step Six: Clean Again

Clean the fence again with a damp cloth to ensure it is clean of any dirt or debris.

Step Seven: Plastic Filler

Where the foam has the small indent, apply the plastic filler and smooth it out with the rest of the fence.

Step Eight: Sand and Paint

One last sanding of the plastic filler, apply a little paint that matches the rest of the fence, and you are done.

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May 10th, 2019

What Is The Loan-to-Value Ratio?

Lenders consider many factors when they review mortgage applications, including the loan-to-value ratio. You have come to the right place if you are wondering “What is the loan-to-value ratio?” It is a formula used by bankers to evaluate the risk level of each loan.

Calculation

To find this ratio, you can use specialized software or any standard four-function calculator. Simply divide the amount of money you want to borrow by the value of a home. Finally, multiply the result by 100 to obtain a percentage. This figure is your mortgage’s loan-to-value ratio.

Example

For instance, perhaps you want to make a down payment of $35,000 and borrow $150,000 to buy a $185,000 house. You can divide $150,000 by $185,000. When you multiply this number by 100, you can see that your LTV would be just over 81 percent. It is possible for an LTV to exceed 100 percent.

Importance

Lenders want low loan-to-value ratios because they are less risky. A bank can recoup its losses more easily if you have a low LTV and you stop making mortgage payments. A lender will treat you more favorably if your ratio stays below 81 percent, and an LTV under 78% is considered ideal.

Consequences

When potential borrowers have exceptionally high LTVs, a bank may reject mortgage or refinancing applications. If a lender approves an application with an LTV above 78 percent, it will probably charge a higher interest rate. The borrower may also need to pay extra fees for private mortgage insurance.

Solutions

If you want to avoid these added expenses, you have two ways to reduce the ratio. You can find and purchase a less valuable house. You might need to look at homes in a neighborhood with lower housing costs or seek a building that needs repair. On the other hand, you could save up more money and provide a larger down payment.

To sum it up, the loan-to-value ratio represents the mortgage lender’s risk level and has a major impact on the availability and/or cost of financing. This statistic can help you select a financially suitable home and identify an appropriate down payment.

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