Newspapers / The Charlotte Post (Charlotte, … / Oct. 20, 2005, edition 1 / Page 28
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http://wvwv,thecharlottepost.com Cliarlotte $os(t RO[j\ND Hawkins How much is too much house? A home purchase is usually one of the laziest investments most of us will undertake. TTiat is why a home purchase intimdates most first time homebuyers. There are a number of ways to determine if the contem plated acquisition is too much for you. A lender’s pre-qualifi cation process is the most rec ognizable way to identify a buyer’s maximum purchasing limit Lenders use two formulas to determine a buyer’s maxi mum mortgage qualification. The first ratio is the income- to- mortgage payment ratio. Most lenders like the buyers’ debts percentage to be 28 per cent or less of the buyers’ monthly income. For exam ple, if your monthly gross income is $4,000, you would qualify for a maximum mort gage payment in the amount of $1120, which is 28 percent of $4,000, In addition to the principal and interest payment this $1120 monthly mortgage pay ment normally includes your monthly taxes, insui'ance and PMI/MIP (if applicable) fees. Principal and Interest pay ments are determined by multiplying the loan amount by the interest rate. For example a $100,000 loan amoimt with a 7 percent loan rate would give you a $667 principal and interest pay ment. Let’s say you are able to get a 6 peixent rate, your princi pal and interest payment would be $1200. The lower the interest rate you can seaire the more house you can afford. This is one of the reasons why the current real estate maricet is so appealing to anyone who is interested in property ownership. The second qualifying ratio considers the percentage of . your total consumer debts to your income. A good number of mortgage programs requires the buyers 2nd ratio to be 41 percent or less. Using the same $4000 income scenario, a potential honiebuyer’s total monthly debts cannot exceed $1640 or 41 percent of $4000. This $1640 includes a potential honiebuyer’s monthly mort gage payment. Therefore an individual with a mortgage payment in the amoimt of $1120 cannot have consumer debts that exceed $520. There is a large array of mortgage programs on the market today Under some mortgage programs these qualifying ratios could go higher than the standard 28/41. MTith a good credit record scHue lenders may ofler more ratio flexibility Most buyers have an idea of how much home they can afford You do nbt need to imderstand qualifying ratios to know if a mortgage pay ment is too much. If you provide a lender with a heme loan payment range they can determine how much of a hane you can con sider, Once again interest rates influence the maximum amount of mcaiey a lender will finance to purchase a home As interest rates increase, your purchasing power decreases and vice a versa A home purchase is too much when you can’t aflfOTd to niakd the monthly mcatgage pa.Miiieut and live comfort- Ptease see FIGURING/5D THURSDAY, OCTOBER 20, 2005 A&E1D 4D REAL ESTATE W How Casual trends leads to quality comfort much house? PHOTO/ARA CONTENT Sectional sofas make a comeback to make more liveable, less formal space ARTICIJi RESOVRCEASSOCIAVON Ladies and men alike don flip-flops at the White House and the office, where casual Fridays have turned into casual everyday. J.Crew, Banana Republic and Ann Tayior are selling wedding and bridesmaid gowns to women looking for simplicity and style at rea sonable prices. Homeowners don’t want formal Uving rooms; instead, they want rooms they can five in. Entertain ing is relaxed, designed aromid fiiends helping to prepare the meal, not just consuming it. This trend of “Casual Living” is translat ing to home d4cor. Folks are bringing their sectional sofas- out of the basement and into what was the for mal living room — finally a livable space. But that does n’t mean these rooms are lacking in style. “Casual rooms have simple details, textured elements in fabrics and accessories, restful hor izontal lines, soft upholstery low-luster surfaces and arrangements that avoid perfect symmetry “Rectan- gulai* and softly cui'ved ele ments contribute to the casual feel,” says Glena Morton of About, corn’s Guide to Interior Decorat ing. Coupled with flooring, rugs, tabletops and acces sories, using low-sheen fin ishes in colors and textures found on the Mediteiranean coast, low horizontal lines and simple, unfussy details lend a homey feel to an unpretentious interior. Blending different fibers and leather for a soft, tone- on-tone look in warm sun drenched colors like mus tard and lilac, paired with sea-inspired blues and greens or pinks and apricots pulled fiom summer sun sets evokes thoughts of relaxed spaces and embod ies the casual spirit. Natuzzi, the Italian design er and maker of sofas that comprise comfort and affordable luxury, has designed seating to accom modate this trend of “Casu al Living” with two sectional sofa modds, the Ernest sofa and the Domino model. The Ernest is distinctly urban — both eclectic and metropoli tan. Yet it’s filled with com- forf with styie. Design ele ments such as the rectangu lar shape and horizontal lines are coupled with cus tomized comfort of adjustable pillows and unique arm details. “Tbday consumers lcx)k for both flexibility and style when it comes to their living rooms. At Natuzzi, we dehv- er both. We understand ele gance and comfort,” said designer and CEO, Pasquale Natuzzi. Domino takes Natuzzi’s commit ment to fl^bihty through modularity to a whole new level. Each section, including the asymmetrical arms, can stand alone, or together, Domino can expand and (X)ntract for endless macro- and micro-configuration possibihties. Macro Domino is perfect for entertaining a crowd, by using every module, espe cially appropriate for the burgeoning interest in home theater rooms and open- plan loft settings. Micro Domino uses selective com ponents to create an under stated look, ideal for apart ment living or more inti mate gatherings. In either instance, the Domino model suits the casual lifestyie of today. Domino is more than just a sofa or a sectional. Broad, rectangular-shaped, arms offer extra seating. Add the slender Ludte sleeves, and these arms become tables. Behind each back pillow sits a lumbar cushion that can roll down for better lower- back support and to shorten the depth of the seat. JlL PHOTO/ARA CONTENT Environmentally friendly painting tips for winter ARTICLE RESOCRCE ASSOClATIO\ If you pllm to paint your home’s interior this winter, make sure the experience is a safe one. “Many people foiget or simply aren’t aware of important preparations or products when it comes to painting their homes,” says Ed Waller, founder of CertaPro Painters. “By taking extra measures to ensure the process is done correctly you can ensure an environmental ly safe experience while paint ing.” The best quality acrylic-latex paints these days are products that contain low- or no-volatile organic compounds. These new hi^-tech products reduce the emissions of VOCs into the home, thereby improving indoor air quality and reducing the formation of urban smeg. Rease see PAINTINCV5D Fireplaces a focal point Indoors and outside ARTICLE RESOURCE ASSOCIATION Even though fireplaces have long since been replaced as the main source of heat in today’s home, they are still one of the most popular options in existing homes and new construction. Fireplaces have even moved out of the home into the backyard. ^^Tth the trend toward outdoor kitchens and mitertainii^ areas, fireplaces ar^iT; just for the living room any more. In addition to a cozy way to take the chill oflf the evening while enjoying an outdoor get together, they are being used as pizza or tandoori ovens outside. Fire places add warmth to your home both figurative ly and literally: They also can add a big dash of Please see FIREPLACES/5D PHOTO/ARA CX5NTENT
The Charlotte Post (Charlotte, N.C.)
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Oct. 20, 2005, edition 1
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