Where Did July Go!!!
  
Each month when my computer reminds me that it is time to prepare my content for this newsletter, I am surprised to see the notice as I think it was just two weeks ago that I sent my last newsletter and in fact it was 4 weeks ago. They do say time flies faster the older you get.
Since putting the boat in the water in late June, we have been busy outside the house, with several projects, including a new interlock front walkway, a patio under our deck where we can serve dinner and look out over the river, and the all important new safe steps down to the river.
I have been getting my exercise daily as I have about 12 locations I have to move the water sprinklers to each day so that the new lawn does not go brown before our big party in September.
Guide to Paint Finishes (So You Won’t Waste Your Money)
There’s a basic rule of thumb to follow when choosing paint sheens: The higher the sheen, the higher the shine — and the higher the shine, the more durable the paint will be.
Flat paint has no shine; high-gloss is all shine. In between are eggshell, satin, and semi-gloss, each with its own practical and decorative job to do.
Here’s how to choose the right paint sheen for your painting job.
High Gloss
The most durable and easy to clean of all paint sheens, high-gloss paint is hard, ultra-shiny, and light-reflecting. Think appliance-paint tough.
High gloss is a good choice for areas that sticky fingers touch — cabinets, trim, and doors. High-gloss, however, is too much shine for interior walls. And like a Spandex dress, high gloss shows every bump and roll, so don’t skimp on prep work.
Practical application: kitchens, door, and window trim
Durability: very high
Semi-Gloss
Good for rooms where moisture, drips, and grease stains challenge walls. Also great for trim work that takes a lot of abuse.
Practical application: kitchens, bathrooms, trim, chair rails
Durability: high
Satin
Has a yummy luster, which, despite the name, is often described as velvety. It’s easy to clean, making it excellent for high-traffic areas. Its biggest flaw is it reveals application flaws, such as roller or brush strokes. Touch-ups later can be tricky.
Practical application: family rooms, foyers, hallways, kids' bedrooms
Durability: high
Eggshell
Between satin and flat on the sheen (and durability) scale is eggshell, named because of its essentially flat (no-shine) finish with little luster, like a chicken’s egg. Eggshell covers wall imperfections well and is a great finish for gathering spaces that don’t get a lot of bumps and scuffs.
Practical application: dining rooms, living rooms
Durability: medium
Flat or Matte
A friend to walls that have something to hide, flat/matte soaks up, rather than reflects, light. It has the most pigment and will provide the most coverage, which translates to time and money savings. However, it’s tough to clean without taking paint off with the grime.
Practical application: adults' bedrooms and other interior rooms that won’t be roughed up by kids
Durability: medium-low
Tips for Choosing the Right Sheen
If your paint color is dark and rich but you don’t want a super shiny effect, step down at least one level on the sheen scale. That’s because the darker and richer the paint color is, the more colorant it has, which boosts sheen. Ditto if you’re painting a large, sunwashed, or imperfect wall. The higher the sheen, the more defects will show.
Adding sheen also increases the cost, usually an extra couple dollars of per gallon as you step up on the sheen scale.
How Much Is Your Debt Impacting Your Borrowing Power?
Contrary to the fear I hear all the time from prospective first time buyers, there is no rule saying that you must be debt free to get a mortgage.
You can have debt – it’s just about how that debt stacks up against your household income, and how lenders assess your ability to make it all work.
Each financial commitment you have, from your auto loans to credit card balances, influences how much mortgage you can qualify for. It’s not just about how much debt you carry, but how the monthly payments on these debts fit into your overall financial picture, particularly your debt ratios.
Understanding Debt Ratios
Lenders use debt ratios to decide if you’re a good candidate for a mortgage. These include:
Gross Debt Service (GDS) Ratio: This is the portion of your income needed to cover monthly housing costs, which includes your potential mortgage, property taxes, and sometimes even heating costs and condo fees. A lower GDS shows you can comfortably handle your living expenses.Total Debt Service (TDS) Ratio: This ratio looks at all your debt obligations, including housing costs and other payments like car loans or credit cards. A manageable TDS ratio suggests you can handle your debts efficiently without stretching your budget too thin.
The real life impact of debt
Think about how a new car payment might affect your borrowing ability. For instance, spending $821 monthly on a $56,264 car could potentially reduce your mortgage borrowing power by around $110,000. This adjustment could limit your home buying options.
If you’re considering a significant purchase like a car, consider waiting until after you’ve bought your home. Postponing large new debts can improve your mortgage qualifications and open up more options for homes.
Before you start house hunting or thinking about that car upgrade, let’s talk.
We can review your financial situation together and figure out the best way to prepare for a mortgage. Understanding your debt ratios can help us determine what you can afford, setting you up for success as you plan your home purchase.
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