Get their look: Artist’s colourful home

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This colourful home belongs to Sarah Stieber. She’s a painter, jewellery designer and tape artist – go take a look – her work is really impressive stuff!

The interior of her home is an extension of her practice – it’s a 3D work of art. The way she works with colour is amazing; as she explained in an interview with Apartment Therapy:

Many people suggest choosing a palette of two colors and sticking with it throughout the space. I agree that having a palette can keep the space cohesive, but you don’t need to limit yourself to just two colors! Rather than choosing just orange and turquoise for my living room, I selected secondary colors that jive with those two main hues.

It’s not just colour, it’s pattern too. It’s the first time I’ve ever seen a floor designed to look like the bottom of a swimming pool!

Get their look

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Prices & links correct at time of publication.

Jonathan Adler Biba blue green rug
£299.00

Buffet table

Hoop coffee table

Amit velvet barrel chair by Willa Arlo™ Interiors
$355.99

Modern velvet sofa, orange
£1,299.99

Sara Stieber painting

Dunn Edwards paints

Jonathan Adler Biba blue green rug
£299.00

Buffet table

Hoop coffee table

Amit velvet barrel chair by Willa Arlo™ Interiors
$355.99

Modern velvet sofa, orange
£1,299.99

Sara Stieber painting

Dunn Edwards paints

How to get approved for a conventional loan: tips for real estate investors

You’ve decided to invest in real estate. Congratulations! Now comes the next step – getting approved for a loan.

This part can be tricky, especially if you’re a first-time investor. There are many things that lenders look at when considering a loan application, and it’s important to understand what they are before you apply.

In this post, we’ll outline some tips on how to get approved for a conventional loan so you can start investing in real estate.

Why you should get conventional home loans when purchasing investment properties

There are a few reasons why it makes sense to get a conventional real estate loan when purchasing investment properties.

For starters, conventional loans tend to have lower interest rates compared to other kinds of loans. This is important because it will save you money over the life of the loan.

Also, these loans are usually for shorter terms than other loans, which means you’ll build equity in your property more quickly. And, if you ever want to refinance your property, it will be easier to do so with a conventional loan.

Moreover, unlike other types of loans such as FHA loans, you’ll not be required to pay mortgage insurance. This can save you a significant amount of money over the life of the loan.

5 sure-fire tips that will get you pre-approved for a mortgage loan

Now that you know why it’s ideal to get a conventional real estate loan when purchasing investment properties, let us look at how you can increase your chances of getting approved.

Tip #1: improve your credit score

One of the first things that lenders will look at is your credit score. If you have a high credit score, you’re more likely to get approved for conventional mortgage financing.

There are a few things you can do to improve your credit score, such as paying off any outstanding debts and making all of your payments on time.

You can also try to get a copy of your credit report from the most reputable credit bureaus in the USA, such as Experian, Equifax and TransUnion, to make sure that there are no errors on it. If you find any errors, dispute them right away. This can help improve your credit score and increase your chances of getting approved for a loan.

What if I have a bad credit score?

If you have a bad credit score, there are still a few things you can do to successfully take out a loan for your investment.

First, you can get a cosigner for the loan. This person will be responsible for making the payments if you default on your payments. Having a cosigner with good credit will help increase your chances of getting approved.

Another option is to apply for government-backed loans, as they tend to be more lenient when it comes to credit scores. But again, you’ll be required to pay mortgage insurance with these types of loans, which can add to your monthly payments.

If you’re self-employed, it may be more difficult to get approved for a loan. This is because lenders often require two years of tax returns to verify your income. In this case, you should get a letter from your accountant that outlines your income and how much you can afford to pay each month.

Tip #2: make sure you have a good income and employment history

In order to get approved for conventional home loans, you’ll also need to have a good income and employment history. Lenders will want to see that you have a steady source of income and can afford to pay your debt with them.

They’d require proof of income, such as pay stubs or tax returns, as these will help to verify that you have the money to support your investments and pay the lender back. This is especially important if you’re just starting out with real estate investment and are using employment income for capital.

If you already have other types of investment properties that are already generating income and want to diversify your portfolio, lenders would be more willing to finance your purchase. This is because they can see that you have a solid income stream to support the loan payments.

Tip #3: make a large down payment

Another way to increase your chances of getting approved for a mortgage conventional loan is to make a large down payment. Lenders would often like to see that you have some skin in the game and are invested in the property.

A larger down payment also means that you’ll have more equity in the property, which can make it easier to refinance or sell in the future. It also means that you’ll have less debt and therefore be less of a risk to the lender.

If you don’t have enough money saved up for a large down payment, you could try asking family or friends for help. You could also look into government programs that offer assistance for real estate investments.

What is the average down payment amount for residential investment properties in the USA?

The amount that you should pay for a deposit will depend on the type of property that you’re buying.

For example, a down payment for a multi-family property could be as low as 15% of the purchase price, whereas a down payment for a single-family home could be 20% or more. This is because lenders view multi-family properties as being less of a risk than single-family homes.

But generally speaking, you should expect to pay a minimum of 20% for a down payment on any type of investment property in the USA.

Tip #4: have a good debt-to-income ratio

Your debt-to-income ratio (DTI) is another important factor that lenders will consider when you apply for a loan. This is the number of your monthly debts, including your mortgage payment, divided by your gross monthly income.

For example, if your monthly income is $5,000 and your monthly debts are $2,000, then your DTI would be 40%.

Lenders like to see a DTI of 36% or less. This shows them that you have enough income to cover your debts and still have money left over each month.

If your DTI is too high, there are a few things you can do to lower it. One option is to pay off some of your debts, such as credit card debts. Another option is to increase your income by getting a promotion or taking on a side hustle. Making these changes can be difficult, but it’s worth it if it means you’ll be able to get approved for the loan you need.

Tip #5: show that you have significant savings

Last but not least, lenders will also want to see that you have significant savings. This is because it shows them that you’re financially responsible and can afford to make the monthly payments.

They may require proof of your savings, such as bank statements or investment account statements. So, be sure to have these ready when you apply for a loan.

If you don’t have enough saved up yet, don’t worry. You can start building your savings by setting aside money each month into a dedicated savings account. Over time, you’ll be able to build up a nice nest egg that will help you get approved for a conventional home loan.

Where to get a conventional mortgage financing for your investments

Now, you already know how to get approved for a conventional loan. It’s time to look for one to get started with your investment journey.

The best way to apply for a mortgage loan to purchase your first property is by working with a company that specialises in this type of financing, such as the Mortgage Shop. On their conventional mortgage loans webpage, you’ll learn how to get approved for their program and how it works.

You’ll also be able to see the different types of properties that they’ve financed in the past and how much money you can expect to receive for your down payment.

When you’re ready, you can fill out an online application, and a representative will reach out to guide you through the process. They’ll answer any questions that you have so that you can make the best decision for your investment journey.

However, as always, remember to consult with a financial advisor before making any major decisions regarding loans or investments.

Conventional mortgage loan FAQs

Q: How difficult is it to get approved for a mortgage loan in the USA?

A: The process of getting approved for conventional mortgage loans in the USA can be difficult, but it;s possible if you follow the above-mentioned tips.

Q: How long does it take for my loan application to be approved?

A: The length of time it takes for your loan application to be approved will depend on the lender with whom you’re working. Some lenders may take a few weeks, while others may only take a few days.

Q: Can I take out multiple mortgage loans for my investments at once?

A: Yes, you can take out multiple mortgage loans for your investments if you qualify. However, it’s important to remember that each loan will have its own terms and conditions that you’ll need to meet.

Q: What’s the average interest rate on a conventional loan in the USA?

A: The average interest rate on a conventional home loan in the USA is around 4%. However, this number can vary depending on the lender you’re working with and your financial situation.

Conclusion

Taking out financing to purchase properties in the USA for investment purposes can come with some challenges. However, if you follow the tips set out in this post, you’ll increase your chances of getting approved for a conventional loan.

We hope this article was helpful in answering your question, “How do I get approved for a conventional loan?” If so, please share it with your fellow investors. And, if you have any questions about something we didn’t cover, feel free to leave a comment below – we’ll be happy to answer.

Good luck with your investing!

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What to consider when revamping your backyard

You may love spending time in your backyard, or you may dread the thought of heading outside. Whichever your feelings, it’s probably worth giving some thought to how you can make your outdoor space more enjoyable.

A little research and a few simple changes can go a long way towards transforming an uninspiring space into one that feels much more welcoming. Here are some things you need to think about when setting about revamping your backyard.

Painting your fence

The fence around your backyard is an important part of the overall aesthetic of your outdoor space. This can be the gateway to an entirely different space, or it can offer a simple way to add colour and interest to a more understated backyard. You can choose to paint your fence any colour at all, or you could make use of something that goes well with your house’s exterior and garden themes.

Add a garden bench

Gardening is a hobby that many people enjoy. It’s also one where there are plenty of ways you can get creative and make use of what already exists in your yard and what you bring outside with you on your adventures in soil. If that describes you, consider adding a garden bench to the yard and making it an anchor point for other elements like hammocks or tables.

The bench is relatively easy to set up, and it offers comfort while allowing you to relax and enjoy the surroundings by yourself or with friends. If being social isn’t really something that interests you, consider putting this area under cover so guests will never have any reason not to stop by when they’re hanging out by your pool.

Build an outdoor fireplace

While fireplaces have always been popular for added ambience when reading, they’re far more economical options for those who want the warmth of flames without spending a huge amount of money on log sets or wood to burn.

Depending on where you live and what climate conditions are like out there, fireplaces come pretty cheaply if you want something that looks nice enough to hang alongside your porch and give off any required ambience but doesn’t break the bank whatsoever. You might also want to bring in outdoor kitchen islands with grill so you can grill some meat when you have functions or meetings. The grill is usually sturdy and portable.

Update your planting

People often neglect the plants they grow in their backyard. But, you can use different techniques like pruning, deadhead and trimming to retain the great look of your planting. For example, if you want to change the look of your outdoor planting, then it’s best if you trim it occasionally.

Another way to do this is by pruning your plants, which will make them to be more compact and even look more beautiful. Running a pair of clippers through a tree or having someone else do it for you is easy. This will cut off the dead branches where needed, and this can help the plant’s health as well. You could also use low-growing plants like Lemon grass, myrtle and bay trees instead of tall ones.

Create an outdoor meeting area

Whether you like sitting alone in the evenings reading or spending time in your garden socialising with friends, outdoor seating is incredibly useful for enjoying time outside.

It doesn’t need to be permanent. You can simply add some folding chairs to a spot on your property and enjoy a beautiful sunset or sunny weather. If you’re not sure where to start, consider starting with a couple of deckchairs.

Use modern outdoor lights

Outdoor lights are an awesome idea for adding a contemporary and modern feel to your property. They’re a perfect alternative to expensive chandeliers and lamps. While lighting might change over time, it’s always a good idea to have light in at least one area in your yard. This area should be more than enough to light up your garden at night, especially when you have guests over.

Conclusion

Getting the right layout and plan for your backyard can open up your home and expand its space while also ensuring a relaxing retreat that you can use at any time of day. After all, having a yard is often an important aspect of a home. It’s the place where you can spend time on your own, with loved ones or host outdoor parties with friends and neighbours.

[disclosure*]

Designer Desire: Alfred Daniels

Viewing sale lots for our Auction Alert series, I always happen across artists & designers that I’ve never come across previously.

Born in Trellis Street in Bow, and affectionately referred to as Danny, Alfred Daniels (1924-2015) is sometimes referred to as the Lowry of the East End – although he once quipped, “I’m not really an East Ender, I’m more of a Bow boy”.

With help from his uncle Charlie, he left school early and enrolled in Woolwich Polytechnic to learn sign-writing. He never completed his course, instead – again, thanks to his uncle – got a job as a lettering artist at the Lawrence Danes Studio in Chancery Lane.

When his uncle started up his own studio in Fetter Lane above the Vogue Magazine photo studio, he went to work for him, earning £1 a week. In 1947, Danny was accepted to attend the Royal College of Art. After gaining his 1st class degree there, he stayed on for a further year to study mural design.

In 1954, he completed his five impressive, award-winning murals inside Hammersmith Town Hall and also participated in their conservation in 1983.

I never wanted to be a painter, I wanted to be an illustrator of life… It isn’t enough to make a picture of something – You have to be there, you have to touch it, you have to experience it.

In 1973, he joined the Royal Watercolour Society, followed by the Royal Society of British Artists a decade later. He was also elected keeper of The Royal Society in 1991.

In addition to his many paintings, he illustrated calendars for Oxford University Press and posters for the General Post Office. He often exhibited at the Russell Gallery in Putney. His work is in the permanent collections of The Science Museum, Manchester Art Gallery, Bradford Museums and Galleries and Nottingham City Museums & Galleries.

For a number of years, he taught at Sir John Cass School of Art – nicknamed the ‘Aldgate Bauhaus’ and now the School of Art, Architecture and Design at London Metropolitan University. As well as teaching, he was the author of a number of books about drawing and painting.

The Gentle Author of Spitalfields Life interviewed and wrote about Alfred Daniels on many occasions. Included in the posts are lots of photos of his sketchbooks and studio in his family home in Bedford Park, Chiswick. You can find out more here.

Making a painting is like baking a cake, one slice is for you but the rest is for everyone else.

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Additional image credits:
Mutual Art