If you have a mortgage, then chances are you’ve heard the word escrow thrown around a time or two. But what is it exactly?

An escrow account is a helpful tool built into your mortgage. It allows for funds to be collected monthly to pay for your homeowner’s insurance and/or property taxes. By your mortgage collecting escrow, it ensures that your insurance and property taxes are paid in a timely manner. The benefit to you is you don’t have to worry about fronting hundreds or thousands of dollars all at once for your homeowner’s insurance or property taxes.

The formula is typically simple for finding the amount owed. Let’s say both insurance and taxes are escrowed from each monthly payment. The monthly payment is found by taking the total amount paid to both insurance and taxes for the year and then divided by 12. (The 12 is for 12 months.) That’s it! That would be your monthly payment in addition to your mortgage! Please keep in mind, some lenders may use another calculation that varies slightly and is also permitted by the law. Be sure to contact your lender if you have further questions as to how your escrow is calculated.

Occasionally, your escrow payments may increase or decrease. If that happens, either your insurance or taxes have changed. This will affect what you pay monthly. In most loan types, this is the cause of increase or decrease for monthly payments.

All in all, escrow accounts allow for your insurance and property taxes to be paid on your behalf without much extra work on your end!

Researched and created by Rachel Mersinger

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Welcome to the third and final installment of our Choosing Appliances mini-series! In this series, we’ll be doing our best to help you through the sometimes-stressful research process for purchasing a new appliance. While appliances are not quite the sticker shock of a home or a car, they still are big financial investment. This mini-series will hopefully help you cut time and worry on your choice.

…..

In part three, we’re covering washers and dryers. If you missed our previous installments, check them out for this same experience on refrigerators and dishwashers plus, ranges and microwaves.

Let’s get into it!

Appliance Logistics:

Before you go to the store or start to search online there are some things we can narrow down and think through:

• Measure the area the appliance will fit in (height, width, and depth)
• Note unique factors (Be sure your washer and dryer fit in the space provided, especially side by side. You also want to make sure the electrical and air return line up with your appliances.)
• Make a purchase plan
  • What’s your budget range?
  • Are you going to purchase during a sale?  (most big box stores have Memorial Day and Labor Day sales)
• Will you need delivery? If so, consider cost. Or do you have a truck/trailer?
• Will the appliance fit in your doorways? Will you have to take it up stairs?
• What will you do with your old appliance? You can haul it away, have a company take it or sell it.

An important note is to check availability. More recently what’s in stock is more prevalent to your purchase. If you’re casually looking you may not mind a three-month backorder. However, if you needed it yesterday, going into a store and asking about what they’ve got in store is a good place to start. That way you don’t get attached to something that isn’t available or won’t be for a while.

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Last year our washing machine stopped working right. Though we’ve been homeowners for about five years – we’ve yet to buy any appliances. I was overwhelmed by the choices. Our previous washer was a late 80s , early 90s model so there was a lot to learn about new versions. Unfortunately, things don’t last as long as they used to. I had to discover the common lifetime of new appliances as well as how long I wanted it to last and where all of that met in the middle. Then there’s the cost, installation, sales for the year, haul away – oh my! As a researcher, I had my work cut out for me.

Thankfully, there are tons of amazing in-depth reviews by various websites, so I didn’t go into it totally blind. After my experience, I thought I want there to be a guide for this, especially for our customers so when you go to buy appliances you have all the tools you need in one place.

Before you start – see what’s available – now it’s time to look around and get an idea of what’s available.

• Think of style/ color. Most options are white, silver, or black. You may be able to get another color or a custom color, but it will probably cost a little more.
• Energy Star® Certified. If this is something you’re interested in for your home keep a look out for certified washers and dryers that can help save you some energy.

Are you ready to start thinking through the options? Let’s learn about washer options.

Washer Specifics:

Main types of washing machines:

• Front loader washing machine
• Top loader washing machine:
  • Agitator
  • Impeller
• Stacked laundry

Front loaders are the fad now. A lot of people choose them for their look, use of less water, and gentleness on clothing. They are likely more expensive ranging around $700 – 2,000. Front loaders can be stacked and can be accommodating in smaller areas. They also use their angle and gravity to clean clothes. Some people don’t like them because you have to bend over low to use them, their sockets can get moldy, and they usually don’t have a deep-water wash.  Check out some highly rated ones here.

Top loaders are the more traditional option, but that doesn’t mean they haven’t evolved. This type is loved for its ability to have items added during a wash cycle, being typically more affordable than front loaders, and for easier repairs – the top load is another great choice. They usually can range around $500  – $1,000.

• Top loaders use agitators and impellers to move clothing and rid clothes of dirt. Agitators are spindles with small rivets that help push and turn clothing. Sometimes people don’t like this because your clothes can get caught or twisted, but they can be great for a deep clean.
• Impeller devices are the other option of top loaders. It uses a small cone or disc that uses energy to create currents in the water. This method is touchless can be seen as both a pro or a con.

Stacked laundry sets are often used in rental units or places with restricted space. They are typically more basic units, but that doesn’t mean they aren’t good quality. These are available in both top and front load options washers and of course include the dryer. Start exploring options here.

We didn’t cover every type of washer here, but we covered the basic ones that most homeowners purchase. We hope that this helps you get started and educates you so you don’t miss out on a possibility you may not even have realized existed. Happy searching!

Dryer Specifics:

Main types of dryers:

• Electric
• Gas
• Ventless

All dryers are front loaders, so I didn’t list it as a type. But technically, you can purchase a dryer that may be called a “top-loader” however it isn’t. This label just means that visually it will match a top load washer  (likely purchased from the same brand), but it will still load from the front. Most dryers range from $450 – $1,200, but of course you can find them for higher if you’re looking for more features.

Electric dyers run off a 4-prong cord, so you’ll need an outlet that’ll fit it or aa converter and typically need a vent for air return. They are likely the most common type and tend to cost less upfront.

Gas dryers as you might have guessed run off natural gas or propane, so you’ll have to have that hooked up at your home for this option.

Ventless dryers are an option for people that may live in apartments or are unable to have a vent location. These dryers use a condenser or heat pump to make heat and create the energy needed to dry your clothing. Learn more about these main dryer types here. 

Looking for some great options for dryers? Get started here.

In conclusion, don’t forget the options listed here are not exhaustive. Also, if you’re hoping to spend less don’t forget used options can be found online,  at yard sales, etc. for your washer or dryer. Sometimes people will even set out old units that work by the side of the road or you may be able to check with a unit recycler location in your area to see if they have anything available. Thank you for checking out this mini-series! We hope it’s help you be more informed about your home appliance purchase and that whatever you choose lasts a long time and works well!

*ENERGY STAR^® and the ENERGY STAR^® mark are registered trademarks owned by the U.S. Environmental Protection Agency.  

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Welcome to the second installment of our Choosing Appliances mini-series! In this series, we’ll be doing our best to help you through the sometimes-stressful research process for purchasing a new appliance. While appliances are not quite the sticker shock of a home or a car, they still are big financial investment. This mini-series will hopefully help you cut time and worry on your choice.

…..

In part two, we’re covering ranges and microwaves. If you missed our previous installment, check it out for this same experience on refrigerators and dishwashers.

Let’s get into it!

Appliance Logistics:

Before you go to the store or start to search online there are some things we can narrow down and think through:

• Measure the area the appliance will fit in (height, width, and depth)
• Note unique factors (for ranges: be sure you can open your oven door fully without hitting anything in your kitchen. It’s also important to note the space needed between your kitchen hood or ventilation system. Also note what kind of prong your oven has.)
• Make a purchase plan
  • What’s your budget range?
  • Are you going to purchase during a sale?  (most big box stores have Memorial Day and Labor Day sales)
• Will you need delivery? If so, consider cost. Or do you have a truck/trailer?
• Will the appliance fit in your doorways? Will you have to take it up stairs?
• What will you do with your old appliance? You can haul it away, have a company take it or sell it.

An important note is to check availability. More recently what’s in stock is more prevalent to your purchase. If you’re casually looking you may not mind a three-month backorder. However, if you needed it yesterday, going into a store and asking about what they’ve got in store is a good place to start. That way you don’t get attached to something that isn’t available or won’t be for a while.

Range Specifics:

Ranges really are the heart of the kitchen. Even ancient cooking spaces had a cold underground place for refrigeration and a hot fire, maybe with stones or iron ore to cook on. Ranges are fundamental to cooking throughout humanity, and nowadays we’re spoiled as to all the ways we can cook our food.

We use oven and range pretty interchangeably in the south, so I actually have to keep myself in line to say range which includes both oven and stovetop. Today, it’s less likely that they’d be separate, but it’s not unheard of. If you have an older home or are interested in a retro feel you might have an eye level or wall oven with either no stovetop or just a separate stovetop. You may also live in a small space and have a portable, single burner. But for our purposes, we’ll zero in on ranges including both parts!

Most ranges fall between $550 – 2,000, but you can definitely spend above that. Now it’s time to look around and get an idea of what’s available.

There are 3 main types of ranges:

• Electric
• Induction (runs on electricity)
• Gas

Seemingly the more common is the electric range. Which usually has burners/ heating elements that are coils on top of the stove top or underneath a glass or ceramic top. These work by heating the metal coil, which heats the surface, then heats your pan. These tend to be the most affordable.

Induction stovetops are traditionally more expensive. They are electric but use heat and energy through a magnetic current. Induction stovetops heat copper coils and that directly heats your pan. So, this option kind has no middleman because it doesn’t have the extra step of heating your stovetop surface. These tend to offer a quicker heat than electric ovens and are typically more energy efficient.

Gas stoves run off your natural gas or propane hookup instead of electricity. This option has long been loved for its efficiency and quicker cooking. However, some are uneasy about the safety of it. For people that want to cook over an open flame and don’t mind spending a little extra, this is the perfect fit.

Within these choices there are conventional ovens and convention ovens. Essentially, conventional ovens have a heating element at the top and bottom of the oven, versus a convection oven has both heating elements plus a fan to distribute the hot air. Convection ovens are known to have more of an advantage with allover heat and higher heat. A conventional oven may be easier to navigate in your everyday as it will follow most recipes’ cook times and temps where a convection oven will require some adjustment.

Now, you’re ready to start looking for yourself. Don’t forget to decide on the color you want and to keep an eye out for any small, unique details you like that you see available for ranges. Be sure if you choose an electric option that you have the proper prongs to fit in your outlet. Happy shopping!

Microwave Specifics:

Microwaves are sort of like dishwashers in that not everyone views them as a necessity. Some people would prefer to heat things up in a toaster oven or stove top. However, if you eat a lot of leftovers then it may be a good fit. They also can be rather inexpensive. $300 is about the average for a good one, but you can find an inexpensive one around $60, depending on your budget.

Now it’s time to look around and get an idea of what’s available.

There are two main types:

• Countertop
• Over-the-range

Countertop microwaves are common but the drawback is that they do take up counter space. In a kitchen with limited counterspace, you might want to consider an over-the-range style. These microwaves are a sleek, tucked away option. Other options are built-in and convection microwaves, plus microwave drawers and wall oven combinations. If you’re wanting to spend a little more and need to save space, any of these could be a good fit.

There are tons of features such as ENERGY STAR® Certified and smart technology options for microwaves. They are always a great way to incorporate a pop of color as they tend to have more color and style options than most appliances.

This one is pretty simple so you’re ready to jump in on your microwave search. Need some help picking out the right one? Check out this guide to get you started.

We hope that this has helped you be an informed shopper, but most importantly we hope that it’s reduced the stress of the unknown and prepared you for some of the options you’ll have to decide on. While today we discussed purchasing new appliances, know that there are used options as well. You can go to a local wholesale or resale store. Don’t forget yard sales, too! For online options you can try a local selling site or something similar. Stay tuned to our mini-series! Next time we’ll cover laundry room appliances!

*ENERGY STAR^® and the ENERGY STAR^® mark are registered trademarks owned by the U.S. Environmental Protection Agency.  

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Welcome to our Choosing Appliances mini-series! In this series, we’ll be doing our best to help you through the sometimes-stressful research process for purchasing a new appliance. While appliances are not quite the sticker shock of a home or a car, they still are big financial investment. This mini-series will hopefully help you cut time and worry on your choice.

….

We’re starting in the kitchen where the bulk of our appliances live. We’re breaking it into two sections. In part 1, we’re covering refrigerators and dishwashers, so let’s jump in!

Most people don’t have to buy appliances when moving into a home. So, it’s likely that you could go a while without having to purchase any. When looking at refrigerators and dishwashers you’re looking at something that starts at about $500 each. So, you’re probably going to want to make an informed decision spending that amount. That’s why we’re here to help!

Appliance Logistics:

Before you go to the store or start to search online there are some things we can narrow down and think through.

• Measure the area the appliance will fit in (height, width, and depth)
• Note unique factors (for refrigerators: if your fridge will be put into a wall pocket, you’ll want to make sure it sticks out enough (depth) for you to open your doors easily/fully.)
• Make a purchase plan
  • What’s your budget range?
  • Are you going to purchase during a sale?  (most big box stores have Memorial Day and Labor Day sales)
• Will you need delivery? If so, consider cost. Or do you have a truck/trailer?
• Will the appliance fit in your doorways? Will you have to take it up stairs?
• What will you do with your old appliance?

An important note is to check availability. More recently what’s in stock is more prevalent to your purchase. If you’re casually looking you may not mind a three-month backorder. However, if you needed it yesterday going into a store and asking about what they’ve got in store is a good place to start. That way you don’t get attached to something that isn’t available or won’t be for a while.

Refrigerator Specifics:

See what’s available – now it’s time to look around and get an idea of what’s available.

There are many types of refrigerators, keep in mind different styles will cost more than others. 

Types:

Think of style/ color. Most options are black, white, or stainless steel. You may be able to get another color or a custom color, but it will probably cost a little more.

Now you’re ready to start shopping! You’ve got all the particulars thought through so you can shop in confidence. There are tons of in-depth guides for the best refrigerators of the year. So, search for a few of those and compare with your preferences and budget to find the best option for you.

Dishwasher Specifics:

Not everyone places necessity on dishwashers. Many people live without them for some time or their whole life. Likely, if you already have a spot and hook up for one, you’ll continue to use one, but if you don’t you won’t – so you decide what fits best for you. 

See what’s available – now it’s time to look around and get an idea of what’s available.

ENERGY STAR® Certified. Nowadays there are tons of dishwashers that use less water or conserve it in some way. If this is something you’re interested in for your home keep a look out for certified dishwashers that can save you some energy.

Think of style/ color. Most options are black, white, or stainless steel. You may be able to get another color or a custom color, but it will probably cost a little more.

Number of racks. Some people want two rows while others want three. This is really the biggest variant for dishwashers. They don’t have all the type options like refrigerators.

Are you ready to start shopping and figuring out if you want more tech and less noise on your new dishwasher? Check out some of these dishwasher options to help you get started in your informed search!

We hope that this has helped you be an informed shopper, but most importantly that it’s reduced the unknown and prepared you for some of the options you’ll have to decide on. We hope that you’re entering this purchase a little less stressed.

We went through options that were new, but there are used options as well. You can go to a local wholesale or resale store. For online options you can try a local selling site or something similar. Stay tuned to our miniseries! Next time we’re covering ranges and microwaves!

Check Out Part 2!

*ENERGY STAR^® and the ENERGY STAR^® mark are registered trademarks owned by the U.S. Environmental Protection Agency.