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.

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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.  

So you’re taking on a mortgage, or considering it – congratulations! Also, good job. Educating yourself in financial matters is super smart (though seriously daunting and intimidating sometimes). When it comes to interest rates, it can be easy to dismiss the steps you can take to try and get better rates. However, there are many things you can do before even applying for a mortgage to improve your ability to get a lower interest rate.

It begins with keeping the following in good standing: credit, debt, savings, income, and other assets.

Having a low interest rate is likely going to be important to you in the long run. While a high interest rate may be easy to overlook when purchasing a home, you may feel the financial impact of a higher rate down the road. A higher interest rate will result in you paying more over the lifetime of your mortgage².

Good credit can result in lower interest rates when you go to purchase a mobile home². Many people don’t realize how important it is to keep your credit score up or to work on getting into a good credit score range.

When applying for a mortgage or preapproval, it’s also a good idea to keep an eye on your credit report and to promptly correct errors¹. You should avoid doing anything that may negatively impact your credit throughout the process of purchasing a mobile home; this includes applying for new, additional lines of credit¹.

While your credit score isn’t the only key to a low interest rate, it is one of the key factors². Your credit report is the main record lenders have of how you spend money. It tells them whether you pay on time, if you pay what is owed, and how consistent you are. It’s riskier for them to lend when your credit score is low in terms of your perceived ability to make payments. It’s similar to a school giving a better scholarship based on grades. While it’s not always fair to those who really have to work for a high grade versus those who are naturally good test takers – both got the same grade. The same is true with credit. If your credit has seen better days, you can improve it with hard work.

Another key factor is your debt¹.  A lot of debt may deter a lender from lending to you, or may negatively impact the terms of the loan. Lenders calculate your debt to income ratio, so you definitely want to pay off as much debt as you can before applying for a home loan. Many people only see their home as an investment and not as debt, which it is. A mortgage is probably the biggest loan you will have in your life. Owning a home can be rewarding, but it is also a big responsibility. The best thing to do is either consolidate or pay off debts that you can, or at least have proof that you can consistently pay towards your debt while also making your mortgage payments.

Your savings and income may also impact your interest rate and the terms of our loan.  Starting to save is obviously amazing when considering a mortgage. It also can look good when your interest rate is being decided. Savings can demonstrate to a lender that you can pay your mortgage payments. This can also be shown if you have consistent income. Having a steady job or creating a savings budget could help you when trying for a better interest rate. Assets such as land, cash settlements, etc. could also positively impact that way that you appear to a lender.

Understanding your credit is the key to reaching for a better interest rate. Don’t just accept a high rate. You’ll pay for it later. Do what you can to make your credit shine!

Start Improving Your Credit Today!

1. Consumer Financial Protection Bureau. 16 August 2018. How does my credit score affect my ability to get a mortgage loan? https://www.consumerfinance.gov/ask-cfpb/how-does-my-credit-score-affect-my-ability-to-get-a-mortgage-loan-en-319/

2. Consumer Financial Protection Bureau. 16 August 2018. Seven factors that determine your mortgage interest rate. https://www.consumerfinance.gov/about-us/blog/7-factors-determine-your-mortgage-interest-rate/

So, you’re wanting a place to call your own? That’s exciting! Have you done your homework? It’s going to take some preparation and research to purchase a home. We want you to be well-informed and encourage you to be your own advocate while researching and making home purchase decisions.

We’ve gathered some resources and information about being a first-time homebuyer and have provided them below. While by no means all-inclusive, we’re  hoping these resources will help get you started!

• You’re probably familiar with FHA Loans. Loans insured by the government, more specifically the Federal Housing Administration. FHA Loans generally require lower down payments but do require the payment of mortgage insurance premiums which protect the lender if a borrower defaults.
• If you’re an active or previous member of the military, a VA Loan may be something to consider. Loans offered to credit qualifying veterans, or their surviving spouses if service and entitlement requirements are met. There is a VA loan no down payment option.
• If you’re interested in living in a rural area as designed by the USDA Rural Guaranteed Housing Program: a USDA Home Loan may interest you. USDA loan programs are designed to improve and grow rural areas and you don’t have to have a farm.
• If you’re interested in living in an energy efficient home, you might want to consider programs that finance energy saving home improvements as part of the mortgage. Some are offered to first-time homebuyers.
• Lastly, check your local home loan options! Inquire with local lenders who know the area in which you would like to live for financing options. You might be able to find a local down payment assistance program, or other alternative program that fits your needs!

Consider a Mobile Home!

Still on the fence? Wondering what you’ll gain by being a homeowner? Check out these benefits of being a homeowner!