Safety issues relate to protecting your home by changing locks, installing fire extinguishers, and listing emergency numbers near your phone. In addition, fire marshal recommended smoke detectors should be installed on the ceiling or hallway outside each bedroom door and in or near the living room. They should be checked periodically to make sure they are working. A chain link ladder should be considered for a way to escape from a second or third story window. It can be stored under a bed or in a closet. You can perform a fire-prevention tour of your home or have a fire inspector come to your home if the community provides the service. A first aid kit with band-aids and medicines in an easy to reach place is very important for everyone in your family. Ways of making your home secure would include locking your doors and windows when you’re not at home, trimming shrubs that hide windows and doors, putting up lights for lighting your house and yard, and stopping mail and newspaper delivery if you’re going to be away for a few days. You should have all of your important papers in a safe place such as a safe deposit box at a local bank or a fireproof safe at your home. Fire alarm or burgler alarm systems may not only save your property but also earn you discounts on your home insurance.

Getting Neighborly Advice

Neighbors are a very important source of information. You should make it a point to meet with your neighbors soon after you move into your home. They will be invaluable should an emergency occur where you need their help, and they will be most helpful in advising you of the benefits of being part of your community. For example, changes such as street widening, zoning changes on a nearby property, and the location of a community center could have impact on you and your home. Your neighbor can provide you with access to community organizations you may find helpful to getting involved in neighborhood activities. This might include a Blockwatcher or Neighborhood Watch Association, child home care or play group, Volunteer Fire Fighters Association, Boys and Girls Clubs, etc.

Considering Hazard, Flood and other Insurance Protection

It is very important to keep hazard insurance complete and up-to-date. Flood insurance is also needed, if you are located in a federally designated flood plain area. Insurance is required by lenders before closing. You should make sure your hazard insurance policy contains an inflation rider which automatically increases the coverage as the value of the home increases. It is important to be sure replacement cost new is provided rather just value. Other insurance available would include a homeowners’ warranty and insurance from the place of purchase that extends the warranty period for new equipment. Mortgage life insurance pays off the mortgage at the borrower’s death. You may wish to consider all of the preceding insurance as good investments; however, you will have to include the cost for each in your expenses.

Lowering Your Mortgage Payments

It is possible to lower monthly mortgage payments by refinancing the mortgage on your home. The decision to refinance a mortgage depends on the interest rate available for a new mortgage, discount points, and the amount of closing costs to be paid. Typically there needs to be at least a two percent difference between your mortgage and the new mortgage that is available. Refinancing may not be a good idea for you if you have a prepayment penalty on your mortgage.

Looking For Homesaver Assistance

You should contact your lender immediately if you are unable to make a mortgage payment. The main reason homeowners fail to make mortgage payments is usually due to a loss of income related to divorce or marital problems, death of a family member, job loss and/or the inability to replace income, major illness and/or large medical bills, etc. You should immediately contact a housing counseling agency for assistance in straightening out your financial difficulties and helping you deal with your lending institution. By knowing what to do if get into mortgage trouble you can avoid losing the house.