Seeking right solution for dirty, gray tile grout
Q: I have tiled bathrooms, and the grout appears to be dirty and gray. I have tried most of the commercial tile cleaners, to no avail — I’ve even tried Coca-Cola. The only thing left is probably muriatic acid, but I am concerned about the fumes. Do you have any suggestions?
A: You could use a cleaner with acid, but it will eventually erode the grout and make the joints even tougher to clean. My suggestion: Hit the Internet and look for pH-balanced cleaning products that are made for this purpose. Use an old toothbrush to work the cleaners into the joints.
As for the Coke, drink it instead.
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Q: My boyfriend and I recently moved back in with his parents to save money to buy our first home, which we plan to purchase by this time next year. I recently read a home-buying book, and one of the first “to-do” items is to get preapproved for a mortgage, but we would like to wait until we have saved the additional money. We have started scoping out areas where we would like to live and have an idea of what we can afford.
What is your opinion on what we should do now? Should we meet with a REALTOR®? Speak to a few banks?
A: I admire your willingness to save money before you jump into buying a house. Sure, you can buy one with no money down and using an exotic mortgage, but if you save a 20 percent down payment and closing costs first, you’ll move in with equity and no debt outside the mortgage.
My only caveats are these: Interest rates on fixed and adjustable mortgages are rising fast, and the real estate market is much slower now than it was a year ago, so many sellers are more willing to negotiate than has been true in the recent past. But rates and markets change quickly, and nothing says the economic stars will be in proper alignment when you’re ready to buy.
The Internet can give you access to information about how much of a mortgage you can be approved for and how much you can afford. Check out the major lenders’ Web sites and punch in your numbers.
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Q: I am buying a home in Las Vegas and am told the option adjustable-rate mortgage is the way to go. The lender said paying only the minimum allows you to do other things, especially if you are on a commission-only salary. But I wasn’t informed that after year 5, the amount for the minimum escalates. Where can I find information on an option ARM versus a 30-year fixed-rate mortgage?
A: An option ARM allows a borrower to pick one of four monthly payments: minimum; interest-only payment; full principal and interest amortized over 30 years; or full principal and interest amortized over 15 years.
If you choose the interest-only payment, you pay no principal, so the loan balance stays the same.
With a minimum payment, there is no principal and less interest than what would accrue on the loan. The unpaid interest is added to the loan balance, and negative amortization results. That is, the loan balance gets bigger, especially if short-term interest rates continue to increase. When the balance reaches a certain point — say you took out a $100,000 loan and the addition interest now makes it $125,000 — the minimum payment is increased.
Because you work on commission, an option ARM will allow you to adjust your monthly payment to reflect the reality of your situation. Most interest-only loans are adjustable, and the initial rate will be fixed for a certain length of time. When the time is up, the rate is reset and you start paying the principal. If the rates have risen enough, you will be paying a lot more than you bargained for. On the other hand, if you’re planning to sell the house before the rate is reset, it might be a good option.
You might also want to consider the 30-year and 15-year amortized mortgages.
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Q: My condo is for sale, and I expect to have an acceptable offer soon. My water heater has been no problem, shows no sign of rust, and is about eight years old. The condo board is encouraging occupants to buy new heaters before problems begin, which makes sense. The trouble: A 50-gallon heater is $620 installed. Isn’t there a way to inspect hot-water heaters to see if they should be replaced?
A: Check the tank fittings for rusting or leaks. If you find some, the heater should be replaced. But if there’s nothing wrong and you’re selling the condo and the prospective buyer will have a home inspector check everything anyway, why should you spend $625 for no reason other than that the condo association says you should?
If it ain’t broke …
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