Decks and patios not only provide a space for outdoor entertaining, they can also increase your home’s curb or external appeal.  But before you start construction, spend some time thinking about what you're looking for in an outdoor space. The wrong deck or patio can become unused space and an eyesore. The good news is, there are plenty of options with decks and patios that are sure to satisfy anyone’s vision of their perfect outdoor retreat.

Start by thinking about how you’ll want to use the space. Be realistic with your size expectations as well as your budget. Don’t forget to consider the maintenance requirements as well. Wood is the most common material choice for decks, however wood also requires a lot of maintenance. Wood decks should be inspected for loose boards, protruding nails and splinters and they need to be cleaned, sanded and refinished regularly (sometimes as often as once a year).

In general, decks are more affordable than patios, and concrete is often the most durable option and requires the least amount of maintenance. If you like the look of a wood deck, another option is called “alternative decking”, which is composite “wood” made of wood, plastic or aluminum that could be blended with recycled wood fiber, sawdust, plastic or fiberglass. This option better resists the effects of weather, but that doesn’t mean it’s totally maintenance free. You’ll still need to power wash your deck and keep an eye out for any needed repairs.

Patios and terraces are other popular options for outdoor spaces. Patios provide a great place for family barbecues and backyard parties. There are several surface options to choose from: stone, slate, brick, gravel and concrete, just to name a few. Having several options allows you to customize your space exactly to your liking.

A well constructed outdoor space can increase the value and appearance of your home. Once you’ve completed your retreat, be sure to make the most of it by spending lots of time in your outdoor space!

The Federal Reserve recently unveiled a slew of rules aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans.

The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs, such as by increasing the interest rate or points,” the Fed said.

The ban, set to take effect April 1, would apply to both mortgage brokers and the companies employing them. It also would prohibit loan originators from steering consumers toward loans that aren’t in their best interest but would generate stronger returns for brokers or loan officers. Loan originators would be able to continue receiving compensation based on a percentage of the loan amount.

The Fed says the rules unveiled were being formulated long before historic reforms to the financial sector regulation were passed last month. That legislation includes provisions similar to the yield-spread premium ban unveiled by the central bank on Monday but also covers some loan-origination practices that the Fed’s rules don’t address.

The Fed said Monday that it would require borrowers whose mortgages are sold or transferred to be notified of the changes.

It also proposed that lenders clearly tell borrowers what their mortgage could cost them in a “worst-case” interest rate scenario.

In addition, the Fed rules would require lenders to tell borrowers when balloon payments or minimum payment options could hike loan amounts, and disclose how payments could fluctuate for borrowers who have adjustable- or step-rate loans.

The legislation passed last month includes provisions similar to the rules unveiled by the Fed, but also covers some practices the Fed’s rules don’t address.

Your credit history is more important than ever. But do you know how to clean it up and keep it looking good?

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Having a high credit score is super-important, especially if you plan on borrowing money soon. But how can you improve it?

Millions of people have found themselves facing foreclosure since the economic climate has shifted so rapidly over the past couple of years. Thanks to President Obama’s Federal Loan Modification Plan, however, thousands of people are starting to see themselves having some new hope that they may be able to keep their home. This loan modification program is all a part of the Federal Stimulus Package and has been funded with a total of $72 billion.

Now is the time for you to take advantage of Obama’s loan modification plan that can help you stay in your own home. You’ll simply need to fill out an application and be approved, so make sure you get help with the application process because it can only be done once. Once you’re approved for the loan modification services you’ll start to see a monthly payment that’s less than 31% of your income monthly and may have a longer repayment period, a lower interest rate, waived late fees and even forgiven principle all due to the loan modification program.

This loan modification program is going to be a once-in-a-lifetime chance for you to save your home and even pay less for the house you’ve come to love. If you’re like millions in this country that aren’t sure if they’re going to make it, it’s time to stop worrying and start taking advantage of the Obama federal loan modification plan that can possibly help you. Don’t wait too long; this plan will no longer be in effect after 2012 and you can lose your chance forever if you wait until you’re already in foreclosure. The first step you need to take is to seek advice from someone knowledgeable about Obama’s Federal Loan Modification Plan to make absolutely certain that you have completely reliable information and are dealing with someone who is qualified and capable of helping you with saving your home.