Monthly Archives: June 2017

//June
13 06, 2017

Starter Homes: Pros and Cons

June 13th, 2017|Uncategorized|

 

Earlier generations often bought start homes initially and then would move into larger homes are their families and income grew. Now, coming up with a large down payment is a struggle for many. This results in renting and saving up for a down payment for a few years. There is also the option of buying a starter home and staying in it for longer than previous generations and paying down more of the mortgage. In order to help first-time home buyers, guide through these tricky decisions, we are going to look at pros and cons of a starter home.

Build stability quicker

When you buy a home in a certain area, many homebuyers can’t believe how much stability and roots they feel in a community. You are able to make any changes you want in order for it to feel more like your home. Overall home buyers feel a much great sense of stability.

Moving

It is no question that moving is not a fun task. Buying a starter home then upgrading in a few years will requires moving twice in a short time span. For some, it might be more cost-effective to save more and buy a bigger home instead of moving twice within a shorter time period.

Build Equity Sooner

If you can commit five to seven years to a home, there is a good chance you will come out on top in regards to building equity. If you make improvements that add value, you can take the equity you’ve built and apply it as a down payment on the next home. In essence, the start home might help you purchase your dream home.

Budget

In addition to mortgage payments and property tax, there are extra costs such as furniture, landscape improvements and buying items specific to […]

5 06, 2017

Building Credit 101

June 5th, 2017|Blog, General, Home Finances|

In order to purchase most of the larger things in life such as a house or a car, you need to have a good credit score in order to be approved for the loan to buy it. If you are a recent grad or a young professional, you may not have had any opportunity to build up credit thus far, now is the time to start. You might not think it matters that much but it does. Whether you are trying to qualify for a mortgage, auto loans even apartments, to some extent it will be dependent on your credit history.

Building a Credit History

Your credit history is one of the key factors that decides your credit score. The best time to build a credit history is when you are young. The point of a credit score is to show banker and lenders that you can handle your expenses each month and that you pay on time. Now is a good time to think about getting a credit card as well so you can start to build up your credit score as well but make sure you are paying it off every month and not building up interest.

Student Loans

Many people these days graduate with some amount of student loans. While you may be worried about lenders seeing your high amount of debt, do not be worried if you are handling your finances correctly. Be sure that you are managing your debt obligations and repaying them on time, every time.

Be Responsible

Credit card companies often offer cards with high spending limits. Do not take advantage of those if it is outside your means. It is crucial to ensure you are still living within your means with a credit card. Pay off your balances in […]

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