It’s exciting to buy your first home, but act responsibly when it comes to making this purchase: Live within your means. Don’t get yourself into risky or untenable situations when it comes to choosing a home or taking out a loan. Do not assume the value of the property will increase. Do not assume you… Continue reading All about down payments and mortgage requirements
Tag: mortgages
Tips for buying your first home
Buying your first home means dealing with bankers, real estate agents, and real estate lawyers. There are often elaborate rituals around negotiating a price, and then closing the deal. I won’t go into detail here, because there can be a tremendous amount of variation depending on the state or locality, and whether or not the market… Continue reading Tips for buying your first home
What are assets?
Your house, the cash you have in your checking account, the car in your driveway, the oak table in your dining room, the pair of running shoes in your closet, and the phone in your pocket are all considered “assets.” However, when it comes to personal finances, assets typically refer to big-ticket items — houses,… Continue reading What are assets?
How credit ratings agencies “score” you
A credit report is a document that grades you on your ability to pay your bill. The credit ratings agencies that provide the reports — Experian, TransUnion, and Equifax — gather information from the credit card companies, mortgage lenders, department stores, utilities, and other firms that have provided credit to you in the past. The information… Continue reading How credit ratings agencies “score” you
Considerations when buying your first home
So you’ve reached that stage in your life when you are considering buying your first home. Maybe you just got married, or are ready to have kids, or have enough stability in your life where it makes sense to put down roots in a particular neighborhood. Then there are the financial considerations. If done sensibly,… Continue reading Considerations when buying your first home
What is a mortgage?
The following post was excerpted from Personal Finance For Beginners In 30 Minutes, Vol. 1, by Ian Lamont. All rights reserved. If you’ve purchased a house or condo, you probably had to take out a mortgage. What is a mortgage? In a nutshell, mortgages are loans from banks that help homebuyers pay the difference between the… Continue reading What is a mortgage?