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Budget Blog

4 Tips for Financing Your Dream Home

September 5, 2024 By Kevin | Just Start Investing

Many people have an idea of what a dream home would look like, but it’s quite often the type of property that sells for more than a million dollars in today’s market. If financing your dream home seems like an impossible challenge, then here are some tips to take this dream into the realm of reality:

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1. Assess your financial situation

Assess your financial situation

The first thing you will have to consider is whether you’re financially ready to purchase the home of your dreams. Readiness depends on multiple factors but you will need to check if your current situation falls in your favor. For one, you will need to check if your credit standing is more than the average needed to secure a conventional loan. 

Anything less than 700 limits your choices, so look for ways to manage your credit online and pay off any outstanding debts. It’s also important that you develop a financing plan based on how much you’re earning and spending each month along with existing liabilities. Making these determinations can help you adjust your lifestyle and choose the best possible approaches to finance your dream home.

2. Be prepared for other costs

When buying your dream home, you won’t be paying for the price of the property alone. If it’s your first time, you might be surprised by other expenses you need to make down the line. On top of the down payment, you may also need to pay for closing costs, appraisal fees, as well as reservation fees.

It pays to come up with a workable budget based on real-world estimates of the costs of closing a deal. Some of these fees can be waived if you’re able to get a skilled realtor by your side, but when the estimates are too much for your pockets, you might as well settle for a lower price range. After all, your dream home isn’t defined by the price tag, so make the most of what you have.

3. Obtain a pre-approval letter 

Before you shop around for the home of your dreams in today’s real estate market, you should come equipped with proof that you’re financially ready. The best way to do that is to get pre-approved. The process requires that you gather documents about your current financial situation, particularly the debt you still owe, your income sources, and your credit history. 

These factors are analyzed to determine the type of loan and the loan amount you are allowed to avail. If you’re confident enough that you could purchase an expensive home, you still need a pre-approval letter to beat out other offers placed on a property that matches your dream home.

4. Shop around for the best mortgage 

Even with a pre-approval letter, you still have to look for a mortgage deal that aligns with your goals. The least you could do is to reach out to only one broker thinking it already has the “best terms” to offer. 

If you’re provided a quote with an extremely low initial payment, you might want to keep looking because there’s a good chance you will end up with extremely high repayment and interest terms. To be safe, always request for quotes from multiple lenders and compare them closely. It also helps if you could ask experts you know for highly reliable mortgage providers. 

Endnote

Securing your dream home won’t come in an instant considering the average price properties are selling for nowadays. However, taking your time to save enough money and developing an effective financial strategy will bring you closer to a living space that does more than put a roof over your head.

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Should The Newly Engaged Own One Car Or Two When First Starting Out

July 28, 2022 By Kevin | Just Start Investing

Wedding expenses can add up quickly, and many couples are looking for ways to save money. One potential area of savings is owning one car instead of two. However, this can be a difficult decision to make as there are pros and cons to both situations.

If the couple lives in an urban area with good public transportation, owning one car may make sense. The cost of gas and parking can be expensive in cities, so using public transit can save money. In addition, having only one car means that the couple will only have to pay for one insurance policy.

[Read more…] about Should The Newly Engaged Own One Car Or Two When First Starting Out

How to shop for car insurance to get the best deal

May 2, 2022 By Investors Club

Shopping for car insurance can be a hassle. A task that you avoid when at all possible. This is not the best way to approach it, though, because you may end up paying more for a policy that does not even cover what you need it to cover. Something that is usually found out after an accident, and they leave you holding the entire bill for your car and anyone else’s that were involved.

[Read more…] about How to shop for car insurance to get the best deal

Top-Down vs. Bottom-Up Budgeting

December 13, 2021 By Kiril Kuculoski

When we talk about budgeting, most people think of it as personal finance. But did you know that even companies organize their spending in the form of budgets? The two prominent types of corporate budgets are top-down and bottom-up. Thus, the top-down vs. bottom-up debate has been going around for quite some time now.

[Read more…] about Top-Down vs. Bottom-Up Budgeting

How to Save Money on Car Insurance

December 1, 2021 By Kalin

Car insurance is an expense that none of us can afford to ignore. Sure, it’s a dampener on getting your new car, but you’ll be glad it’s there if, in the quite likely event that you get into an accident, or your vehicle breaks down. Luckily, there are a lot of ways you can lower the cost of your car insurance, making that protective blanket you pay for a little easier on your wallet. Read on for our tips on how to save money on your car insurance.

[Read more…] about How to Save Money on Car Insurance
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