“Emergency funds, retirement, debt payoff, college costs – overwhelming is an understatement when it comes to how we should prioritize our savings. We know we should be saving, but where and how much?”
According to Forbes, saving for your kids’ college funds shouldn’t be in the top-three priorities. What are the three things you should tackle before other financial needs and wants?
Putting away for retirement
Paying off debt
Then, you can begin to focus on other financial things, such as college funds and early mortgage payoff.
Ready to move on from renting? Here’s some tips on buying your first home.
Search for La Mesa homes for sale here!
1. Get your money in order
This might be the largest purchase you make, which makes sorting out your money a top priority!
2. Shop at more than one place for your mortgage
You don’t have to stick with the first place you go for a loan; check out other lenders.
3. Shop for your home
Part of shopping for a home means considering enlisting the help of a real estate agent; I would be honored to have the opportunity to earn the position. Give me a call to see how I can help you in your house search!
Trying to figure out if renting or buying is best for your family? Thinking about a few questions can help you answer this question.
“Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis.”
How long are you planning on living there?
Consider all of the hidden costs associated with both renting and owning.
Are you saving and investing? Or throwing your money away?
“Buying a home is one of the biggest financial decisions you will make, and you’ll likely need to do a lot of planning and research before you take the leap. But don’t get snagged by misconceptions. Mortgage expert Tim Manni busts these six common real estate myths to help you find — and afford — your first home.”
Redfin Chief Economist says to win in a hot market, home buyers should take advantage of technology to find homes as soon as they are listed.
Making sense of the story:
Arm yourself with tech tools to find available homes quickly. With the variety of apps available today, you can receive listing alerts so that you’re notified as soon as a home in your price range or search area hits the market.
Buyers will gain an advantage from whatever concessions they can offer. Instead of a small earnest-money deposit, we’ve seen buyers put into escrow their entire down payment or even half of the purchase price.
You needn’t waive a contingency for inspection in the purchase contract.
Rather, you can agree to pay the seller, say, $2,500, or next month’s mortgage payment, if you walk away.
Work with a local or reputable lender to get a pre¬approval for your mortgage that includes full documentation of your means to obtain a certain amount of financing in advance of a signed purchase contract.
That may give you the confidence to waive a contingency for financing, and it’s almost as good as cash for closing a deal quickly.
Because sellers can sell their homes in days but may take months to buy, you can gain leverage by offering to “rent back” their home to them for a certain number of months.
Fall can be a good time to buy a home because prices generally peak in the summer and ease up in the fall.
There’s a bit less inventory, but many fewer buyers. Plus, sellers who list in the fall are serious because they must leave because of job relocation, divorce or something else that made them miss the top of the season.