Is buying your first-ever home one of your lifelong dreams? Has it ever crossed your mind that maybe, just maybe that it is too early for you to think about stuff like this? We all have been through this phase, but fear not because I will surely help you in this endeavor.

Well, allow me to start by saying that it is never too early to start planning for your future. You should remind yourself that you are doing this for yourself and for the betterment of your family.

So let us take a look at the different ways of ensuring that you will be able to purchase your first-ever residence.

1. You should start practicing good spending and saving habits.

Planning to buy your first home is never easy. You will need money, lots of it. So, it is a given that you should start living frugally. You should set a budget and live religiously off of it. This also means that the earlier you start saving, the bigger your budget will be for a home.

2. You should find out how much you can spend on a house.

You should put into mind that the house that you will be purchasing is within your budget. Although it is difficult not to wish for an extravagant house, I advise you not to fall for it. I wouldn’t want you to struggle with the monthly expenses of having a house that is bigger than your budget. With that in mind, you should consider buying a house with a monthly expense of 30% of your monthly income. This will surely save you from bankruptcy.

3. You should prepare the initial deposit.

We advise you to prepare a respectable amount of initial deposit. Not only will this help you by reducing your mortgage down the line, but it can also let your bank or lenders know that you are not a risky borrower. 

4. You should check your credit history for loopholes.

You must make sure to check your credit history before applying for a home loan. Any loopholes, such as a missed phone bill or a late payment can be a red flag for banks and lenders. Make sure that these loopholes have been attended to before applying for a loan. Some services specialize in mending these loopholes for you. However, I suggest you not over-check as this can also be a red flag for banks and lenders.

5. You should have a broker to talk to.

If you have completed the steps mentioned above, I suggest you talk to a broker to go through the things that you might have missed. You must also talk to a broker to organize a pre-approval. Additionally, a broker can also help you in finding a home.

With all that accomplished, I am sure that you will be able to purchase your first-ever home.

Is It Better To Buy Or To Rent?

Should I buy this property, or should I find one to rent?

We frequently hear this question and I am sure that you have been asking yourself this question too. Planning to live in a property is not an easy task. Deciding on buying or renting is very important. In this article, we have listed the different advantages and disadvantages of both renting and buying a place. We hope that this will influence your decision in the future. 

Buying advantages

• Your home value may potentially grow in the future.
• You can find a lot of good interest rates in the market.
• You will be placed in a good financial position in the future if you opt to buy a property.
• You won’t have problems with having a bad landlord since you own the property.

Buying disadvantages

• You may not be able to buy your dream home in your dream neighborhood because of the high property prices.
• Your monthly expenses will increase because of the monthly maintenance, bills, repairs, and interest rates.
• You will have to sacrifice a lot of time and money to prepare a hefty amount of initial deposit.

Renting advantages

• You will be able to live wherever you want since you won’t have to worry about property prices.
• You can move to a different place whenever you want.
• You won’t have to worry about monthly maintenance since your landlord will handle this.
• You will not have to worry about having an initial deposit. You can live as soon as possible whenever you want.

Renting disadvantages

• You won’t have a property that you bought with your own money. The money you spent won’t go to a property that you own.
• You may struggle to keep up with the monthly rental payments.
• You may have an atrocious landlord.

Before you decide on buying or renting a property, you should consider your financial capabilities, current needs, and lifestyle. We strongly advise you to talk to a broker so that you will be able to have a smooth transition in owning or renting a place.

What To Do Before Buying A Car

Have you ever wanted to buy a new car or trade in your old one? Are you having second thoughts about it?

Well, before you decide on what to do, we suggest you make sure to take a look at the best tips that we have gathered in this article. The list here will surely help you prevent yourself from making common mistakes.

1. You should do research before purchasing a car.

You should know what type of car you want. Maybe you want a minivan to fit your kids in your car, or a roadster to have fun in those back roads. Whatever you may want in a car, you must do research about it. You can use the internet to research the models and deals that are fit to your needs. There are car comparison sites on the internet that are available in just a few clicks. You might even find second-hand cars that are in great condition. 

2. You should know your trade-in value.

If you plan on trading your car in, then you must know your trade-in value beforehand. To do this, you can use the internet to know how much you can get if you sell your car privately. With this, car dealers won’t be able to lowball you.

3. You should create a car loan pre-approval.

You should organize a pre-approval for your car loan. This will allow your bank to know how much money they can lend to you. Once you get a pre-approval, you may be able to know your budget for a car.

4. You should perform research on car deals.

You should not choose the first deal that you find. We suggest you compare different deals of the same car model from different places to ensure that you are getting the best bang for your buck. 

5. You should not fall for dealer specific add-ons

We suggest you not opt for having the add-ons that your dealer may have suggested to you. Window tinting and ceramic coating are just additional expenses that you have to pay for.

6. You should find a broker.

We suggest you find a broker to help you in purchasing a car. A broker will assist you during your pre-approval and may even find you the best deal for a car. You may also ask your broker to perform all the steps listed here while keeping you updated on the process.

Hiring a broker will allow you to find the best deals you can have. They will also give you the best advice on which car loans will suit your lifestyle the most. Ensure that you will follow all these tips, so you can find the best car for you.

You Should Ask These Questions During An Open Home

Have you ever found yourself going to an open home with no idea what to ask the real estate agents? Well, you came to the right place. It is important to ask the right questions in order for you to determine if you truly want the property or not. 

Here we have a list of the questions that we suggest you ask the real estate agents.

1. Why are the owners selling the property?

This question will allow you to understand if the owners are in a rush in selling the property or not. You will also be able to find out if the owners are willing to give you a longer or shorter settlement period. Additionally, you might even be able to find out whether you fit their terms or not.

2. Are there any similar properties that are being sold recently that we can compare to this property?

This question will allow you to know if the property is modestly priced or not. We suggest you have a price guide when opting to buy a property. Ask the agent to show you the property prices in the neighborhood or in similar properties.

3. Are you getting offers for this property as of right now?

This question will allow you to know the rough estimates about the recent offers of the property that you want to purchase. The agents may even tell you about the offers that the owners have rejected. With this, you will know how much to offer for the property. Additionally, this question may show you any hidden issues that the property may have if the agent tells you that the property has not been getting any offers.

4. How long has the residence been on the market?

If the property has been on the market for a long time, you may be able to offer a lower deal. The owners will be inclined to accept your offer if this happens. In addition, you may find out if the property has any hidden issues which is why a lot of people have not been interested in the property. 

5. Are there any problems with the property?

This question can make or break your purchase. Even if you don’t see any problems during the inspection, it is detrimental to ask this question. The agent is required to tell you any problems with the property. They won’t be hiding any issues from you even if it affects your final decision.

We strongly advise you to contact a broker in order to make the best decisions in buying a property.

What Are Credit Scores?

A credit score is one of the factors that can affect your bank loan requests. Credit scores allow banks and lenders to find out if you are a legitimate borrower or not. This will then lead to how much money they are willing to lend you. This also includes your possible interest and credit card limit. 

If you’re opting to apply for a bank loan, you must ensure that you have a good credit score. This will show your bank or lenders that you are a trusty borrower. With that in mind, here we have a list of the things that you should do to increase your credit score.

1. You should pay your bills on time.

You should be inclined to pay all your bills on time if you want to have a good credit score. This does not only include your credit card bills but your phone bills, rent, etc. as well. You must be inclined to show your bank that you are proficient at managing your finances. This will show the banks and lenders that you are a dependable borrower.

2. You must settle your debts.

Having a low credit card balance can greatly affect your credit scores positively. Having a low credit card balance can show your bank or lenders that you do not max out your credit card and that you are good at managing your credit history. This will greatly influence your credit score.

3. You should earn additional credit for phone bills and utilities.

There are services that will help you improve your credit scores. If you are confident that you pay your bills on time then you can contact these companies. You can get extra credit scores if you pay your bills on time through these companies.

4. Make sure not to close your unused credit cards.

We suggest you not close your unused credit cards if you are not paying any annual fees. If you somehow close your unused credit card, this may increase your credit utilization ratio which is not what we wanted. As long as you are not paying for any annual fees, then keeping your unused credit cards is a great decision.

5. You should not open a new credit card account if it is unnecessary.

Opening a new credit card account will create hard inquiries in your account. These hard inquiries can negatively affect your credit score and may last for up to two years.

6. You should constantly check on your credit reports.

We suggest you regularly check your credit reports. Checking your credit reports will allow you to find any mistakes in your account. Unattended mistakes can negatively affect your credit score. We suggest you immediately tend to these inaccuracies in order to maintain your good credit score.

Having a good credit score will be helpful to you in the long run. We suggest you contact a broker in order to have professional advice on how to manage your finances.