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How to Be a Financial Grownup. Bobbi Rebell
Читать онлайн.Название How to Be a Financial Grownup
Год выпуска 0
isbn 9781938548673
Автор произведения Bobbi Rebell
Издательство Ingram
Some good things to ask:
What are the terms of the available loans and their interest rates?
What are the title insurance fees?
What are the fees for services you’ll need such as help from an attorney and document preparation?
Get Pre-Approved
It may sound obvious but it needs to be said. Getting approved in advance can often mean the difference between getting the home of your dreams or watching someone better prepared snag it right out from under you. Get your paperwork in order. That will include pay stubs, W-2s, bank statements, tax returns, and relevant loan documents. It will help a lot to have locked in a lender you’re happy with before going through the pre-approval process. If you want to switch lenders after pre-approval, you may have to go through the whole process again, which will involve another hard credit check. And as we know, that could hurt your credit score.
Do the Math and be Conservative
Don’t take on a mortgage you aren’t sure you can afford. There are a lot of adjustable rate loan products out there that can make your monthly mortgage payments lower. But beware. Taking on a complicated loan that changes rates after a few years is risky. If you have the capital saved to provide a cushion, it may work. If you know that you’ll be moving before the rates adjust it could be a great option. But for most first-time home owners a conservative 15-or 30-year standard mortgage is a safe bet. Add up your housing costs. It should be no more than 30 percent of your income. Don’t forget that housing costs include more than your mortgage. Factor in taxes, insurance, maintenance, and unexpected expenses, such as a large repair or a tree falling.
Read the Paperwork and Ask Questions
Taking out the biggest loan of your life is a big deal. Don’t rush. You’ll be on the hook for huge sums of money, and the folks you’re dealing with are incentivized to get you to sign as fast as possible at the closing. Read through each page as you sign. If you don’t like something, say something. Ask for clarification. If you still aren’t happy, see if they can make an adjustment. Everyone at the table during a closing has a vested interest in getting a deal done that day. But if you need to stop and make a change, do it. No one else there is going to be living with the consequences of an oversight but you. They walk away with a check. You walk away with the debt. So make sure you do so with your eyes fully open.
YOUR FINANCIAL GROWNUP CHECKLIST DEBT
CHAPTER THREE
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