Who doesn’t love a clean slate, a fresh start, an opportunity to do big things! Every day is a new beginning and a chance to achieve your goals. Start that new workout you’ve been putting off. Maybe, forgo the burgers and fries for the latest sea moss craze? Perhaps, balance your checkbook and stay on a budget.
Remember getting your first apartment? It’s probably one of the greatest “growing up” moments we can experience. Finally! No one nagging you to clean your room, no one hogging all the hot water, especially no one invading your privacy…and, oh…yeah, no one helping you pay the rent. Or the utilities. Eek! The initial rush of excitement and independence is suddenly replaced with anxiety because being a grown-up comes with a little more responsibility than deciding which flavor Ramen noodle you should fix for dinner.
Before I became a banker, way back in the 1900’s (ouch, that stings a lil bit) I had one checking account. I’d use it to pay my bills and buy my groceries, fill my car up with gas and if I had any extra, maybe even splurge on a new cassette once in awhile. I did my best to budget and save – all from the one account. Who’s with me?
We all know that money is notorious for being dirty, so if you’re considering contactless solutions to help keep you from swapping or spending bills, try one of these options next time you need to pay for something.
Q : How do l know how much house l can afford? A : There are many things that effect how much a borrower can afford. Job tenure, credit, down payment, debt ratios are just a few. Credit is probably the most important factor of all. The higher your credit score the more you may be able to afford. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Contact your local branch and ask to speak with a Mortgage Loan Officer, and they can help you determine exactly how much you can afford.
While working through the loan process, there are things you can do to delay your loan closing or even disqualify you from getting the loan. Here are some things to be aware of:
PRE-QUALIFICATION
Meet with your loan originator to apply for a loan and review credit standing.
Discuss purchasing goals and budget.
Issue a pre-qualification letter.
A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest through your mortgage loan.
What not to do: Don’t sign documents where important details are left blank or documents you don’t understand.
Why: You are agreeing to repay a substantial amount of money over an extended period of time. Make sure you know what you are getting into and protect yourself from fraud.