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Planning your budget
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Decide what your long term financial goals are.
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- Often, you may have multiple goals, such as saving for retirement, buying a second car, buying a home, and
saving for your children’s college fund, so identify which is most important to start working toward first.
- Make a savings plan for buying a home.
- Open an account just for this purpose and put aside money regularly, even if it is as little as $10 a week.
- Make a list of your monthly income, savings, and spending.
- If you find you currently have a lot of credit card debt at a high interest rate, transfer your balances to a low interest card, and then spend at least a year paying off as much unsecured debt as possible.
- If you are going to start on your search for the perfect home right away, and you are short on up-front cash, you may have a few unexplored alternatives.
- First time homebuyers have access to $10,000 of their IRA funds penalty free under certain conditions.
- Cut back on your “extra” spending, such as eating out and going to the movies for a few months.
- Ask relatives if they would be willing to cosign a loan or grant you a short-term personal loan for your down payment.
- Sell or borrow against real estate, securities, collectibles, secondary automobiles, or other “extras” you own.
- Look for loan programs like VA or FHA that ask for little or nothing down.
- Look for a rent to own lease, or an assumable loan on your prospective new home.
- Cash in or borrow against the value of your life insurance policy, or retirement funds.
- Ask for help from your church, synagogue, or nonprofit organization such as Fannie Mae.
- Get a second job.
- Change your withholding taxes.
- Refinance your car or other vehicles.
- Offer services or property instead of cash to the seller.
- Look for foreclosure properties that require little or no down payment.
- Attached housing is often appealing to first time buyers because it may provide rental income in the future,
and it is also usually considerably cheaper than single-family homes. However, there are some drawbacks that
should be considered. Carefully weigh the option of purchasing a condominium, townhouse, or coop.
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Don not let the price fool you- this is a Gem of a buy!
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NEWPORT BAY REALTY
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NEWPORT BAY REALTY
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