Your Financial Home
Similar to taking care of a physical home it’s also important to take care of your financial home. As a Mortgage Agent and someone with a passion for finances I love helping people prepare to be financially successful moving forward. There are many great books (some of them are noted below), blogs, videos, and other resources to assist with financial security that I encourage you to check out. If you have limited time or limited interest in the subject this section is for you with some quick tips, tricks, and templates to get you started on building a secure financial foundation.
1. If you are in the market for a house AND a new vehicle, buy the house first. For every $400 spent on a vehicle payment that's roughly $100,000 less that you qualify in purchase price for a home.
2. Build up an emergency fund strictly for emergencies (ex. vehicle repairs, living expenses during injury/laid off, etc.) Ideally this should have at least 3 months worth of living expenses. Your future self and credit score will thank you later.
3. Automate savings and bill payments.
4. Don't purchase the maximum amount you qualify for, purchase what works with your budget and expenses.
5. To learn more about budgeting and credit repair check out the two documents below.