There’s nothing like the emotional experience that is buying your first home. It’s filled with excitement, nerves, anxiety, indecision, and anticipation. And when you consider the financial ramifications, it’s enough to make your head spin.
Keep These 4 Tips in Mind
Your first home is both an investment and a learning experience. It’s where you cut your teeth, so to speak, as an adult. And while every individual has their own financial ideology, here are a few tips with nearly universal application.
- Pay Down Bad Debt First
We’re not saying you have to be 100 percent debt-free before you can buy a house, but you should pay down any bad debt you have first. For the purposes of this conversation, bad debt would be things like credit card debt, tax debt, or medical bills.
It’s also a good idea to pay off/pay down as much of your car debt and student loan debt as possible. By ridding yourself of all debt – not just some – you free up thousands of dollars in your monthly cash flow. This can be used to pay down your mortgage and cover other expenses that come with home ownership. (It also makes you a more attractive borrower and could earn you a lower interest rate.)
- Make Sure You Have an Emergency Fund
Owning a home is much more expensive than most people think. When the average first-time buyer first starts to think about ownership, they only take the monthly payment into account. But what they may not realize is that there are additional expenses. This may include taxes, insurance, HOA fees, maintenance, utilities, and other ongoing costs. If you aren’t careful, you can stretch yourself too thin.
One of the best things you can do – from a financial perspective – is to make sure you have an emergency fund in place before buying a house. (This is in addition to the cash you’ve saved up for the down payment.) When you’re debt-free and have an emergency fund equal to three to six months of expenses, you’re able to account for emergency expenses, repairs, and other issues that could emerge should you temporarily lose your job or experience a loss of income.
- Be Strategic With the Loan Type
There are numerous loan types to choose from. And while your mortgage broker or lender might suggest a certain product, it’s ultimately up to you to research the pros, cons, and features of each. This includes variable rate, fixed-rate, short-term, and long-term.
“If you want more freedom and are comfortable with the greater economy dictating your interest repayments, a variable mortgage may be the way to go,” Loans.com.au mentions. “Alternatively, if you need the ability to set a budget and make mortgage repayments of a consistent amount, a fixed home loan may be the superior choice.”
As for repayment terms, most loans fall in the 10- to 30-year range (with 15-year and 30-year terms most popular). You’ll have to decide how aggressive you want to be with paying back the mortgage balance.
- Make a 20 Percent Down Payment
If you have a good credit score and solid financials, a bank might offer you a loan product that requires less than five percent down. (Zero and 3.5 percent down loans are fairly common.) But think twice before taking the bank up on this offer.
When you make a small down payment, lenders are required by law to pull out something known as private mortgage insurance, or PMI. And guess who pays for the PMI policy? That’s right; it gets rolled into your monthly payment.
Travis Bott is Creating A New Gold Standard For MLM
Travis Bott is a major leader in the cryptocurrency space, he has created an extensive benefit network through his platform, which gives users incentive-based rewards through his methods of network marketing- his company Beyond Global just reached an unprecedented partnership with the exchange CoinZoom.
CoinZoom is the first exchange out of the U.S. to offer to its own Visa debit card, as well an immense amount of rewards through its deal with Beyond Global. Beyond Global is the first company of its kind to offer direct sales. Also, Beyond Global lets users earn up to five percent cash back, and other limitless benefits, like that of when another user makes a qualified transaction on the exchange. Users are also given the ability to make free transactions globally, when they utilize CoinZooom’s ZoomMe feature.
Such a prosperous partnership has landed Bott at the forefront of the cryptocurrency space, as he continues to create more innovations to vastly increase not only the benefits of his users, but the crypto field in general. Through his partnership, Beyond Global now conducts business through six continents and ninety countries. Bott’s empire of digital currency endeavors continues to grow, as he is redefining the modern approach to accessing money around the world.
A perfect example of his incentive-based rewards program is his company MLM ventures, as they are partnering with LurraLife to help people achieve their fitness milestones, while earning money. An easy win-win proposition. LurraLife’s My10kLife project gives people rewards when they walk over 10k steps a day, creating a vast array of rewards that can be accessed through respective rewards providers.
Bott has created seamless methods for users to obtain rewards, implementing the use of network marketing to provide countless benefits to his users and his partnering companies, which act as reward providers. Bott is a visionary entrepreneur who continues to grow the cryptocurrency sector, and is a leading figure in entrepreneurial ventures that are all things crypto.
To learn more about Beyond Global and the Coin Zoom visa debit card, please visit https://www.beyond.global/wallet/
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