Cove Real Estate



Posted by Cove Real Estate on 11/10/2017

Your thirties are a time of many important financial decisions. Many people are starting families, buying homes, and getting settled into their careers by the time they turn thirty. The following ten years are often marked by salary increases, moving into larger homes, and saving for retirement.

Itís vital to have a solid grasp on personal finance in your thirties, as it is in many ways the foundation of your finances for the decades to come. So, in this article weíre going to give you some advice on buying a home and managing your money in your thirties.

Straighten out your credit

If your twenties were a volatile time of incurring debts from student loans, car loans, and other expenses, then itís paramount to get your credit in order in your early thirties. Having a high credit score can secure you lower interest rates on a home loan or let you refinance your loans at lower rates.

Start by making sure your bills are on auto-pay, and be sure to settle any older debts from your younger years. You can also use a credit card for recurring expenses, such as gas to get to work or groceries, and then pay them off in full each month. This way, youíll build credit and avoid accruing  interest at the same time.

Reevaluate your lifestyle and long term goals

A lot can change from the time you turn 25 to the time you turn 35. Your goals might shift from finding a home near the ocean to finding a home near a good school district for your children. You might also have the shocking realization that your children will be heading to college sooner than it might seem, and that youíre still working on paying off your own student debt.

Consider things like the size house youíll need for your family, where you want to live and whether that involves being close to aging parents, and reallocating money depending on your retirement goals.

Rethink your insurance coverage

Gone are the days when all you needed was a car insurance policy to get by. As you age and your responsibilities grow, youíll need to think about the future for you and your family. That may include a more comprehensive health insurance plan for your family, a life insurance policy for yourself, or increased covered for home and auto insurance.

Automate the headaches away

With all of these growing responsibilities, it can be easy to get frustrated with the time youíre losing to keeping your finance in order. Fortunately, there are many tools at your disposal in the internet age that will make all of those responsibilities an afterthought.

First, get a budget planning app, like Mint or You Need a Budget (YNAB). Next, set up your bills to auto-pay if you havenít yet. Then, put reminders in your phone to periodically check your credit score and reassess whether you need to pay for certain monthly services (do you still watch Hulu?). Finally, if you havenít yet, make sure you have your paychecks direct deposited into the accounts youíd like them to enter so you donít have to worry about them.





Posted by Cove Real Estate on 11/21/2014

The housing market may be in recovery and some analysts are predicting that mortgage rates will be heading upward. In that case, and in any case prospective, current home seekers as well as homeowners are always looking to lock into the lowest interest rate possible. Here are some tips to help home buyers shop for the best rate: Before you call your lender and ask for the best rate you need to know two things: 1. The number of points you want to pay. 2. The length of time you want to lock in the rate. Knowing what you are planning on doing with your home and how long you intend to stay there will give you a baseline for comparison of rates. Don't just call any old lender advertising the lowest rates. As not all real estate professionals are alike, neither are lenders. You need a reliable lender†who will not try to trick you into a lower rate only to change the rate on you later. The best way to find a lender is through a referral. †Once you have found a lender you will want to shop around for a few more. Make sure to be up front with everyone, and be consistent. Call them all on the same day and provide the same information to everyone. The interest rate is not the only fee to consider when borrowing money to buy a house. Be sure to ask about all the additional fees associated with the loan. For more information check out the Truth in Lending Act.