Tuesday, April 1, 2014

Greetings Thrifty Friends,

Home ownership is one of the greatest investments a person can make, but the continuing depression of the housing market is the perfect example of why home ownership needs careful planning!

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP: Plan for homeownership.

Don't buy a home you can't afford - and that doesn't mean just the mortgage payment. You also must be able to afford the property taxes and the maintenance and upkeep.

The roots of the economic crisis lie in the easy credit that lenders provided, particularly exotic mortgages like interest-only loans that many consumers didn't understand and that landed many in foreclosure.

Save for a down payment and clean up your credit if you've had problems. A good credit rating will mean a good interest rate and a larger down payment will mean lower monthly payments.

And don't forget expenses like closing costs, home inspections and lawyer's fees.

The whole process can take months or even a year, but jumping into a home you are not prepared for can cost you a lot more than that.