Buying your first house is one of the most exciting yet daunting experiences in your adult life. As a beginner, starting this process can be overwhelming, especially if you are unsure about how to assess your financial situation to afford homeownership. That’s why it’s essential to have access to a financial wellness benefit to help you get through the process. A certified financial wellness counselor is a good ally to have when you face challenges on your homeownership journey.
A significant financial investment is a gamble. It might pay off, but it also could bring negative consequences. The largest purchase an ordinary employee makes is a house. A first-time buyer is justifiably nervous about the impact on his or her financial wellness.
What Should I Do?
Real estate is an intriguing world with a unique vocabulary. Fixer-upper, distressed sales, rent to buy and FHA loans have definitions most people don’t know. It makes purchasing a house exciting but also a little stressful.
Mortgage loans can be sophisticated. Variable interest rates and balloon mortgages might appear sensible, but they triggered the housing collapse of the Great Recession of 2008. Buying property in the wrong location will create domestic problems and buying to flip a house can be a disaster.
Folks will pay dearly for what they do not know. Continue reading
Buying a house for the first time is exciting and frightening. Everyone wants a home to call their own, and owning a house is a sign of success. However, that house can come with a severe price attached to it, and it is not just the mortgage. People make some rather serious mistakes, and they can spend years paying for them.
Home buying is a significant financial undertaking, and it does affect the buyer’s financial wellness. There are some common mistakes that many first-time buyers must be careful about. Continue reading
What a person needs to know before purchasing a house includes financial data and an understanding of how the world of real estate functions. A first-time homebuyer is not familiar with mortgages or the roles of various people play in a real estate transaction. Additionally, ignorance about the process of financing the purchase is going to cause a person to pause and reconsider buying property.
It can help a person if he or she has access to a certified counselor in the financial world. That professional can give the kind of advice a homebuyer can use. Being able to learn about real estate makes it easier to arrive at fundamentally sound decisions about acquiring a house. Countrywide Pre-Paid Legal Services has a Financial Wellness program that can fill in the blanks in a person’s knowledge about housing.
Many first-time home-buyers are frightened about buying a house. The cost is enormous, and the obligation will last for years. People are going to make some mistakes when it comes to financing and these errors can be expensive in money and time. Several common slip-ups include the following.
- Being Unprepared for Post Purchase Expenses
These bills happen after a person has taken possession of the house. That new home may need repair work on the roof, new electrical wiring might be required, and ordinary appliances such as a new refrigerator or dishwasher are necessary. New owners don’t ordinarily plan for such expenses and are faced with bills they did not initially expect. Continue reading
Personal finances can be a significant source of stress and worry. It is not always easy to balance the books and people are often required to live from paycheck to paycheck. Any sudden emergency can upset matters and lead to private chaos. Too many bills and money concerns can disrupt financial wellness.
Some Sense of Order
People will try to bring order to their financial house, but they are not always successful. Inexperience can create problems. Recent college graduates may have no experience with budgeting. Someone who is recently promoted or gets a pay raise may not understand how to allocate the extra cash efficiently. The resulting confusion can range from minor headaches to a real crisis. No one wants either. Receiving good financial advice helps a person chart a sensible course.
Countrywide Uses Financial Professionals
Financial wellness consists of paying bills properly, managing emergencies effectively, and planning for future costs or investments. No employer should expect all employees to be money experts. Professional guidance is an appreciated benefit. Countrywide Pre-Paid Legal Services has a Financial Wellness Plan that gives the best cash counseling. Continue reading
Many think owning a home is just a dream. Real estate is not cheap and there are other debts which strain an individual’s finances. Countrywide Pre – Paid Legal Services wants to help make owning a home possible.
“Make Your Move” Teaches Home Buying
Real estate is a market with many players and a distinct vocabulary. A buyer who does not understand real estate is at a disadvantage. The Countrywide Financial Wellness Plan has an educational program to introduce folks to real estate.
“Make Your Move” is a self-study education program. It is an excellent orientation to house buying. A plan member might not understand FHA loans. Our program makes FHA mortgages clear and understandable. Mortgages come in all sizes. Not all loans are suitable to an individual’s finances. Our educational program will discuss pros and cons of the various mortgage loans. Professionals such as real estate agents, FHA inspectors, mortgage bankers, and home appraisers play a role in real estate. Countrywide helps identify them and explains their unique roles. Continue reading
People always have the best intentions. They want to keep credit card debt under control, make necessary payments on time, and save for a rainy day. It’s sad, but the road to ruin is paved with good intentions. Establishing and maintaining financial wellness requires effort.
More Than Good Advice
Many folks have problems due to lack of experience with finances. Recent college graduates have little understanding of house budgets and how to allocate money. Older employees have lived from paycheck to paycheck. They do not always save money and a medical emergency can create a serious challenge. Others want to save for a house and do not know how to do it.
Good advice indeed helps, but that is not enough. Financial wellness needs the right tools to build fiscal stability. Countrywide Pre-Paid Legal Services knows this, and we provide the means to create a healthier personal balance sheet. Continue reading
People still want to own a house. This is a part of the American Dream and is a symbol of success. Many are nervous about buying a home and no one can blame them. The cost may be a financial wellness challenge.
The Significant Cost
A house is one of the largest, if not the largest, expense an average person will have. The down payment required for a home mortgage can be 5% to 10% and the sum may be in the five figures. The house mortgage will need a financial commitment of up to 30 years and is a monthly expense.
Real estate operates in an environment all its own. There are activities most people do not understand and the means to control costs are confusing. Few people want to risk their financial wellness and therefore delay buying a property. That can be a mistake in some markets where prices are going up. Countrywide Pre-Paid Legal Services appreciates the problem home-buyers face. We have a Financial Wellness benefit that can help. Continue reading
Pay raises and promotions will increase an employee’s income. Extra money is always welcome, but is it enough? The financial wellness of an employee can be a paycheck to paycheck experience. It helps when people know their budget and understand their financial worth.
The Need for Budgets
Few employees choose to be financially irresponsible. Most know the importance of budgeting but do not understand the mechanics. A young employee might develop a tight budget with every penny allocated to a specific expense. An emergency will throw that kind of budget into chaos. An older employee might not contribute to his or her HSA or 401(k) program. A hefty medical bill will cause nightmares and poor retirement planning makes the golden years bitter.
Future purchases will require putting money aside. An individual must save for down payments on a house and figure out how to pay a monthly mortgage. Money matters can be confusing, and some assistance is appreciated. Countrywide Pre-Paid Legal Services has a Financial Wellness Plan that makes sense of a person’s budget and financial worth. Continue reading