Knowing how to manage finances is extremely important as a future homeowner. Once you’re given the keys to your new home, you are responsible for not only the monthly payments but also the upkeep of your home and yard.
Make a list of the following points:
Create a household budget and stick to it. Factor in expenses including your mortgage payment, childcare costs, utilities, food, entertainment, (eating out, movies, gifts, etc.), and annual and semi-annual obligations. Remember to factor in taxes and insurance if they are not included in your mortgage payment.
Keep in mind you need to make your mortgage payments on time. You’ve worked hard to buy your home and you should not jeopardize it by being late or falling behind on the payments. If you have late mortgage payments, your credit rating will be damaged, and failing to pay can lead to foreclosure. Setting up an automatic payment is a great way to be sure your payments are made on time. However you decide to make your mortgage payments, make sure your mortgage lender receives your payment on or before the due date.
Finding the right loan is the first step in managing not only your mortgage payments but also your whole budget. After all, your house payment is probably your largest monthly expense. Call (478) 477-9455 to talk with one of Envoy Middle Georgia’s experienced licensed, mortgage bankers who will help you find the loan that is best for you.
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