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Before Buying a Home in MN

Important Financial Numbers Everyone Should Know/MNPropertyGroup/Blog

Numbers to Know Before Buying a Home MN

Recently a friend told me she was never good with finances and never really cared until the day she wanted to buy a home and discovered she didn’t qualify for a mortgage. For her, it was a great wake-up call, and she got up to speed pretty quickly. About a year later, she moved into her condo. Today, she not only knows all her financial statistics, but she tracks them regularly.

So just what are these numbers we should know, and why are they important? As you plan for your future, these vital financial statistics will show you where your finances are healthy and the areas where your finances need improvement. If your life plan includes buying a home, putting your kids through college, or retiring early, these numbers will be the guideposts along your path.

Before you Buy a Home, Know Your Credit Score

What exactly is a credit score? It is a snapshot of an individual’s entire credit history translated into a numeric value. Lenders use this number to help them determine if you are creditworthy. The score is calculated by FICO (Fair Isacc Corporation) using data provided by the three credit reporting bureaus, Experian, Transunion, and Equifax. In addition to your FICO Score, another commonly used is a Vantage Score.

Why is this score important? Like your shadow, it follows you everywhere. It is not only a major determining factor in getting...

Saving to Buy a House in MN

Money Tips From the Greats/MNPropertyGroup/blog

Saving to Buy a House in MN

For some of us, taking control of our finances is a challenge. One crucial element of the process is saving money. Americans are not very good savers. According to Bankrate, 58 percent of us have less than $1000 in savings. Many of us are in that 58 percent because saving was not a habit we learned as children, but we can embrace it as adults. We can develop and nurture positive saving habits with motivation and inspiration.  

Money Tips From the Greats/MNPropertyGroup/blogDo not save what is left after spending, but spend what is left after saving. – Warren Buffet 

If you have a 401K benefit with a company match from your employer, make sure you have the maximum amount deducted from your paycheck to take full advantage of the matching funds. Your 401K should be one of the significant elements of your retirement savings. The added benefit of the 401K savings is the money is not taxed until you take it out of your account.

Take Saving For your First Home in MN up a Notch

Deduct a fixed amount from your salary to your emergency fund, down payment for a home fund, vacation fund, or whatever other goals you have established for your money. Consider saving as a bill you pay to yourself first. Annual income twenty pounds, annual expenditure...