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The Key Steps Owning a Home is the American Dream

By in First Time Home Buyer with 0 Comments

The Key Steps Owning a home is the American Dream. It’s a great way to create wealth and pass it on to your family… to build a nest egg for college or retirement… and to protect against life’s setbacks. It starts with being smart about money. The U.S. Department of Housing and Urban Development (HUD) wants all Americans to manage their money and have the option of preparing for homeownership.

Organize Set a goal to save a certain amount of money each month— then stick to it. Set money goals, and develop a plan to reach them. Decide what’s important to spend, then save the rest for a rainy day—or a downpayment on a home.

Watch Spending and Savings Prioritize your family’s spending needs so that saving becomes second-nature. Putting a little money aside every month takes hard work and difficult choices. But the rewards are great. Learn about the power of compound interest. Teach your children that a few hundred dollars invested now can turn into thousands of dollars over time.

Negotiate Communicate early and often with companies or banks you owe money to so you can work out problems before they grow larger. Many consumers, including homeowners, feel trapped by debt. But there may be other options. Contact the people you owe. They may be willing to work with you to develop new payment plans. It will show that you are serious and smart about money.

Elevate Your Credit Score Know your credit score and what it means to banks and credit card companies and your future. The importance of good credit is a fact of life. Banks and credit card companies decide whether to lend you money and what interest rates you will pay based on your credit score. Be prepared to examine past choices and, if necessary, to change your money habits. Decisions you make today will impact your future options.

Read (and Understand) the Fine Print Consider all the options, educate yourself, and be informed before you sign on the dotted line. A home. Know your rights. Homebuyers should understand their mortgage contract and be on the look-out for scam artists and predatory lenders. Contact Mills Realty for a free consultation throughout the process.

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About The Author
Edward Winfrey

Edward S. Winfrey is the Founder/CMO of Nikindi Business Solutions (NBS Global). NBS Global is a marketing Consulting firm located in Chicago Illinois. We at NBS Global specialize in everything in the marketing dimension. We conduct all marketing activities and also function as an external marketing department for some firms. An "external marketing department (EMD)" is when a consultant firm develops a marketing department for the purpose of establishing a marketing department to later turn the duties over to group of new internal employees who will become the primary MKT department once they are trained properly on the new activities, strategies and tactics that were designed and created my the consultant firm.

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