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I agree with the dream to own your own home. Yes, I know there’s a debate going on between those who believe it makes more sense to rent versus those who say you should own. This is because landlords pay to fix the house, and they pay the insurance and taxes. So in some places and at a certain home price, this strategy does make sense. But for me, at the end of the day there’s nothing like owning your own home. A place you can update to your liking. You can build equity. You can paint what you want, cut down ugly trees, plant a lemon tree, add a fence for the dog and kids, knock down a wall because open concept is now the “in” thing to do. Which by the way, I suspect in 30 years our kids will be like “You all were so weird for having an open concept” we’re generation Z and want some damn privacy. It’ll be the equivalent of the shag carpet, well maybe not that bad. But mark my words, remember this moment.

Here are 5 ideas of things you can do to put yourself in a better position for owning a home, saving, and paying down some debt.

1) Cut your Expenses: You should go through your budget or just write down all the areas where you could cut back on things you are buying and don’t need.
a. This could be clothes, eating out too much, start brewing coffee at home, going out to bars, cut your Spotify and Apple music or Netflix and Hulu or cutting cable, and travel is a big one nowadays that needs to be cut. All of those small things add up over time.

2) Set Realistic Expectations: Understand the type of house you can actually afford and what it’ll take to accomplish your goal.
a. In many cases, you’ll have to give up your dream of a basement, garage and a pool in the backyard if you cannot afford it. You need to be realistic about the type of house you can afford right now. I’m not saying you’ll never have your dream home. It just may not be the one you’re getting now. But if you and your wife can live with her parents for 6 months while you house hunt, then that’s a realistic expectation of something you have to do in order to have the home you want.
b. If you do want a bigger home and some land, then you may have to live outside the city limits. It comes with lower taxes and if you get a USDA loan, there’s no money down. So decide which items you’re willing to exchange, like location, size, or school district of the home, but it all comes down to realistic expectations.

3) Refinance debt: Refinancing means replacing a current loan with a new one. You do this to get a new, lower interest rate.
a. For example, say you have a credit card with Discover where your interest rate is 18% on the $3,000 you have on the card, but say you get a new card with Chase and move your debt to the new card at 12%. The extra fee you pay in interest each month will drop by about $15 each month, which is saving $180 in a year just by having the debt on the card.

4) Sell some stuff: If you haven’t used an item in the past year. Sell it.
a. Over the past year, I’ve made over $2,000 selling items in my home. It was completely by accident because I planned on selling my home, but once the stuff was gone, I realized I never needed it in the first place. Look for things you don’t need, post them on eBay, OfferUp or LetGo and make extra money for your down payment or savings. You honestly won’t miss many things. I even slept on the floor for 4 months!

5) Self-awareness: Know which one makes you more comfortable. Saving or Paying down debt.
a. If you feel more comfortable having savings do that.
b. If you want to pay down some debt because it’s gone and even if you have do get a higher mortgage payment in the end this makes you more comfortable, then do that.

LendingTree Article: https://www.lendingtree.com/home/mortgage/minimum-mortgage-requirements/

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Should I Be Debt Free Before Buying A Home, Pay Off Debt vs Down Payment Saving: Home Buyer Tips.

How To Eliminate Charge Card Debt

In order to become Debt Free, you will need to file either Chapter 7 or Chapter 13.
Get in touch with your lenders prior to registering for a Secured Debt debt consolidation loan.

Pay Off Debt vs Down Payment Saving: Home Buyer Tips, Play latest reviews relevant with Should I Be Debt Free Before Buying A Home.

Devise A Strategy To Be Debt Free

You’ll notice where your spending plan is balanced or not. These loans can be obtained by anyone; even an individual who has a bad credit track record can take these types of loans. You’ll require to understand the regular monthly amount.

Lots of customers have seriously cut back on costs as their incomes outlooks have actually become cloudier. As recently as 2008, studies showed the typical cardholder has 7.6 cards. Unfortunately, even though the costs has stopped, the debt accumulated in the last couple of years still has actually to be paid off.

“Certified” UnSecured Debt – This includes all unsecured debt (debt NOT Secured Debt by a title or property) that may get approved for debt management programs such as credit therapy, financial obligation negotiation/settlement or other debt management programs.

Make your call once you have all your information assembled. Know what you are going to request prior to you place the call. Be brief regarding why you would like a much better rate, but be to the point. Advise them what other business are using which you are thinking of moving your company. Inquire if they have any other rate they might offer to keep you there.

Settlement and management both work by getting the principle amounts owed lowered. Working through financial obligation relief companies instead of consolidators, a consumer can be Debt Free in 12 to 36 months, and still have the one monthly payment strategy that debt consolidation uses. They both make sense. The customer manages to eliminate his/her debt, however doesn’t take fifteen or twenty years to pay back a huge loan. A few years can make a big difference.

Lack of recent revolving account info – There isn’t adequate current details on Revolving Debt to make a decision about what type payer you will be. Attempt getting a secured one and make prompt payments for 6-12 months and then reapply if you don’t have any other credit cards. Pay as agreed for the exact same quantity of time and attempt once again if you do have other credit cards.

Some might consider a “quick-fix” in the type of combination. This involves taking a number of debts and combining them into one big financial obligation, often collateralized with a home mortgage to enable a lower rate of interest.

The reality is you will never ever become financial obligation totally free unless you have the right path to successfully participating in the bankruptcy procedure. This is why it is so crucial to work with a legitimate bankruptcy lawyer. This would merely be the best path to follow.

Charge card fall in the category of unSecured Secured Debt. Don’t take the unsecured debts gently. The most popular way to deal with bad credit financial obligation is to minimize the regular monthly expenditure.

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