As the holidays approach, gift cards remain a popular gift option, but they’re also a target for scammers. These fraudsters use tactics like phishing and tampering with physical gift cards to steal funds before they can be used. To protect yourself and your loved ones this season, it’s important to stay aware of these risks.
Having a well-stocked emergency fund is important. But so is saving for retirement. So how do you know which one to focus on? Well, we’ve got you covered. Here’s what you should know.
Halloween is a time for spooky fun, but it can also bring a scare to your wallet if you're not careful. From costumes to decorations and treats, the costs can add up quickly. Here’s how to manage your Halloween budget and keep your spending under control while still enjoying the festivities.
Now is the moment to turn your attention to your tax obligations. With less than 60 days remaining until the tax deadline now is a good time to prepare your documents and file.
Need a smart strategy to save on essential school supplies? Planning your dream vacation or gearing up for the holiday season? With a club account, you can save for essential school supplies, exciting vacations, and joyful holiday celebrations, making your financial goals more attainable and stress-free.
Searching for your first home can be exciting and sometimes a little scary. It’s generally the largest expense most people will ever make, so it really pays to do your homework, and arm yourself with knowledge and a team of professionals who can help you avoid the pitfalls some first-time homebuyers find themselves making.
With mortgage rates fluctuating, it’s more important than ever to understand exactly how much you will need for a down payment and for monthly payments once you move into a new home. A good rule of thumb is to spend no more than 35% of your monthly gross income – which should take into account annual property taxes, insurance and maintenance – all costs associated with owning a home.
Here are some other missteps to avoid on the path to homeownership:
If you don’t plan to make an all-cash offer – something only about 25% of buyers do these days – it’s smart to become pre-approved for a loan from a financial institution. That means talking with a lender to understand how much of a loan you will qualify for before making an offer. Getting pre-approved typically requires a detailed look into your financial history. It also involves a commitment to loan you a certain amount of money which is usually subject to a sales contract and an appraisal.
While the real estate market is finally cooling off in many U.S. cities, prices still remain higher than in years past. So much of the home-buying process can be emotional, so it’s better not to set yourself up for disappointment. That means not touring homes – either online and in person – that are over your budget. It’s also important to communicate this clearly to your real estate agent or broker. They need to understand that your budget is not flexible and you plan to stay within a specific amount.
When determining how much to set aside to cover total home costs each month, we recommend adding in property taxes and homeowners insurance to the mix. Depending on the age of your home, where you live, and how close you are to an area known for extreme weather events, your mortgage payment could increase by hundreds or thousands more each month. Other annual costs to consider include homeowner association fees and the cost for lawn maintenance if you don’t already own a lawnmower. If you have a pool or hot tub, factor in the cost of water treatment throughout the year. Don’t forget to also set aside cash for other home maintenance issues that will eventually pop up such as upkeep or replacement of your HVAC system.
When it comes to securing your dream home, it’s best to follow your head and not your heart. That means no matter how fantastic a property looks on the outside, it’s impossible to know exactly what may be lurking behind the walls (or under the sink) of a house or apartment that’s not new construction. From wood rot to termites to hidden water damage, your second story bathroom tub could be just one bubble bath away from falling through the ceiling. While that’s a dramatic example, a professional home inspection should be non-negotiable. If you don’t know a home inspector, ask your agent, family and friends for recommendations.