Buying a Home for the First Time? Avoid These Mistakes

Buying a home, especially if you’re a first-time home buyer, can be daunting and nerve racking.

But it does not have to be. LendingTree’s online loan marketplace has got you covered – at least when it comes to getting a mortgage.

A 2016 study by the Office of Research of the Bureau of Consumer Financial Protection reveals that prospective buyers who shop for a mortgage when buying a home for the first time report “increases consumers’ knowledge of the mortgage market and increases consumers’ self confidence in their ability to deal with mortgage related issues.”

The importance of shopping for a mortgage as a first-time home buyer is that it saves you money in the long term and “reduces the cost of consumers’ mortgages,” the study found.

The home-buying process can be intimidating. So being aware of these mistakes when buying a home for the first time can help you save thousands and thousands of dollars in the long term.

10 Mistakes to avoid when buying a home for the first time.

1. Not knowing your credit score.

We are all aware that the higher your credit score, the better.
Yet, despite this fact, many people fail to check their credit score before
buying their first home.

And a low credit score can lead to a high interest mortgage loan, or even worse, a loan rejection. Given the fact that your credit score is the number 1 item mortgage lender looks at, it pays off to know where you stand.

Credit Sesame will let you know what your credit score is for free and monitor it for you. It will also offer tips on how to raise your credit score and reduce your debt.

Just sign up for a free account – it only takes 90 seconds.

Mortgage rates and fees vary across lenders. In other words, two applicants with the identical credentials can get different mortgage rates. Despite this, however, many fist-time homebuyers fail to shop and compare mortgage rates before buying their first home.

The study reveals that 30 percent first time homebuyers do not
compare and shop for their mortgages, and more than 75 percent reported
applying for a mortgage with only one mortgage lender.

The study further reveals that “failing to comparison shop for a
mortgage costs the average homebuyer approximately $300 per year and many thousands
of dollars over the life of the loan.”

An easy way to shop and compare for a mortgage is with LendingTree. Their simple and straightforward platform can help you find and apply for the right loan all in one place.

3. Sticking with the first mortgage lender you meet.

While it’s tempting to work with your local mortgage lender who’s
only a few blocks away from your home, this decision requires more time. Take
time to meet with at least three mortgage lenders before picking the best match
for you.

Fortunately, LendingTree free online platform, allows you to quickly browse several mortgage rates with several mortgage lenders without visiting a dozen bank branches.

4. Not knowing what loans are available to you.

If you’re buying a home for the first time, one thing you need to address is what types of loans are available to me. Sometimes the answer to this can be quite simple: conventional loan. This is because most people know about this type of loan.

But conventional loan requires at least 20% down payment. And the credit score needs to be in the 700. *Note: You can put less than 20% down payment, but you will have to pay for a private insurance mortgage (PMI).

Sometimes it’s not feasible to come up with that type of money as a first time home buyer. So knowing if other loans are available to you is very important.

FHA loan

One type of loan that is popular among first time home buyers is FHA loan. It is so popular because it’s easier to get qualified for it. And the down payment is very little comparing to that of a conventional loan.

For example, FHA loans require a 580 credit score and a down payment as low as 3.5% of the home purchase price. This makes it easier to qualify for a home loan when you’re on a low income.

VA loans

VA loans are another great option for first-time homebuyers. However, you have to be a veteran. Unlike a FHA or a conventional loan, VA loans require no down payment and no mortgage insurance. This can save you thousands of dollars per year.

So if you’re in market for a loan to buy your first home, you need to educate yourself about the different available loans.


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>


5. Not getting pre-approved for a mortgage

One of the first time home buying mistakes you should avoid making is not getting a pre-approval letter. You can simply contact a lender and request it. The mortgage lender will pull your credit report to make sure you have the minimum credit score requirement.

They will also need your bank statements, W2s, recent income tax returns, pay-stubs to verify your employment and ability to afford the loan.

Why this is important? A pre-approval letter means that you’re a serious buyer. It signals that you’re able to commit to the house once an offer has been accepted. It also makes you more desirable than the other potential buyers.

Get a Pre-Approval for a Mortgage Today

6. Not knowing how much you can afford

Buying a home is probably going to be the biggest expenses you’ve ever made. But buying a house you cannot afford can lead to financial trouble along the road. Paying an expensive mortgage for 15 to 30 years on a low income can be hard.

So it pays to know how much house you can afford before you start searching for your home.

The best way to know how much house you can afford is to look at your budget. Take into account your expenses and income and other costs associated with owning a home.

7. Not knowing other upfront costs

If you think that the only cost to buying a home is a down payment, then think again. There are several upfront costs associated with owning a house. These upfront costs include private mortgage insurance, inspection costs, loan application fees, repair costs, moving costs, appraisal costs, earnest money, home association dues.

As a first time home buyer, this may come to you as a surprise. So, be ready to have enough money to cover these costs.

8. Failure to inspect your home.

Although some banks would prefer you inspect your home before they offer you a loan, it’s not mandatory. But that does not mean you shouldn’t do it. Not inspecting your home can cost you a lot. Inspection discovers defects that you may not know about. Inspection costs can be anywhere from $300 to $700.

Don’t be stingy with these costs. It’s better to find out about any hidden defects , like a faulty wiring and plumbing, than finding about them later. To avoid regretting your decision or having to spend thousand of dollars on repairs down the road, consider an inspector.

9. Failure to check out the neighborhood.

Just because the street or the neighborhood your potential house is located is quiet or is not run down doesn’t mean crime is not a problem. So before buying your home, you should check out the neighborhood. Take a trip at night to get a feeling of the environment. Talk to residents. Most importantly, check with the local police station – they can be a great resource when it comes to crime rates in a particular location. This is simply one of the first time home buying tips you shouldn’t ignore.

10. Searching for a mortgage on your own.

There are several mortgage lenders available to you. But choosing one that is right for you can be tough.

The LendingTree online platform makes it easy and simple for you to find the right home loan for you. Now you can get matched up to several mortgage lenders all in one place and at the same time. And the whole process just takes a few minutes.

Follow these steps to get matched with the right mortgage:

  1. Go to www.lendingtree.com;
  2. Answer a few questions regarding the type pf loan yo need and you’ll use it. Within a few seconds, you’ll see multiple, competing offers from several lenders;
  3. You then shop and compare offers side by side.

Ready to get started? Find your best loan!

The bottom line is when it comes to buying a home for the first time, you should not take any shortcut. Doing so can cost a lot of money down the road. So before buying your first home, make sure you get the right mortgage loan, inspect the home, and have enough money to cover some of the upfront and ongoing costs associated with owning a house.

Speak with the Right Financial Advisor

Still looking for first time home buying tips? You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

The 8 Best Vanguard Funds for Long-Term Investments

If you’re busy and want to invest your money in the long term, you will love the best vanguard funds. They are cheaper.

They are high quality funds, well diversified, and professionally managed.

Thus, vanguard funds are a favorite for long-term investments and for retirement.

Vanguard mutual funds, like any mutual funds, are money invested by investors. They are pooled together in a single investment portfolio. The mutual fund is then managed by a professional manager who then use the money to buy a bunch of stocks, bonds or other assets.

With Vanguard index funds, they are passively managed. That is, they are managed by a computer with its only job is to track an index, such as the S&P 500.

Nonetheless, both mutual funds and index funds are cost-efficient and a huge time saver for a busy investor. And because of that, the best vanguard funds are superior investment vehicles for long term-investment. 

In this article,  we will discuss the 8 best vanguard funds that offer a high-quality, cost and time-efficient way to invest in the stock market.

Understanding the Advantages of the Best Vanguard Funds

Before jumping into the best vanguard funds, it’s important to go over the main reasons for investing in mutual or index funds rather than individual stocks, bonds, or other securities.

Diversification. You have probably heard of the popular saying “don’t put all your eggs in one basket.” Well, if so, it applies well to mutual and index funds. Diversification is when you have a mix of investment to help control the total risk of your investment portfolio.

Unless you have a lot of money, buying individual stocks yourself can be costly. But with a mutual or index fund, you’re able to buy dozens of stocks and invest in different types of stocks in a variety of industries, thus diversifying your portfolio.

Because you invest in multiple stocks across various industries, you are spreading your risk. If one stock plummets, the others can balance it out. Most Vanguard funds, if not all, are diversified.

Low minimum investment. Another benefit of Vanguard funds is that they require a reasonable investment minimum. Some Vanguard mutual funds require a minimum of $3000 to invest. They also offer a monthly investment plan, so you can start with as little as $20 per month.

Cost efficiency. The charges that you pay to buy or sell a fund can be significant. However Vanguard funds are known to cost way less than the average mutual fund.

Professional management. Even if you have a lot and you are an expert in investing, investing your money in a Vanguard mutual fund is a huge time saver. That means once you buy your fund and contribute to it monthly (however you chose), you can just forget about it.

A Vanguard professional manager takes care of it for you. Plus, vanguard fund managers are experienced, well educated. So you don’t have to worry about an inexperienced manager running your money.

These are the reasons why investing in the best vanguard funds is better than investing in individual stocks and/or bonds.

However, one of the drawbacks with vanguard funds, as with all mutual or index funds, is that you don’t have control over your investment portfolio. Leaving your money to someone who decides when and what to invest in can be difficult for you if you’re someone who likes to be in control.

So, if you like to be in control and things yourself, you may want to develop your own investment portfolio and not relying on these Vanguard funds.

Are you a long-term investor?

Think about yourself and your goals before choosing these best Vanguard funds.

What are your investment goals? Do you plan on holding these funds in the long term?

A long term investor is someone who puts money into an investment product for a long period of time.

If you plan on investing money to achieve some goals in 2 years, such as buying a car or going on a vacation, you should not use these Vanguard Funds.

That is because stocks and bonds can rise and fall significantly over a short period of time. That makes it possible to lose some or all of your money. Moreover, if you need cash in a hurry, a Vanguard fund is definitely not the right investment for you.

So you’re better off using short-term investments for these kind of goals.

But if you want to build wealth for the long term or your goal is to retire in 20 or 40 years, these Vanguard funds are for you.

Likewise, what is your appetite for risk?

A long-term investor should be aware of the risks involved in investing in the stock market. They should know their own risk tolerance. Some investors are more cautious than others. Some can take risks and are able to sleep well at night.

These vanguard funds carry different level of risks. Some are more conservative than the others. 

Therefore, before you start buying Vanguard funds, figure out whether you are a long term investor. In other words, don’t keep money in funds unless you plan on holding them for at least 5 years.

The 8 Best Vanguard Funds to Buy Now for Long-Term Investments

Now that you have a pretty good idea of why a Vanguard fund is a good long-term investment, and you are aware of your risk tolerance, below is 8 of the top and best Vanguard funds to buy now for the long term. If you have questions beyond Vanguard funds, it may make sense to work with a financial planner or financial advisor near you.

Vanguard Total Stock Market Admiral (VTSAX)

  • Minimum initial investment:$3000
  • Expenses:0.04%

The biggest and perhaps one of the best Vanguard funds is the Vanguard Total Stock Market. The fund was created in 1992. It gives long term investors a broad exposure to the entire US equity market, including large, mid, and small cap growth stocks. Some of the largest stocks include Apple, Facebook, Johnson And Johnson, Alphabet, Berkshire Hathaway, etc…

This Vanguard fund has all of the attributes mentioned above, i.e., diversification and low costs. Note this fund invests exclusively in stock. So it’s the most aggressive Vanguard fund around.You need a minimum of $3000 to invest in this fund. The expenses are 0.04%, which is extremely low. Note this is also available as an ETF, with an expense ratio of 0.03%.

Vanguard 500 Index (VFIAX)

  • Minimum initial investment:$3,000
  • Expenses: 0.04%

If you want to have your money invested only in American assets, this Vanguard fund is the right one for you. The Vanguard 500 Index, as the name suggests tracks the S&P 500 index.

This index funds gives you exposure to 500 of the largest U.S. companies, spreading across different industries, making it one of the best Vanguard funds to have. Some of the largest companies you might already know include Microsoft, Apple, Visa, JP Morgan Chase, Facebook, etc. It has a minimum investment of $3,000 with an expense ratio of 0.04&, making it one of the best Vanguard funds to have. 

Vanguard Wellington Income Investor Share (VWINX)

  • Minimum initial investment:
  • Expenses:

If you’re aware of risks involved in investing in stocks and you have a low tolerance for risk, the Vanguard wellington Income is for you. This fund allocates about one third to stocks and two thirds to bonds, making it very conservative.

Another good thing about this Vanguard fund is that it invests in stocks that have a strong track record of providing dividend income to its investors. So, if you are one of those long term investors who has a low appetite for risks and who likes to receive a steady dividend payment without a lot of volatility in the share price, you should consider this fund.

Vanguard Star (VGSTX)

  • Minimum initial investment: $1,000
  • Expenses: 0.31%

The great thing about this Vanguard fund is that the minimum investment is relatively low ($1000), making it a good choice among new investors. Plus, it’s well balanced.

It is invested 60% in stocks and 40% in bonds. For those investors looking for a broad diversification in both domestic and international stocks and bonds, this fund should not be overlooked.

Vanguard Dividend Growth (VDIGX)

  • Minimum initial investment:$3000
  • Expenses:0.22%

Vanguard Dividend Growth, as the name suggests, focuses on companies that pay dividends and have the ability to grow their dividends over time.

If you’re an investor with a long term focus and likes to receive a steady dividend income, you may want to consider this fund. The minimum investment is $3000 with an expense ratio of 0.22%.

Vanguard Health Care (VGHCX)

  • Minimum initial investment: $3,000
  • Expenses: 0.34%

As the name suggests, Vanguard Health Care only invests in the Health Care Section. That’s the only downside. Apart from that, it gives investors a great exposure to various domestic and international companies within the health care sector, such as pharmaceutical firms, research firms, and medical supply and equipment companies.

If you’re considering this Vanguard fund, you should also have another and more diversified fund to reduce your risk.

Vanguard International Growth (VWIGX)

  • Minimum initial investment: $3000
  • Expenses: 0.43%

If you’re looking to build a complete investment portfolio and want to have more exposure to foreign stocks, the Vanguard International Growth is the one of the best Vanguard Funds to accomplish that goal. The fund focuses on non-U.S. stocks in developed and emerging markets with a high growth potential.

However, one thing to consider is the high volatility of this fund. Because it also invests in developed countries, the share price can rise and fall significantly. So you should consider this fund if you want more exposure to foreign stocks. But you also want to have another fund as well to balance it out. The minimum initial investment is $3,000 with an expense ratio of 0.43%.

Vanguard Total Bond Market Index (VTBLX)

  • Minimum initial investment: $3000
  • Expenses: 0.05%

Bond funds may be appropriate and advantageous for long term investors who want a bond fund that invests US and Corporate bonds. If that’s your goal then the Vanguard Total Bond Market Index is the right one for you.

Just as any Vanguard funds, it’s cost efficient, safe and high quality. It has a minimum initial investment of $3,000 and an expense ration of 0.05%. Also note that this fund is also available as an ETF.

The Bottom Line

If you’re looking to invest in mutual or index funds, those are the best Vanguard funds to buy now and hold for the long term. They are high quality, low-cost, and are safe. 

Related:

Speak with the Right Financial Advisor

  • If you have questions beyond knowing which of the best Vanguard funds to invest, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).

Source: growthrapidly.com

Is it better to own or rent a home in America?

As the purchase market heats up and buying a house gets more competitive, many borrowers may be asking why they’re going through the stress, anxiety and headaches of the homebuying process. Single family rental developments have taken off, and it might be easier or even more financially sensible to rent in the suburbs rather than buy. While the emotional resonance of property ownership and the American Dream are certainly compelling, sometimes you need to make the brass-tacks case that buying a home makes more financial sense than renting.

To see if such a case might be made, Odeta Kushi (pictured), deputy chief economist at First American, looked at 50 housing markets across America to see if renting or buying made more financial sense. In all but two of those markets (San Jose and San Francisco), owning made more sense than renting. Even in locations where house price appreciation meant the monthly cost of ownership was slightly higher than renting, a key element of ownership made it the better financial option: equity appreciation.

“We started this study looking at median monthly mortgage payments in our top 50 markets compared to the median rent. When we did that, we found it was cheaper to rent rather than own in 32 markets,” Kushi said. “But when we did that we thought, wait, owning is very different from renting because you get the benefit of equity, the benefit of house price appreciation. When we accounted for house price appreciation in that monthly cost of owning, we found that it was more financially prudent to own rather than rent in 48 out of the top 50 markets in the USA.”

While the two outliers were both in extremely expensive markets around Silicon Valley, Kushi explained that Phoenix, Arizona, was the market where it made the most sense to own rather than rent. 

While Kushi accepts a future rise in mortgage rates could cool off some of the demand currently driving the pace of house price appreciation, she also noted that house price appreciation tends to be “downside sticky.” Sellers, she noted, would often rather withdraw from the market than sell at lower prices in the housing market, keeping supply tight and appreciation up. Moreover, with rates and housing supply as low as they currently are, we can still count on broadly strong house price appreciation even if rates do tick up somewhat.

For mortgage professionals looking to communicate this information to prospective borrowers, Kushi offered a straightforward takeaway: the house is paying you. Borrowers buying in markets experiencing rapid house price appreciation can enjoy measurable growth over time. Moreover, another study by First American found that housing is one of the biggest drivers of wealth creation in the United States. For a new borrower, especially a first-time borrower, buying a home with an eye to appreciation means buying into this wealth creation.

Kushi emphasized that this financial case for ownership needs to be folded into the wider lifestyle questions around why a borrower wants to buy a home. Mortgage professionals should offer this information as a value add, one that supports the borrower’s wider hopes and dreams.

“I think the takeaway from this study is that borrowers will also get the equity benefits from buying that home,” Kushi said. “But keep that in mind – they’re making this lifestyle decision. It’s something that that has been on the docket for a lot of millennials to do once they get married and have kids. They’re making that [lifestyle] decision, but also, in a lot of these markets, they’re gaining the equity and the wealth creation from that home. Homeownership has really been essential to the American dream, largely because it is a vehicle for wealth creation. I think that that’s something that mortgage professionals can use this study to show.”

Source: mpamag.com

8 Upfront Costs of Buying a House

November 28, 2019 Posted By: growth-rapidly Tag: Buying a house

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

If you are interested in comparing the best mortgage rates through LendingTree click here. It’s completely free.

What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


LendingTree: A Better Way to Find A Mortgage

LendingTree.com is making getting a mortgage loan simpler, faster, and more accessible. Compare the best mortgage rates from multiple mortgage lenders all in one place and at the same time. LEARN MORE ON LENDINGTREE.COM >>>


Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>

Source: growthrapidly.com

How to Buy a HUD Home at the Hudhomestore Website?

Using the Hudhomestore to buy a HUD home is easy.

If you’re looking to buy a HUD home, the Hudhomestore website is the best place to do it. It can be found here at hudhomestore.com. HUD homes are listed for sale at the site.

While anyone can buy a HUD home, you will need to get approved for a loan first.

Just like buying a house through the conventional route, all financing options are available for HUD homes. That includes conventional loans, FHA loans, VA loans, etc.

However, most people used an FHA loan to buy a HUD home due to its low down payment and credit score requirements.

If you have questions beyond buying a HUD home at the hudhomestore website, consult a financial advisor.

What is the Hudhomestore?

The hudhomestore is a website operated by the U.S Department of Housing and Urban Development (HUD). The website can be found here at hudhomestore.com.

Homes are listed there for sale after they have gone through foreclosures. Real estate agents and/or brokers can place bids on your behalf to buy a house.

What is a HUD home?

A HUD home (usually a 1 to 4 unit) is a property owned by HUD. Before a home became a HUD home, it was owned by a homebuyer who had purchased the home with an FHA loan.

Once the borrower stopped paying his or her FHA loan, the home went to foreclosures. Then the home goes to HUD and becomes a HUD home.

Why you should buy a HUD home at the Hudhomestore?

The benefits of buying a HUD home are huge. The main benefit is that most of these homes are priced below market value.

In addition, if you’re an EMS personnel, police officer, firefighter, or teachers, and live in revitalized areas and plan to live there for at least 36 months, HUD’s Good Neighbor Program offers HUD homes at a 50% discount.

This program is listed at the hudhomestore website.

In addition, HUD offers other perks such as low down payment and sales allowances you can use to pay for moving, repair and closing costs. The low down payment, that is on top of the FHA financing that you may be qualified for.

Another huge benefit of buying a HUD home is that HUD gives preferences to buyers who intend to live in the home for at least one year. So this puts you ahead of investors.

Are you qualified to finance a HUD Home?

All financing options, including conventional loans, VA, and FHA loans, are available when it comes to buying a HUD home.

But FHA loans are very popular among first time home buyers, due to its low requirements. But before you start searching for HUD homes through the Hudhomestore website, you should compare multiple loan offers so you can the best mortgage rates.

FHA loan requirements:

  • 580 Minimum score
  • 3.5% down payment

If your credit score is below 580, you can still be qualified but you’ll have to pay at least 10% down. Or, you can always take time to raise your credit score.

Don’t know what your credit score is, visit CreditSesame.

Our Review of Credit Sesame.

Steps to buy a HUD Home at the HUDhomestore website:

HUD homes can be hard to find if you don’t know where to look. In other words, they are not listed on conventional real estate websites such as Zillow or Redfin.

Instead, they are listed at the HUDhomestore webiste, which can be found at hudhomestore.com. They also have HUD Homestore Mobile Apps.

Knowing these steps is important to mastering one of the best strategies to buy a house at below market or wholesale prices.

Step 1: Shop and compare home loans

Before you start searching your house through the hudhomestore site, it’s a good idea to

The worst thing that can happen is to find a house that you like to then realize that you cannot secure a home loan.

To get the best mortgage rates, you need to compare multiple loan offers. Buying a home is major expense, and getting the best rates could save you a lot of money. I can spend a lot of time talking about why it is a bad idea to only speak with one mortgage lender.

But when it comes to having multiple loan offers, I highly suggest LendingTree.

LendingTree is an online platform that connects you to several mortgage lenders without visiting a dozen bank branches.

LendingTree will provide you up to 5 loan offers from multiple lenders for free, so you can compare and make sure you get the best deal.

So if you’re at this step right now, go and compare current mortgage rates for free at LendingTree, and come back to this article.

Our LendingTree Review.

Step 2: Finding a HUD Home at the HUDhomestore website.

To find a HUD home, simply go to the hudhomestore website. It can be found at hudhomestore.com.

There are three ways to find HUD homes on the hudhomestore website. The first way is through a map.

Once you on the website, you will see a map to the right with all of the states listed there. You simply look for your state and click on it to see all of the available HUD homes.

The hudhomestore site will show you a list of all of the HUD homes available for that particular state. It will include the photo of the HUD home, the address, the asking price, etc.

If you click on the photo of the house, you will be able to see more information of the property, including more photos, street views and information of the property.

Another way to find a house through the hudhomestore website is by clicking on the HUD Special program links.

The hudhomestore site specifically lists three HUD Special Programs: Good Neighbor Next Door; Nonprofits; $1 Homes-Government Sales. It specifically states on the hudhomestore website that if you click on any of these special programs, you will see available properties.

The third way to find a HUD home via the hudhomestore site is through the Search Properties. At the middle of the homepage, you will see a Search Properties where you can enter more detailed criteria.

Step 3: Buy your HUD home

Once you have found your desired HUD Home at the hudhomestore, it’s time to buy your HUD home.

But note that HUD homes are sold through an auction process. When you’re searching for the property through the hudhomestore site, it will tell you a deadline by which to submit your offer.

So if the deadline has not passed, submit your bid. Once it has passed, HUD reviews all offers. Just like any auction, the highest bid wins. If all of the offers are too low, HUD will extend the offer period and/or lower the asking price.

Note that you will not be able to place the bid yourself. Only real estate agents need to register to place bids on the hudhomestore website. You will need to find a real estate agent or you can specifically search for HUD registered agents at hudhomestore.com.

For more information on buying a home through the hudhomestore website, visit www.hudhomestore.com.

More on Buying a Home:

Work with the Right Financial Advisor

If you have additional questions beyond buying a HUD home at the Hudhomestore, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).

So, find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

This Gift Really Will Last a Lifetime

A woman opens a magical holiday gift
Photo by Subbotina Anna / Shutterstock.com

Want to give the perfect gift? Give something that will last a lifetime: the gift of understanding money.

There are few things more important than financial knowledge, because it’s something that can alter the path of your life. It can make the difference between getting rich and just getting by.

Hyperbole? Not at all. For example, if you save $500 a month over your 40-year working life and earn 5% on it, you’ll end up with a nice nest egg: about $725,000. But if you can double that return to 10%, you’ll retire with about $2.7 million.

Would an extra $2 million change your retirement?

Or consider credit. As I write this, a person with a credit score in the highest range can borrow money for a 30-year mortgage at 2.376%, on average. A person with a score in the lowest range would pay 3.965%. Not much of a difference, right?

Well, if you borrow $300,000, getting the lower rate would mean paying about $94,000 less over the life of the loan. That’s enough to put your kids through college, start your own business or retire earlier. And all you had to do was have good credit.

These are simple examples of how learning leads to earning.

Skills like managing debt, building credit, developing a spending plan, buying a house, investing for retirement, planning your estate, financing college and reducing your tax bill will do more than just make you, or your gift recipient, richer.

They’ll also lead to making solid decisions and realizing goals, which reduces stress and enhances confidence.

Feeling in control means feeling better about life.

In short, financial knowledge will change your life — physically, financially and emotionally.

All of which begs the question: If knowledge of personal finance is critical, why do so few of us take the time to learn it? I think there are three reasons.

Why we don’t learn financial fundamentals

First, traditionally, personal finance hasn’t been taught in schools, so few develop a foundation. Thanks to organizations like the JumpStart Coalition and the National Endowment for Financial Education, this is starting to change, but that does little good for those of us long past school age.

Second, too many of us don’t understand the impact that small amounts of money can make over long periods of time, so we don’t bother to learn the fundamentals.

Finally, there are those who simply think studying money is like studying medicine: too complicated to easily grasp. When the subject comes up, their eyes glaze over. They develop a mental block that lasts a lifetime.

Sound familiar?

How to master money

The ultimate solution for personal finance education is for everyone to take “Personal Finance 101” in high school, then perhaps “201” in college. But until that’s an option, it’s up to you to master money on your own and help those around you do the same.

One way to get educated is to do what you’re doing now and regularly check out sites like Money Talks News. (Sign up here for our FREE newsletter for great info daily!) Another, more direct, route is to take a course specifically designed to teach you everything you need to know.

That’s why I created one. It’s called Money Made Simple.

Money Made Simple is an online course — no waiting for books in the mail! — with lessons on 13 key financial topics featuring short, easy-to-watch videos, as well as jargon-free articles and worksheets. The chapters cover everything you need to know about:

  • Setting and achieving goals
  • Organizing your finances
  • Budgeting
  • Living more while spending less
  • Banking
  • Destroying debts
  • Credit
  • Buying and owning cars
  • Income taxes
  • Real estate
  • Estate planning

Money Made Simple isn’t the only “personal finance 101” course out there, but I think it’s one of the best. And it’s the perfect gift, since, for a limited time, it’s also one of the least expensive courses out there.

You can now purchase it for yourself or as a gift for only $9.99: That’s 90% off the usual $99 price! (Note: This is a limited-time offer that can change anytime.) The course is also guaranteed: If you’re not happy, let us know within 30 days, and we’ll refund you — no questions asked.

Ready to invest in yourself or help someone else?

Click here to give a gift!

Click here to sign up yourself!

If you’d like to learn more before purchasing, no worries: Click here.

But whatever you do, do yourself and your loved ones a favor: Learn financial fundamentals. Turn your doubt into confidence. Win your retirement. Realize your goals. Know where you’ve been, where you’re going and how to get there.

In short, take control of your money. I absolutely, positively guarantee you’ll be glad you did. And if you know someone who could use some knowledge — and don’t we all? — here’s the gift that will keep giving for a lifetime.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

How to Save Money When You Buy a Home in Idaho

Buying a home is one of the biggest decisions a person can make. It’s the culmination of years of intense saving and budgeting, months of open houses, and weeks of late-night strategizing and offer planning.

In 2020, buying a home has gotten even harder as the COVID-19 pandemic has swept across the United States. Shopping for real estate during a crisis has always been difficult, but necessary safety measures taken to stop the spread of the virus have had a noticeable impact on how most people shop for homes.

One silver lining of this unfortunate situation is that many people in the real estate industry are finally seeing how technology makes the home buying process easier on both buyers and sellers. At Homie, we understand how technology like ours can help buyers and sellers save time and money. Let’s explore how you can leverage technology and other strategies to save money when you buy a home.

Get Your Finances in Order

If you’re thinking of buying a home, the first thing you should do is take a long, hard look at your finances. The two most important financial factors are the amount you have saved for a down payment and your debt-to-income ratio.

The down payment amount is simple. Most of us grew up thinking that 20% was standard, but that isn’t the case anymore. According to a 2017 industry survey, most homeowners only pay 7% down. Let’s all breathe a collective sigh of relief! With the average home value in Idaho rising every year, it’s a huge relief to know that you don’t have to save the full 20% down payment.

While you’re saving for the down payment, you also need to think about your debt-to-income ratio (DTI). This value compares what you make each month to what you owe. You can still buy a house if you have debt from student loans or another source, but you need to ensure your DTI is as low as possible, preferably at or below the 28% standard.

Get a Great Deal on a Loan

Once you’ve gotten your finances in order, you can start exploring mortgage rates and loans. Most people start with their bank. That’s a good start. However, they often make a critical mistake: they don’t shop around for a good rate. If you only check at your bank, you’re missing great deals from companies like Homie Loans™. They’re so confident no one else can beat their locked loan rate that they’ll give you $500 cash if you find a better deal.

Homie Loans doesn’t just give you a good rate, the entire application online, so you don’t even have to leave the house to get approved.

Explore Federal Loan Programs

In addition to shopping around for a great mortgage rate at private companies and commercial banks, you can save tons of money by checking out your options for federal home buyer programs.

These programs are designed by the government and government agencies to ease the burden of homeownership. Each program is different: some require applicants to fall into certain income thresholds, while others are designed to assist veterans or individuals looking to buy homes in rural areas.

Idaho-Specific Programs for Down Payment and Cost Assistance

In addition to exploring federal home loan programs, many state agencies in Idaho have these programs available to residents. The Department of Housing and Urban Development has state-by-state guides for homeownership assistance programs, and lists many area-specific programs throughout Idaho.

Depending on where you live, you may be able to find specific assistance for homeowners in your region. These programs may be smaller, but since they’re regional, it’s usually easier to talk to a person on the phone and get practical advice for getting started on your journey to homeownership.

Look Outside Your Area

If you’ve started your search and all of the suitable homes in your area are out of your price range, you may want to expand your search. The switch to remote work has affected many of us, making cities and other centers of work less reliably desirable. If you’re currently working remotely or have the opportunity to do so in the future, you may be able to expand your search to include larger homes in less urban areas.

Buying in a more urban location like Boise might also get easier with the rise of remote work. Since Boise is such a student-heavy town, classes and work going virtual have opened up real estate in the city. If you’re looking for a good deal on a smaller urban home or condo, this may be a good time to invest.

Leverage Technology by Buying a Home With Homie

Another great way to save money when you’re buying a home in Idaho is to use a service like Homie. Instead of paying a high percentage of the final costs, you’ll pay your Homie agent a low flat fee.

Homie also leverages technology to make the home buying process easier. The Homie family of companies makes everything that much smoother. We’ve brought everything from the mortgage to insurance under one roof, ensuring you don’t have to run all over town to get papers signed and contracts approved. It all happens through Homie.

The best part of working with a Homie agent while buying a house is the refund of up to $2,500 we send you at the end of the process. The Homie team is always here to help buyers in Idaho save money. Get in touch with us today to start your journey towards homeownership.

Get more homebuying tips!

4 Ways to Outsmart the Competition When Buying a Home
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them

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Source: homie.com

What Are Mutual Funds? Understanding The Basics

If you’re one of those investors with very little time to research and invest in individual stocks, it might be a good idea to look into investing in mutual funds.

Whether your goal is to save money for retirement, or for a down payment to buy a house, mutual funds are low-cost and effective way to invest your money.

What is a mutual fund?

A mutual fund is an investment vehicle in which investors, like you ad me, pool their money together. They use the money to invest in securities such as stocks and bonds. A professional manages the funds.

In addition, mutual funds are cost efficient. They offer diversification to your portfolio. They have low minimum investment requirements.

These factors make mutual funds among the best investment vehicles to use. If you’re a beginner investor, you should consider investing in mutual funds or index funds.

Investing in the stock market in general, can be intimidating. If you are just starting out and don’t feel confident in your investing knowledge, you may value the advice of a financial advisor.

Types of mutual funds

There are different types of mutual funds. They are stock funds, bond funds, and money market funds.

Which funds you choose depends on your risk tolerance. While mutual funds in general are less risky than investing in individual stocks, some funds are riskier than others.

However, you can choose a combination of these three types of funds to diversify your portfolio.

  • Stock funds: a stock fund is a fund that invests heavily in stocks. However, that does not mean stock funds do not have other securities, i.e., bonds. It’s just that the majority of the money invested is in stocks.
  • Bond funds: if you don’t want your portfolio to fluctuate in value as stocks do, then you should consider bond funds.
  • Money market funds: money market funds are funds that you invest in if you tend to tap into your investment in the short term.
  • Sector funds. As the name suggests, sector funds are funds that invests in one particular sector or industry. For example, a fund that invests only in the health care industry is a sector fund. These mutual funds lack diversification. Therefore, you should avoid them or use them in conjunction to another mutual fund.

Additional funds

  • Index funds. Index funds seek to track the performance of a particular index, such as the Standard & Poor’s 500 index of 500 large U.S. company stocks or the CRSP US Small Cap Index. When you invest in the Vanguard S&P 500 Index fund, you’re essentially buying a piece of the 500 largest publicly traded US companies. Index funds don’t jump around. They stay invested in the market. 
  • Income funds: These funds focus invest primarily in corporate bonds. They also invest in some high-dividend stocks.
  • Balance funds: The portfolio of these funds have a mixed of stocks and bonds. Those funds enjoy capital growth and income dividend.

Related Article: 3 Ways to Protect Your Portfolio from the Volatile Stock Market

The advantages of mutual funds

Diversification. You’ve probably heard the popular saying “don’t put all of your eggs in one basket.” Well, it applies to mutual funds. Mutual funds invest in stocks or bonds from dozens of companies in several industries.

Thus, your risk is spread. If a stock of a company is not doing well, a stock from another company can balance it out. While most funds are diversified, some are not.

For example, sector funds which invest in a specific industry such as real estate can be risky if that industry is not doing well.

Professional Management.

Mutual funds are professionally managed. These fund managers are well educated and experienced. Their job is to analyze data, research companies and find the best investments for the fund.

Thus, investing in mutual funds can be a huge time saver for those who have very little time and those who lack expertise in the matter.

Cost Efficiency. The operating expenses and the cost that you pay to sell or buy a fund are cheaper than trading in individual securities on your own. For example, the best Vanguard mutual funds have operating expenses as low as 0.04%. So by keeping expenses low, these funds can help boost your returns.

Low or Reasonable Minimum Investment. The majority of mutual funds, Vanguard mutual funds, for example, have a reasonable minimum requirement. Some funds even have a minimum of $1,000 and provide a monthly investment plan where you can start with as little as $50 a month.

Related Article: 7 Secrets Smart Professionals Use to Choose Financial Advisors

The disadvantage of mutual funds.

While there are several benefits to investing in mutual funds, there are some disadvantages as well. 

Active Fund Management. Mutual funds are actively managed. That means fund mangers are always on the look out for the best securities to purchase. That also means they can easily make mistakes.

Cost/expenses. While cost and expenses of investing in individual stocks are significantly higher than mutual funds, cost of a mutual fund can nonetheless be significant.

High cost can have a negative effect on your investment return. These fees are deducted from your mutual fund’s balance every year. Other fees can apply as well. So always find a company with a low cost. 

How you make money with mutual funds.

You make money with mutual funds the same way you would with individual stocks: dividend, capital gain and appreciation.

Dividend: Dividends are cash distributions from a company to its shareholders. Some companies offer dividends; others do not. And those who do pay out dividends are not obligated to do so. And the amount of dividends can vary from year to year.

As a mutual fund investor, you may receive dividend income on a regular basis.

Mutual funds offer dividend reinvestment plans. This means that instead of receiving a cash payment, you can reinvest your dividend income into buying more shares in the fund.

Capital gain distribution: in addition to receiving dividend income from the fund, you make money with mutual funds when you make a profit by selling a stock. This is called “capital gain.”

Capital gain occurs when the fund manager sells stocks for more he bought them for. The resulting profits can be paid out to the fund’s shareholders. Just as dividend income, you have the choice to reinvest your gains in the fund.

Appreciation: If stocks in your fund have appreciated in value, the price per share of the fund will increase as well. So whether you hold your shares for a short term or long term, you stand to make a profit when the shares rise. 

Best mutual funds.

Now that you know mutual funds make excellent investments, finding the best mutual funds can be overwhelming. 

Vanguard mutual funds.

Vanguard mutual funds are the best out there, because they are relatively cheaper; they are of high quality; a professional manage them; and their operating expenses are relative low. 

Here is a list of the best Vanguard mutual funds that you should invest in:

  • Vanguard Total Stock Market Index Funds
  • Vanguard 500 Index (VFIAX)
  • Total International Stock index Fund
  • Vanguard Health Care Investor

Vanguard Total Stock Market Fund 

If you’re looking for a diversified mutual fund, this Vanguard mutual fund is for you. The Vanguard’s VTSAX provides exposure to the entire U.S. stock market which includes stocks from large, medium and small U.S companies.

The top companies include Microsoft, Apple, Amazon. In addition, the expenses are relatively (0.04%). It has a minimum initial investment of $3,000, making it one of the best vanguard stock funds out there.

Vanguard S&P 500 (VFIAX)

The Vanguard 500 Index fund may be appropriate for you if you prefer a mutual fund that focuses on U.S. equities. This fund tracks the performance of the S&P 500, which means it holds about 500 of the largest U.S. stocks.

The largest U.S. companies included in this fund are Facebook, Alphabet/Google, Apple, and Amazon. This index fund has an expense ration of 0.04% and a reasonable minimum initial investment of $3,000.

You should consider the Vanguard International Stock Market fund of you prefer a mutual fund that invests in foreign stocks.

This international stock fund exposes its shareholders to over 6,000 non-U.S. stocks from several countries in both developed markets and emerging markets. The minimum investment is also $3,000 with an expense ratio of 0.11%.

Vanguard Health Care Investor

Sector funds are not usually a good idea, because the lack diversification. Sector funds are funds that invest in a specific industry like real estate or health care. However, if you want a fund to complement your portfolio, the Vanguard Health Care Investor is a good choice.

This Vanguard mutual fund offers investors exposure to U.S. and foreign equities focusing in the health care industry. The expense ration is a little bit higher, 0.34%. However, the minimum initial investment is $3,000, making it one of the cheapest Vanguard mutual funds.

Bottom Line

Mutual funds are great options for beginner investors or investors who have little time to research and invest in individual stocks. When you buy into these low cost investments, you’re essentially buying shares from companies.

Your money are pooled together with those of other investors. If you intend to invest in low cost investment funds, you must know which ones are the best. When it comes to saving money on fees and getting a good return on your investment, Vanguard mutual funds are among the best funds out there.

They provide professional management, diversity, low cost, income and price appreciation.

What’s Next: 5 Mistakes People Make When Hiring A Financial Advisor

Speak with the Right Financial Advisor

  • If you have questions beyond knowing which of the best Vanguard mutual funds to invest, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc).
  • Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

Source: growthrapidly.com

How We Paid Off Over $45K of Debt in 11 Months

This post may contain affiliate links. Please read my disclosure for more information.

It seems pretty normal to me now but people still drop their jaws when I tell them we’ve paid over $45K on our loans in less than a year.

We still have a year to go and most days I have mixed emotions of accomplishment for what we’ve done vs. annoyance for how far we have to go.

UPDATE: As of August 31, 2017, Travis and I are STUDENT LOAN FREE! We paid off $77,646.54 in 23 months!

We’ve made conscious decisions to hold off on things like buying a house, going on trips, and even getting a couch that’s not covered in stains (all attempts to clean only make it worse.)

I didn’t agree to this at first but over time I’ve learned it’s necessary for our journey to get out of debt as quickly as possible. Don’t feel like you have to go vegan straight from an all McDonald’s diet.

Wade into it with these foundational practices and build your thriftiness over time. Make the commitment and I promise you will reap the rewards, and they will be sweet comfy industrial style brown leather rewards.

1. Read

Or listen to Dave Ramsey’s book The Total Money Makeover. Regardless of what you think about Dave’s philosophies the man has the market nailed on the psychology of spending.

Travis and I read this as part of our premarital counseling and it was a game changer.

I was in way too over my head to figure out where my money should go based on interest, investments, credit scores, etc. I needed a simple plan I could follow and he offered that simplicity. The baby steps are the map we’re using and they do work if you commit to them.

2. Budget

He must be using his favorite budgeting app!

I won’t harp too much on budgets but it’s the most important thing to getting out of debt and winning with money. None of these good intentioned suggestions are worth anything without a plan for telling your money where to go.

If budget sounds too negative you can refer to it as something else, like a Monthly Cash Flow Plan. It doesn’t matter what you call it just make one and stick to it.

You won’t be perfect and you’ll never have the perfect budget so make it as easy as possible for yourself by downloading an app like Mint to track card purchases in real time or EveryDollar if you’re a cash-only spender.

3. Buy Secondhand

You know how I feel about the amazing wallet and environmental benefits of buying clothes secondhand, but we buy just about everything else used as well. I love ThredUp for clothes and we’re avid pawn shop browsers. They’re always willing to negotiate on price. We recently got a $100 indestructible Bluetooth speaker for $30!

We got all our furniture from Craigslist and OfferUp and we browse Goodwill whenever we have free time to see what goodies they have.

We even do it with food. My mom works in cafeterias and catering and will offer us leftovers whenever they’re available. This obviously isn’t an option for everyone but if you know someone with extra food don’t be shy to ask and offer to pick it up on site. It prevents waste and cuts down your grocery bill.

4. Eat at Home

me in the kitchen.

We have a $50 grocery budget per week and we live very comfortably off that. I plan my meals, make a strict grocery list, and we switched to shopping at Aldi.

We budget ourselves a few meals per month to eat out with friends. We hate to pay full price anywhere so a few places we use to save on food include:

  • Sites like Restaurant.com for dining deals.
  • Groupon and LivingSocial for deals on dining and activities.
  • Apps like ibotta and Checkout51 to save at grocery stores and other big box retailers.
  • Mystery shops at bars and restaurants.
  • Shopping through Rakuten when grocery shopping online. (I also never get a Groupon without getting Ebates cash back!)

Spoiler alert: It’s much easier to get to know people at home over a crockpot dinner and a bottle of wine than a crowded restaurant with a live band. Married or single, eating at home is not as time-consuming and boring as I thought it’d be.

These are just a few of the money saving tactics we used. I actually have a list of 200 frugal living tips to spark your imagination on how to live a more frugal life!

5. Side Hustle

Sometimes there’s just nothing left to squeeze out of the budget to pay down debt. The quickest way out of debt is increasing your income. I know that it seems impossible to squeeze more into your already busy life and it is no picnic, it’s exhausting.

But the more you make now, the quicker you go from rice and beans to steak dinners (I’m vegetarian though so I’ll stick with the beans.)

I don’t recommend minimum wage soul-sucking side jobs (unless it’s over the holidays when you can make bank) I mean hustles. Drive Uber during peak hours, deliver pizzas on nights and weekends and rent your house/room out on Airbnb.

Use the talents you already have to freelance some work (try Facebook or fiverr to advertise.) Bringing in an extra $1000 a month now will change the rest of your life.

They paid of $45K of debt in 11 months! Holy wow! Me next please!

They paid of $45K of debt in 11 months! Holy wow! Me next please!

<img data-attachment-id="4826" data-permalink="https://www.modernfrugality.com/paid-off-45000-debt-11-months/mf-how-this-family-paid-off-45000-in-11-months-on-average-incomes/" data-orig-file="https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=600%2C900&ssl=1" data-orig-size="600,900" data-comments-opened="1" data-image-meta="{"aperture":"0","credit":"","camera":"","caption":"","created_timestamp":"0","copyright":"","focal_length":"0","iso":"0","shutter_speed":"0","title":"","orientation":"1"}" data-image-title="Want to pay off debt quickly?" data-image-description="

If you want to pay off your debt quickly, read this. This family paid off over $45,000 in just under 11 months and show you how to do it in your life. #payingoffdebtquickly #payingoffdebtfast #payingoffatonofdebt #payingoffstudentloandebt

” data-medium-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=200%2C300&ssl=1″ data-large-file=”https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?fit=400%2C600&ssl=1″ loading=”lazy” width=”400″ height=”600″ data-pin-title=”Want to pay off debt quickly?” data-pin-description=”If you want to pay off your debt quickly, read this. This family paid off over $45,000 in just under 11 months and show you how to do it in your life. #payingoffdebtquickly #payingoffdebtfast #payingoffatonofdebt #payingoffstudentloandebt” src=”https://bariatrx.com/wp-content/uploads/2021/02/how-we-paid-off-over-45k-of-debt-in-11-months.jpg” alt class=”wp-image-4826″ srcset=”https://bariatrx.com/wp-content/uploads/2021/02/how-we-paid-off-over-45k-of-debt-in-11-months.jpg 400w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?resize=200%2C300&ssl=1 200w, https://i0.wp.com/www.modernfrugality.com/wp-content/uploads/2016/09/MF-How-This-Family-Paid-off-45000-in-11-Months-on-Average-Incomes.jpg?w=600&ssl=1 600w” sizes=”(max-width: 400px) 100vw, 400px” data-recalc-dims=”1″>

Jen Smith is a personal finance expert, founder of Modern Frugality and co-host of the Frugal Friends Podcast. Her work has been featured in the Wall Street Journal, Lifehacker, Money Magazine, U.S. News and World Report, Business Insider, and more. She’s passionate about helping people gain control of their spending.

Source: modernfrugality.com