Category — Budgeting

Every homeowner faces the dreaded property taxes. Your property taxes are based on a periodic assessment of your home’s value conducted by your local tax assessment office. Tax assessors may occasionally assess your home’s value at higher than it is, or your home’s value may decline due to changes in the economy. When your tax assessment is too high, you’re paying too much on your property taxes – but you can change that.  

Mortgages traditionally come in a 30-year variety; in fact, the most popular home loan by a big margin is a 30-year fixed mortgage. However, a 30-year mortgage isn’t your only option; mortgages also come in a 15-year variety, typically with a significantly higher payment. When should you choose 15, and when should you take 30?  

One of the most common questions I get from home buyers is “How much can I qualify for?”  I can tell you what the maximum the lender will most likely approve you for, however, only you can determine what you can afford. 

Buying a home is a big expense, but the expense doesn’t stop at the down payment and purchase costs. If you’re in the process of buying a home and calculating your mortgage payments and budget, make sure you budget for maintenance and repairs.

Once you’ve created a budget, you have a detailed tool that can help you figure out where to spend and where you can cut back. Some expenses are normal and may even be necessary, but most families have plenty of areas where they can cut back and free up cash in their budget.