Coldwell Banker Real Estate Now · (731) 668-1777 · Each office is independently owned and operated.

 

8 Steps To Getting Your Finances In Order

  1. Develop a family budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
  2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt -- car loans, student loans, revolving balances on credit cards -- down to between 8 percent and 10 percent of your total income.
  3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
  4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
  5. Save for a downpayment. Although it's possible to get a mortgage with only 5 percent down -- or even less in some cases -- you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
  6. Create a house fund. Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
  7. Keep your job. While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
  8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.

Coldwell Banker Real Estate Now is a registered trademark licensed to Coldwell Banker Real Estate Now. Coldwell Banker Real Estate Now is licensed in the State of Tennessee. Each Coldwell Banker Real Estate Now office is independently owned and operated.

Pam Blasingame is a Realtor® with Coldwell Banker Real Estate Now, 327 North Parkway, Jackson TN 38305, (731) 668-1777.

The data relating to real estate for sale on this website comes in part from the IDX Program of the Central West Tennessee Association of Realtors® Multiple Listing Service. Copyright 2015 MLSCWTAR. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

The accuracy of all information, regardless of source, including but not limited to square footages, lot sizes, or school districts, is deemed reliable but is not guaranteed and should be independently verified through personal inspection and/or with the appropriate professionals. The information contained within this website is provided solely for informational purposes and does not constitute an offer to sell, rent, or advertise real estate outside the State of Tennessee. The owner is not making any warranties or representations concerning any of the properties listed including their availability.

If you are NOT represented by a real estate agent or broker, I would love the opportunity to help you with your real estate services. Please contact me regarding ANY of the properties listed on this website. If you ARE represented by a real estate agent or broker, please contact them regarding any property you locate on this website. It is not my intention to solicit offerings from other agents or brokers.

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Pam Blasingame - Jackson TN Realtor® - Coldwell Banker Real Estate Now