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Building An Emergency Fund During An Emergency

April 1, 2020 by Kay Monigold

Building An Emergency Fund During An EmergencyBy now, it should be apparent that this COVID-19 (Corona-virus) pandemic is going to be here for several months. It is already causing the market to plummet and is disrupting jobs all over the country. Many people who work as hourly employees (or are independent contractors) are starting to suffer. As people’s budgets start to feel the squeeze, this is exactly the time that people should be relying on an emergency fund; however, for those who don’t have one, it is time to start saving.

How To Create An Emergency Fund

Even though cash assistance from the government might be coming soon, this is not going to be enough to get people through the crisis. To start building an emergency fund, it is important to take a look at the regular income first. Try to figure out how many shifts are going to cut and estimate what money is left (unless you are a salaried employee).

After this, take a look at other possible sources of credit. Know the limits on the card and figure out to what extent these cards can be drawn out. If there is an income tax refund coming, plan for this; however, remember that the government might be behind.

Finally, try to cut spending where possible. Remember that vacations should be postponed, given travel restrictions. Most restaurants are going to close, so try to shop at the grocery store instead. Finally, consider asking the bank to put a stop on mortgage payments. These are all great ways to save immediate money.

Save What Is Left

Finally, after figuring out all of the expenses, subtract this from the expected monthly income over the next few months. Whatever is left should be socked away into an emergency fund. It is critical to have this fund put away in case a repair is needed on the house or if someone gets laid off. 

Other Ideas To Consider

Finally, while this is not advisable, people might be able to cut retirement contributions to help with the emergency fund. It is better to save for the future when possible, but this can help people save money in a pinch, if needed. Take these tips to heart over the next few months and build an emergency fund.

Filed Under: Mortgage Tagged With: Financing, Mortgage, Savings

3 Signs You’re Not Ready To Buy A Home

November 26, 2019 by Kay Monigold

3 Signs You're Not Ready To Buy A HomeThose who are looking at buying a home need to think about whether or not they are truly ready for this responsibility. When someone takes out a mortgage, this is frequently the largest loan someone will ever apply for in their life. Furthermore, owning a home also means homeowners insurance, real estate taxes, home maintenance, and home repairs.

There are a few signs that signal someone is not ready to buy a home. Identifying and rectifying these situations ahead of time will ensure that someone is the right position to take on the responsibility of homeownership.

Too Much Debt

One of the biggest signs that someone is not ready is own a home is too much personal debt. A mortgage is another (albeit different) form of debt. It someone already has a large amount of debt, they might not be able to handle an additional loan.

Some forms of debt that people might have include student loans, credit card debt, and car loans. Cutting down this debt before applying for a mortgage will make someone more competitive when applying for a mortgage.

Not Enough Savings

In addition to reducing debt, it is important to build up savings as well. First, people need to have enough money for the down payment. It is highly unlikely that a lender is going to hand out a loan to someone who is not able (or willing) to put up any of their own capital.

In addition, savings are important for potential home maintenance or home repair costs. Owning a house is a major financial investment. People should be able to put up some of their own money when buying a home.

Location Is Not Determined

People move from place to place. It is a reality of school, employment, relationships, and more. At the same time, it is hard for someone to buy a house they don’t know where they want to live.

While this might seem obvious, this factor is frequently overlooked. Think about where “home” is going to be before deciding to buy a home. Consider the overall cost of living in that location, the potential commute, and the potential HOA.

Buying A Home

It is important for everyone to think about whether or not they are truly ready to buy a home before applying for a mortgage. This is a significant responsibility that should not be taken lightly.

Talk with a trusted home mortgage professional to discuss the options that will get you on the path to homeownership. Although it may take time and planning, buying a home is absolutely possible for everyone.

Filed Under: Mortgage Tagged With: Debt Management, Mortgage, Savings

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Ron MartinRon Martin
Residential Mortgage Loan Originator

NMLS#316821

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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