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First and foremost I should inform my friend that buying a home is a huge
responsibility. They must really think about their nancial situation. Can they aord
the payment, how is their credit, any outstanding loans, etc. They need to sit down
and do a monthly budget of their total income that they bring home after taxes and
other deductions. I would make sure they added in all the monthly savings they need
to maintain the new home, monthly maintenance, issues in the home (plumbing,
roof, yard, etc), insurance and property taxes.
Before they started looking into buying a home, I'd suggest that they pull their
credit. Clean up any lose ends, old loans, or outstanding debt. Also advising them to
pay o any car loans they may have and advise to not take out any new credit. I'd
inform that it is important to keep debt low and keep at least less than 10% of
available credit used. Its important that they keep all accounts current.
This week I've not done as well as I should have. I'm good with maintaining my own
credit but I see several areas that I need to work on as for as knowledge of credit
goes. I've looked into my own credit score and see a few areas that I could improve
on. I will be working harder at keeping up with my score.
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