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First of I would tell my friend that buying a home is a huge commitment. She must
stay focused throughout the process, and understand that there will be sacrices she
will have to make to acheive this goal of home ownership. She will have to evaluate
her nancial status. Such as after her monthly bills are paid , how much money can
be put into her savings for the downpayment for the house. Also moving into a house
is very dierent for an apartment because she will have to cover any maintance or
repairs. Another important step is to request her credit report, and see what she can
work on to improve her credit, as credit is a huge factor in being able to buy a house.
Lastly, if aordable hiring a nancial counselor can be very helpful in the process. A
nancial counselor can assess where you stand as far as being able to even apply to
buy a home. They can evaluate if she qualies for any home buying programs. As far
what is aordable for her, I would say set an amount that still leaves some money
aside to be able to save in case any repairs are needed. Also something that doesn't
make her budget so tight, and most most importanly make sure she has some job
security.
This week I have learned so much about credit. I've learned the dierence between
wise and poor nancial decisions. The poor decisions that I have made in the past,
that was discussed this week were obtaining a pay day loan, and buying furniture on
credit. The interest rates on these types of loans are insane!
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