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Following a Good Budget in Order to Purchase a Home Coral Springs, FL

By Irene Medina PA GRI CRS CDPE GREEN

Real Estate Agent with The Medina Real Estate Group DRE # 3056732

August 26, 2015 10:38 AM

If you want to know how much your house will sell for in South Florida, Broward County go to Home Value or call Irene Medina.Realtor at 954-439-4851.

No matter how good the credit score, today’s homebuyer, in Coral Springs, FL, no longer has the luxury of buying with little or zero down. Except if you are low-income with good credit score rating, or a veteran, no-down loans are also a thing of the past. You can also qualify for a FHA loan which only requires 3.5% down.

Many lenders today want at least 20 percent of the loan amount as a down payment on a home. For a home valued between $168,300 and $287,500in Coral Springs, Fl, a homebuyer would need to come up with between $33,660 and $57,500 just for a down payment. Then, there are closing costs to consider. These vary by state, but figure you’ll pay over $2,000 on a $200,000 loan. Depending on your circumstances and credit score, you may also qualify for a conventional loan with less down payment.

Saving up this money takes time and careful planning. The best way to begin is by coming up with a budget that is realistic enough for you to stick with and by using other tips to help you get ahead financially, in Coral Springs, FL.

The Budget

The only thing a lot more challenging than setting up the budget is sticking with it over the long run. Using personal finance software will help you set it up, but only self-control and the desire for a new house will encourage you to stick with it.

First, you need to determine your total income from all sources. The second step is to list all the money that goes out each month, beginning with your predetermined expenses. These consist of anything that has a secured payment due every month, including:

Rent or mortgage (if you have a fixed rate).
Car payment.
Insurance.
Child support and alimony.
Installment loan payments.

Next, list your variable expenses. These may be a little more difficult to keep track of, so you may want to document them over the course of a week or two on a chart such as the spreadsheet offered for free by a Canadian credit counseling service. Common variable expenses in Coral Springs, FL include:

Utilities.
Telephone.
Cable or satellite TV.
Anything you buy on a day-to-day basis (morning coffee, etc.)

Amy Fontinelle, writing at Investopedia, suggests that you track and update your budget daily, in Coral Springs, FL, so that nothing falls through the cracks.

Make Changes

Once you have used the budget for a month or two you’ll be able to find out where your money goes each week. This snapshot shows you where it’s being spent and, thus, where to make cuts. Any items cut from the budget suggest more money to set aside for your new home inCoral Springs, FL.

Some of these cutbacks might consist of bringing a lunch from home rather than hitting the café every day, riding your bike to work instead of driving or taking a cab, and using coupons to save cash.

Make More Cash

Reducing your budget expenditures and paying down debt are not the only ways to move more quickly down the road toward homeownership, in Coral Springs, FL. Finding ways to bring in more money gives your plan a turbo boost.

If you can take on overtime hours at work, do it. Consider holding a garage sale or selling unused items online. Sock away that excess cash for your down payment.

Savings

If you are like a lot of us in Coral Springs, FL, you might be tempted to use the money you’re saving for something else that comes along. To abstain from the temptation, put it in an online savings account that makes it difficult to withdraw. If you have to wait a few days for the money, you might think twice about withdrawing it.

As you build your savings, stay away from the urge to add to your financial obligation. There will be plenty of time after you buy the home to buy furniture, a car or whatever else you may possibly be thinking of purchasing. Keep that house you want top-of-mind to motivate yourself to stay out of debt and keep saving.

Click here: for Everything Under The Sun in Coral Springs City Guide

Irene Medina, Realtor, and The Medina Real Estate Group have vast experience in marketing of properties extensively worldwide via the internet. They sell their listings in record time and for top dollar. They have received many recommendations from their extremely satisfied customers.. Realtor Irene and The Medina Real Estate Group service, Plantation, Fort Lauderdale, Coral Springs, Parkland, Davie, Weston, Tamarac, Broward County and South Palm Beach. She has been a Silver medal winner with Keller Williams for the past 3 years. She is a Certified Residential Specialist, CRS, Certified Distressed Property Expert, CDPE, she is also a Graduate of the Realtor Institute, GRI. She also holds the following designations, SFR, CHS, TRC and is working on her Commercial Real Estate accreditation.

Irene Medina of The Medina Real Estate Group from Keller Williams Realty has become a certified member ofGiveback Homes Organization. The Giveback Homes model is simple; for every home members of our network buy or sell, we help build a home for a family in need. Through the partnership between Giveback Homes and Habitat for Humanity, 100 percent of member donations go directly to building projects in developing countries in Central America and assisting with build days in the United States. Giveback Homes is dedicated to creating a sustainable relationship between real estate professionals, home-buyers, home-sellers, and communities in need throughout the world. Our goal is create social change through the act of buying or selling a home. “I feel very honored to be a part of such a wonderful organization!” said Irene Medina of The Medina Real Estate Group. My goal is to build a home a year in Nicaragua and to help build homes in New York City, which is where I am originally from.” For every home they help sell, they will donate money to help build a home for a family in need.

IreneMedina.Realtor has been a Florida resident for the past 22 years and has been a Broward County resident for 21 years. She is originally from Brooklyn, New York and her parents are from Puerto Rico. She lives in Plantation with her husband, Jason, 3 daughters, Golden Retriever (Rosie), Corgie (Cinnamon) and 3 cats!

Realtor Irene and The Medina Real Estate Group will “Stand by YOU Every Step of the Way!” from start to finish.

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