Ben Smith

Why You Shouldn’t Overspend Buying Your Home, With Ben Smith – The First Time Home Buyer Podcast – Episode 1

Title

Ben Smith is not your father’s financial planner. He is a fee-only, fiduciary CERTIFIED FINANCIAL PLANNER™ (CFP®) and the founder of Cove Financial Planning serving clients virtually, nationwide. He uses technology to help you align your financial plan and investments to your goals and values.

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Resources

Do you want to learn how to buy a house? Join our 10-Day Home Buying Course, delivered every morning in your inbox for free.

To Tips for Buying a Home

What is your biggest piece of advice you can give to someone trying to buy their first home now

– Have a 6 month reserve of your living expenses as your emergency fund. That means if you spend $5,000 / month for your family’s living expenses you should have saved $30,000 in liquid assets (savings account, …)

What have you seen are the top mistakes homebuyers make? How can they avoid them?

– Over spending is a huge mistake. In order to avoid that,

–> make sure you talk to a fiduciary expert that can help you understand how much you can afford (and that is not your lender, because he get’s paid a commission of your loan)

–> make sure you also budget a 1% of your home price maintenance fee per year

What could help first time home buyers save time?

– Get organized early on.

What could help first time home buyers save money?

– Get at least 3 quotes from lenders

– Try to put as downpayment at least 20% of your home price, because you will avoid private mortgage insurance, which is around $150 per month.

How can first time home buyers choose the best professionals to work with?

– As friends and family for recommendations and make sure you INTERVIEW all the members of your team, but specially your realtor and lender.

The Ask

Is there anything we can do for you?

– Get in touch with me if you need financial information. You can schedule a free financial consultation call here

Contact information

– You can reach me going to my website: https://www.coveplanning.com/

Awesome Resources!

1) Join our 10-Day Home Buying Course, delivered every morning in your inbox for Free.

2) Go through the most comprehensive How To Buy A House Checklist to make sure you buy your home with confidence without ever missing a step!

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Apple | Google | Spotify | Stitcher | iHeart

 

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