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