Making your mortgage work harder for you isn’t impossible—in fact it isn’t even that difficult. All you need to do is practice a bit of discipline in adhering to certain lifestyle rules, and you’ll be well on your way. As your McLean financial planning advisor, AOG Wealth Management shares key tips to help you manage your mortgage and not let it manage you.
Live Within Your Means
Purchasing a new home is an exciting milestone. But be careful that you don’t get carried away with your dreams. When you’re house hunting, set a budget that will allow you to live well within your means. To do so, be sure to consider more than just the amount of the down payment. Expenses like utilities, maintenance, insurance and taxes all add up, so do your research and know what you’re getting into before making any big decisions.
Choose a Loan That Makes Sense
Whether you’re applying for a mortgage for a new home or refinancing your current one, make sure the loan you’re looking at makes financial sense to you. Tax planning and financial profiles are unique for everyone, so gauge your short-and long-term loan options and choose the one that makes the most sense for your financial circumstances.
Ensure Accuracy in Your Credit Report
Whether you’re borrowing or refinancing, your credit report will be checked. Your prospective lender will scrutinize your financial history, including income and debt obligations. You should check your credit report periodically and report any inaccurate information to the credit bureau.
AOG Wealth Management also offers estate planning services. When you work with us, you can count on our professional advisors to help you manage your mortgage this year. Call us at (866) 993-0203.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.