Buy a house

4 Why's You Are Ready to Buy a House

There is no denying that renting gives you more freedom-- you can relocate reasonably conveniently when you want, as well as you do not need to carry a home mortgage for years to live. Nonetheless, if you are like numerous renters, You have wanted to buy a house but did not know where to start.

How do you really know if you are ready to become a house buyer? Here are 11 why's you could be ready to purchase a house. If any of these why's resonate with you it is probably the right time to start looking for a house that you would be happy to live in.

Buying a house is very rewarding financially and emotionally. If you follow these 11 why's on how to purchase a house you sure will be successful in your journey from renting to becoming a homeowner.

Why # 1- Your landlord keeps raising your rent

Across the nation, rents are rising and there seems to be no end in sight. With your rent increasing each year it is hard for you to anticipate your annual housing costs. I bet there is also some resentment towards your landlord. And your income is not increasing at the same rate as your rent is. How many times have you asked why am I paying more in rent?

I too rented in the past, and the dreaded rent increase = Why am I paying someone else's mortgage! Let's also be real with one another. Not all renters are ready to buy a house. There are obstacles that stop renters dead in their tracks. Many times these obstacles are financial but there are also mental hurdles to overcome too.

https://truvest.co/3-reasons-why-it-is-even-harder-to-buy-a-house/

Why # 2- You are sick and tired of wasting your hard-earned money

Your rent payments are paying your landlord's mortgage. Therefore, you are paying down the mortgage balance and improving their equity position. One question you need to ask yourself-- How committed are you to your housing future? If your answer was a resounding "Yes" then you are ready to buy a house! If no, then you need to address your reasons and look for help to resolve them.

Just remember when buying a house you are not guaranteed a home run.  Buying a house does involve risk, but over the life of your mortgage, you should gain substantial financial gains.  Instead of throwing your hard earn money away at paying rent. By the way, do not forget there are tax advantages to owning your own house.

 

Why # 3- You now have a solid credit score

Credit scores are key in buying a house, but that number is just a portion of what lenders look at. The lower your score the higher the interest rate you will pay on your mortgage. Which in turn, will reduce the number of lenders that are willing to approve you for a mortgage. When you are ready met with a trusted lender and discuss what mortgage options are available. Get all the financial terms in writing so you can review all options before making a decision.

If you still need to improve your credit score ensure you get a free copy of your credit score. There are financial coaches that can help you improve your score. They will review your whole financial situation before offering a road map.

TIP: The financial coach will guide and support you in your credit journey, and you will do all the work to raise your credit score.

https://truvest.co/what-can-a-financial-coach-do-for-you/

Why # 4- You have financially prepared to buy a house

You have saved enough money for a substantial down payment. This means the lender will not require Private Mortgage Insurance (PMI). And you have also set aside enough money to cover your closing costs. Now, if you have not done both of these there are options to buy a house still. But be aware it will cost you more in a monthly payment. And over the life of the loan, you will pay more in interest costs. Don't just rush to buy your house with the first loan offer you are given. Weigh out your options and how your mortgage will impact your financial obligations.

To sum it all up

Buying a house is not as easy as they make it on TV. But going from a renter to a homeowner can be a straightforward transition with the right planning. The renters that are unprepared usually making house buying mistakes they regret later on. Please make sure you are not one of them!


Financial Coach

What Can a Financial Coach Do For You?

A simple way to clarify what a financial coach is to a financial advisor is as follows:

Financial advisors often tend to focus on implementing monetary items and techniques, while financial coaches focus much more on the fundamentals of individual money management, behavior change, and also creating an environment of accountability for their client's spending habits.

While financial advisors most commonly help to maintain the wealth that the client currently has, a financial coach's task is to provide their client the expertise, abilities, that will assist them to live a debt-free life and start building wealth.

A big difference between a financial coach and an advisor is that coaches do not sell or try to push financial investments to their clients. We will educate our clients on the different options of insurance coverage, budgeting, and ensuring our clients has the proper diversification when it comes to liquid versus illiquid capital.

But we never provide financial guidance nor do we suggest specific investment opportunities. When clients come to me they are usually in some type of financial crisis and do not have any additional monies to invest. They are looking for relief with their debt and investing is the last thing on their minds.

https://truvest.co/a-high-credit-score-does-not-financial-success%e2%80%bc%ef%b8%8f/

Financial coaches have a unique role and can play a complementary role with a financial advisor once the client is in a solid financial position, which means they are debt-free! Both individuals play key roles in their client's financial journey, but each does very unique things and works with their clients in very different financial situations.

Financial coaching allows me to mentor and guides my clients through their financial journey. As a financial coach, I get to dive more into my client's "Why" to understand their relationship with money. And finding out answers to the below questions is life-changing:

* What do I believe about money and why?
* Why do I keep making the same money mistakes?
* How do I change so that I can change my family tree?

Let's discuss what I do as a financial coach. First and foremost I am a coach. I engage with my clients by supporting/guiding them to achieve their financial goals, and that all elusive "Why" they have been searching for. I like to tell my clients I am their Yoda and they are Luke Skywalker. And the road to financial freedom is paved with setbacks and hard work.

I offer encouragement throughout their entire journey, which helps them stay on track, and also holds them accountable to their financial goals. In the end, I am their biggest cheerleader and their success continues to fuel me to find more clients that are in need of finding their financial "why".

Here is How We Can Help You!
Does it feel impossible or confusing to achieve your dream financial future Whether you're trying to destroy debt, pay off your home early, or give more, we can help you create a plan that sets you up to win with money. Will you let us help you? Schedule a Free Consultation

www.truvest.co

Life, Housing, and Coaching....Maybe Not In That Order

Season 3 Episode 2:
Life, Housing, and Coaching
Life sure has given me a full plate the last several months. And I too have had challenges getting back to "normal life". Things are getting better each day, and each day that I choose to move forward is a positive step.
The housing market is going crazy right now. I am in Arizona, specifically, Maricopa County and houses here are going for $30,000, $40,000, and even $50,000 over the asking price. THAT IS JUST CRAZY! The price of homes at some point has to cool off. Right now there are 2 months of standing inventory in the market. Typically, there are anywhere between 4 to 6 months of inventory in a non-COVID housing market.
About a week ago I had the pleasure to speak with a potential coaching client about her financial goals and dreams. This client is over the age of 60 and has rented all her life. And she was finally ready for change. But she was stuck on one item. She wanted everything to be perfect before she would even take a step forward. Change is NOT perfect, but change is deciding to take that first step away from your past. Until you do that your past will control your today and future!
In the coming weeks, we will be launching our coaching group, TruCoaching! Along with our non-profit, TruCommunity, we will be able to help clients from a financial aspect all the way to purchasing a home. Be on the lookout for more details.
Thank you for tuning into the podcast and I will see you on the other side! Have a great productive day!

www.truvest.co

When Life Happens You Get Back Up

I know it's been a few weeks since I've put out a podcast or vlog. I have to tell you, life happened for me, had some family challenges and then my best friend lost his father. And at the same time, I was supposed to move, which I had to do all three at the same time. So it's been a little chaotic and I know life happens, but I wanted to check in with you guys, let you know what's going on. Um, I'm getting through day by day, but I'm going to get back on the horse, get this thing going. The cool thing. While I was doing the background, I didn't want to lose all my momentum. I've been going through some financial coach certifications for housing and also just financial coaching in general.

So I have those practically done. One of the financial coaching aspect certifications has done and I'm working on the housing piece so I can be Fannie and Freddie, uh, approved for housing. So be on the lookout for those topics coming up in the near future. But that's, that is going to be a major focus of our business going forward. We have a couple of other cool things that we're going to be launching out here soon. I'll be keeping that in the background, but one of the things that I wanted to talk about is I know life happens to all of us and we all have to deal with family, friends, health challenges, and sometimes it's just darn outright hard to get back on the horse. And it's been somewhat of a struggle, you know, for the last several weeks to get back on the horse, get back in a routine, making sure you're mentally, emotionally, and physically, you know, and spiritually in place and back to where you were. But you really can't actually say that you're back to where you were, because the things that, the things that were actually impacting you, uh, have changed and your life has changed. But the one thing that I look at is this.

I was knocked down many, many times, but every single time I got back up and got back on the horse and got going in, that is in my eyes. The biggest definition of success is yes, life happens. We all have things happen to us, but it's how you react to them. And it's how you get back on the horse and start moving forward. You can't, you can't sit and be knocked down and not get back up because the only thing that's going to do is keep you in that bad place. And whether that bad place is financially, emotionally, physically, mentally, spiritually, anything whatsoever, it's just too much. And you have to be able to say, okay, guys, I got to get back up and move forward.

 


www.truvest.co

Housing Market is En Fuego?

#TruVest #HouseHunting #HousingMarket #FICO

It has become even harder to purchase a house in the last 90 days. The information that is discussed in this article is outside typical challenges we will face when buying a house such as credit score, down payment, monthly payment hurdles, conventional loan versus FHA loan, and mortgage rates. But the focus of this post is to discuss the external influences of the housing market that we cannot control whatsoever.
Housing Starts (New Homes)- Decreased 6% in January to 1.580 million units. Existing home inventories fell 16.4% or 1.1M homes (1.9 months worth of homes). Record-setting low since 1999.
Soaring Lumber Prices- Prices have tripled in the last 90 days to where the price of 1,000 board feet peaked at $1,004.90. For a 1,000 square foot home, you would need 6,300 board feet to complete. That would be just $60,000 to frame your home.
Compared to just 4 short months ago it would have cost you $30,000 or $491 per 1,000 board feet. 100% increase in 4 short months. And it would add an additional 30% to the sales price of a $100,000 home.
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3 Reasons Why it is Even Harder to Buy a House!

Looking to become a homeowner? It has become even harder to purchase a house in the last 90 days. The information that is discussed in this article is outside typical challenges buyers face when buying a house such as credit, down payment, monthly payment hurdles, conventional loan versus FHA loan, and mortgage rates. But the focus of this post is to discuss the external influences of the housing market that we cannot control whatsoever.
Housing Starts (New Homes)- Decreased 6% in January to 1.580 million units. Existing home inventories fell 16.4% or 1.1M homes (1.9 months worth of homes). Record-setting low since 1999.
Soaring Lumber Prices- Prices have tripled in the last 90 days to where the price of 1,000 board feet peaked at $1,004.90. For a 1,000 square foot home, you would need 6,300 board feet to complete. That would be just $60,000 to frame your home.
Compared to just 4 short months ago it would have cost you $30,000 or $491 per 1,000 board feet. 100% increase in 4 short months. And it would add an additional 30% to the sales price of a $100,000 home.
Remember: Homebuilders typically have margins between 20% and 40%. For example: If the builder has a target margin of 30% on each home then the pass-through costs to you the buyer would be 60%. And the math behind that is their margin of 30% plus the increase in lumber costs in relation to the sales price of the home. To make things simple that would total $60,000 additional you would have to pay on a home that used to sell for $100,000
Housing Prices are En Fuego- For a single-family home in the USA, it will cost you $266,222 to purchase a home. That same home in January 2020, would have cost you $244,000, an increase of $22,000 or 10%.
Now, I can hear some of you saying that is only 10%, but let?s look at it this way. What does that additional $22,000 cost you over the life of your loan? Have a guess? You will pay an extra $11,358 over the life of your 30-year loan at a 2.99% interest rate. What could you do with the extra $$$$?
To sum it all up: The housing market is overpriced, supply is WAY DOWN, and demand is through the roof. So, what do you do if you are in the market for a home? Start looking outside the traditional channels that most buyers search in. A few channels that I could suggest are:
Look for homes in up and coming neighborhoods that are run down (The ugliest house on the block)
REO?s- Work with a local Realtor to locate any REO?s (Real Estate Owned) properties that are being sold by lenders.
Foreclosures- Even though this channel is not hot right now it would not hurt to take a look at them to see what prices are going for in the neighborhoods you want to live in.
Note Purchase- This is a channel that is not covered very much, but it is a viable one if you know how to buy notes (A.K.A. Mortgages) from lenders directly.
I hope this post helps shed a bit of light on the housing market and the external influences that we all face becoming homeowners. I know purchasing a house is the largest investment you will make in yourself, but remember one thing: Do not fall in love with buying a home until the math works in your favor, and your monthly mortgage payment fits into your budget. There are other houses out there it will just take some time to find the right one for you. Good luck and happy house hunting!

www.truvest.co

A High Credit Score Does NOT = Financial Success??

#FICOscore #CreditBureaus #CreditScore

 

Why is the FICO score formula not published? Because then all of us would know how to get around the FICO credit system, but there is a better way to increase your FICO score...And that is to be debt-free!

Did you know that 35% of your credit score consists of the length of your credit history? The credit bureaus are looking at your debt load and factoring these dollar amounts into your credit rating.

The next is 30% is based upon your debt level. So the amount of debt that you're carrying. So guess what, the more debt you carry, the better your FICO score gets. Well, that also has a problem on the other side. And I'll just digress really quick. When your debt usage is high and you try to go get a mortgage or another line of credit. They look at a thing called DTI debt to income ratio. Well, you can't keep on strapping on more debt and expect to get more. So look where that takes you. That takes you down a path of staying in debt.

 

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www.truvest.co

Why Money Behaviors Cannot Be Taught??

It's Personal!

Your personal experiences with money are more biased towards how you think the world works!

The challenge for us is that no amount of studying or open-mindedness can genuinely recreate the power of fear and uncertainty

Some lessons have to be experienced before they can be understood.

Are you sick and tired of being sick and tired?

You do not have to do this alone! We have a game plan that will assist you from where you are today to where you want to be, living debt-free! We have been in the same place you are today, and we know what it takes to become debt-free. You have a friend for your journey. All you have to do is reach out to us!

#debtfree #debtfreecommunity #studentloans #financialfreedom #TruPodcast

 


www.truvest.co

Being Debt Free = Freedom???

#Debtfree #DebtfreeCommunity #PersonalFinance
Why use a credit card when you can use your debit card?
20 years ago there could be a small chance to keep a credit card, but today you can select either credit or debit with your debit card.
So, when you go to rent a car...GUESS what....You can rent a car with your debit card! https://www.enterprise.com/.../faqs/forms-of-payment.html
And the other one we hear all the time.....I like using my credit card so I earn frequent flier miles
2020 was a year that we all want to move on from...But last year alone there were 1 Trillion frequent flier miles that were lost. With that many miles lost do you think all those people paid off their balances each month?
Why continue to feed the system that leaves you living paycheck to paycheck!
Are you sick and tired of being sick and tired?
You do not have to do this alone! We have a game plan that will assist you from where you are today to where you want to be, living debt-free! We have been in the same place you are today, and we know what it takes to become debt-free. You have a friend for your journey. All you have to do is reach out to us!

www.truvest.co

4 Reasons Why Being Debt-Free is Not Socially Acceptable

Did you know living debt-free is considered being weird? Or even not socially acceptable! When I heard that the first time I did not how to respond. And the reason for that was I too had been taught that debt is a tool that would allow me to win in life. Well. I now know today that was a line of BS, and me spending 50% of my hard-earned paycheck on a monthly basis was C-R-A-Z-Y!

When you hear about people being debt-free and not living paycheck to paycheck, you are probably thinking....That they are totally weird. The debt-free lifestyle can be for you...If you want to put the hard work in!

Check out these 4 reasons.

 

1. Budgets Aren't for Everyone

The reason why most people do not use a budget....Drumroll....It is too time-consuming! And that is where debt wins every single time. So, people that want to live a debt-free life will take the time and create a budget each month, and they will make sure they cut out all unnecessary spending. And by doing this they can map out what they need each month to support their 4-walls (Mortgage/Rent, Groceries, health insurance, Automobile expenses).

2. Self-Control

How is your willpower when it comes to walking past a huge TV or shoe sale? Is that impulse buy calling your name? Well....If you are just buying things to keep up with the Joneses. Guess what...They are broke! Cause those impulse purchases are being charged on...credit cards. If you want to be debt-free you know these purchases are not going to erase your problems nor make you feel better. Instead, be weird and save up the money?.. PAY CASH!

 

3. Sacrifice Sacrifice Sacrifice

Going out to dinner three times a week, going to the movies, having the top-tier cable package. These are things people cut out of their budget when they are wanting to become debt-free. Just remember: Budget reductions are temporary, and once you are debt-free you will have more room for extras in life.

 

4. No is Your Best Friend

Are you always saying YES to every social opportunity? Vacations, shopping trips, eating out with co-workers, or just spending money. By you saying NO you will be that much closer to that debt-free life you have been wanting. Make No your best friend!

You Too Can Live Debt-Free!

The only way to live a debt-free life is to BE DEBT FREE! You have to make the decision that you want to be debt-free. And all you have to do is start! There is a better way to live and it starts today with you changing on how to look at money. There is nothing holding you back. Take small intentional steps and before you know it you will be debt-free.

 

Does it feel impossible or confusing to achieve your dream financial future Whether you're trying to destroy debt, pay off your home early, or give more, we can help you create a plan that sets you up to win with money. Will you let us help you?

 

You do not have to do this alone! 

 

Are You Ready for Change? Start Now!