Tembo Financial February 26, 2016 No Comments

The search for your new home purchase is not always easy. Some people find themselves searching for months until they’ve found the perfect community to suit them in the next step of their lives. Evidently, a new home purchase is a huge financial responsibility, and Tembo Financial is here to help.

Here are some tips from Tembo on how to maintain and make the best of your new financial responsibility:

Make your mortgage payments on time

Standard mortgage payments are monthly, weekly, or biweekly and it is suggested that whichever option you chose is in accordance with your pay schedule. A late payment can result in delinquency which hinder your credit rating and/or lead to an accumulation of late fees. Late payments in excess can lead to foreclosure.

Plan for the costs of operating your home
You must consider what you need to spend on a monthly basis for your home. This could include but are not limited to condominium fees, parking, and security.

Set a budget and live within it
You should have both short-term and long-term financial goals and evaluate your spending on a monthly basis.

Save for unexpected expenses
Unexpected expenses can range from damage to a window to the replacement of your furnace. Though we are discussing homes it is important to realize that personal unexpected expenses could also arise such as a illness or other emergency.

Once you are ready to purchase a new home, be sure contact Tembo Financial to find out how you can receive the money from the sale of your previous home in as little as 48 hours*. This is crucial in the preparation of taking on your new financial responsibility.

*Subject to qualification.

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