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Do you have a financial plan in place to achieve your goals?
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Mortgage Down Payment Basics - Fairway New England

October is all about finances, both as Credit Awareness month and Financial Planning month. Having a written financial plan in place that includes the following is the best way to make your dreams, whatever they may be, come true.

  1. A financial plan is a comprehensive statement of your long-term objectives for security and well-being, with a saving and investing strategy for achieving those objectives.
  • Determine Net Worth
  • Know Cash Flow
  • Set Priorities

 

  1. Net Worth is the total value of your assets minus the total value of your liabilities.
  • Assets-cash and items you could sell for cash
  • Liabilities-debts, loans, mortgage

 

  1. Cash Flow is a way of tracking all of your income and expenses on a monthly basis.
  • Positive Cash Flow-extra money to use as you please
  • Negative Cash Flow-time to trim expenses or get a second job!

 

  1. Set your priorities and use a budget to manage your money and adjust your cash flow accordingly.
  • Pay off debt
  • Save for a home
  • Set-up emergency fund and retirement accounts

 

If your dream includes home ownership, be sure to talk to a lender as you put together your financial plan.

 

© 2019 Fairway Independent Mortgage Corporation. NMLS Entity ID #2289. www.nmlsconsumeraccess.org All rights reserved. 4750 S. Biltmore Lane, Madison, WI 53718. Complaints may be directed to: (866) 912-4800 or Email us: customerservice@fairwaymc.com. Toll Free: 866-912-4800. Fax: 608-837-4723. MA Mortgage Broker and Lender License #MC2289. Licensed by the New Hampshire Banking Department. Rhode Island Licensed Broker and Lender. Also licensed in Maine, Connecticut and Vermont.

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