Greg McKinney Mineola Texas

  By: Greg McKinney Mineola Texas Getting approved for a mortgage takes more than applying for the loan. There’s a process that all borrowers must go through to determine if they’re eligible. Lenders must determine you can afford the loan beyond a reasonable doubt, which means you must prove all of your qualifying factors.  It may feel overwhelming at first but understanding the mortgage process and what you should and shouldn’t do can help you get through the process easier.  The Do’s of Applying for Mortgage Financing   Here are all the things you should do if you want to buy a home. Following these tips will help you get to the closing table without too many issues faster.  1.     Do Check your Credit Before Applying for a Mortgage   You don’t need perfect credit to get a mortgage, but the higher your credit score, the better your loan terms and rates.  Get access to your free credit reports here and see if there’s anything you must fix. For example, if you missed payme

  The average consumer has an estimated $5,200 in credit card debt. If that sounds like you, know that you aren’t alone. But also know that there are ways to get to of it. The pandemic, loss of employment, and now inflation have made it hard for many households to stay afloat, but with the proper steps, you can get out of credit card debt and into financial security.  Create a Budget   The first step to getting out of credit card debt is to create a budget . You don’t know how much you have to pay toward your debt until you make and use a budget.   It doesn’t have to be anything fancy. Use a spreadsheet, pen, and paper, or a free app like Mint , to create a budget.  A budget is simply a map of your income and expenses. It shows your total income and expenses, how much you spend, and where you should cut back to reach your financial goals.  If a part of your budget isn’t earmarked for savings and credit card debt payoff, it’s time to rework your budget and make both a line i

  Emergency, Rainy Day and Sinking Funds – What are They and Why do you Need Them? By: Greg McKinney Mineola Texas Y ou’ve probably heard many terms thrown around when creating and using your budget. An emergency, rainy day, and sinking fund are just a few of the accounts personal finance experts use. What do they mean, and do you need all of them? Keep reading to find out how these funds work and who should consider them. What is an Emergency Fund? The name says it all. An emergency fund covers you in the face of an emergency. But what type of emergency? There are many ways to view an emergency fund, but the most common way is a fund to protect you should you lose your job or be unable to work for any other reason. Say, for example, your company closes unexpectedly. As a result, you suddenly lose your income; how will you cover your bills? A fully funded emergency fund could cover your expenses for three to six months. This gives you time to figure out your next steps with

  Top 10 personal finance skills you need to master By: Greg McKinney Mineola Texas When it comes to your financial well-being, it not as important how much you earn, but it is very important how you manage your money! Unfortunately, money management is a skill that’s not taught in schools and it’s not something that always comes naturally.   You have to be aware of your spending patterns and make a conscious effort to change them if you want to master your finances. A lack of financial knowledge can lead to making some pretty bad decisions that can have a lasting impact on your life.   So, it's better to be safe than sorry and arm yourself with the proper skills and knowledge to help you make smart financial decisions. In this article, we will be sharing the top 10 personal finance skills you need to master.   It doesn't matter how old you are or how much money you make, these ten skills will help set you on the path to financial success! 1. Budgeting is your best frie