After You Buy Tips

1. Limit your use of consumer credit cards. Avoid high cost purchases. Live within your means.
2. Stay away from rent-to-own businesses and payday lenders. The fees are crippling and the terms put you at a huge disadvantage. Consider all other options first.
3. If you fall into debt, talk to a mortgage counselor before you apply for a loan. Avoid adding credit card debt to your mortgage.
4. Think twice about including a car payment in a mortgage refinance. Do you want to make payments on your car over 30 years?
5. Considering life insurance? Talk to a financial planner. Mortgage Life Insurance products pay your lender but your loved ones don't receive a penny.
6. Thinking about refinancing? Don't just look at your loan payments - look at the life of your loan. For example, refinancing with another 30-year mortgage may lower your monthly payment but it also means another 30 years of payments. Perhaps a 15-year loan would best meet your needs.
7. Now that you've become a homeowner, you will be bombarded with credit offers. Choose your credit accounts wisely. Always read the fine print. There is no free money - just clever advertising. Consider a credit card that is tied to your checking account. That way you can't spend money you don't have.
8. Homeowner's insurance can cover more than home replacement. Consult an insurance specialist about coverage for your home's contents, replacement costs, and liability insurance.

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