Congratulations on wanting to take the plunge and become a first-time homeowner in Beloit. Maybe you’ve already done some looking. And just maybe you’ve started wondering how you’re going to afford that dream home. The fact is most people don’t buy a home outright with all their own cash. Typically, you save up enough to make a healthy down payment and then borrow the balance from a lender in the form of a home loan. The amount you borrow is called a mortgage, and you’re responsible for making monthly mortgage payments to pay the loan back.
A personal line of credit can be a big help when you need cash immediately. Think of it as a bridge to accomplishing certain goals, paying unexpected expenses, or keeping personal finances in balance. By definition, a personal line of credit (POC) is an unsecured revolving account with a spending limit that you can borrow money from as you need it. A POC comes with a variable (rather than fixed) interest rate and is designed to be available for a set period. When you choose the amount of your POC, the lender won’t give you a check for the full value. Instead, you can withdraw smaller amounts as needed.
There are plenty of reasons to consider starting a business in Beloit, WI. At the top of the list is the city’s central location. Greater Beloit is strategically situated at the center of the Midwest, which, of course, is the country’s largest market. As the Greater Beloit Economic Development Corporation (GBEDC)
notes (and rightfully so), “With its strategic location and access to markets, Greater Beloit continually plays a big role in Wisconsin public economic development.”
When an investor takes a proactive approach to their investment plan in three key areas, and is committed to sticking to their plan in negative markets, their investment returns will be significantly greater over the long-term.
by Steve Schou | FNBT Wealth Management Trust & Investments Officer
Buying a new home is probably the single largest expenditure most people make in their lifetime. It’s thrilling, but it can also be stressful. A good place to begin is to consult an online mortgage calculator to see how much home you can actually afford. Other important considerations include having a good to excellent credit score and a healthy debt-to-income ratio (DTI). Both indicators provide lenders with a picture of whether you’re a good lending risk and how much you’ll be able to afford to borrow — and comfortably pay back.
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