By FrontDoor.com | Published: 11/24/2009
Q: How do I come up with a post-homeownership financial strategy?
A: Create a list of your monthly bills and due dates, and pay them on time each month. Budget the money you have leftover for maintenance, savings and other expenses.
Plan for the long term >>
Q: How does saving for college, retirement, etc. factor into homeownership considerations?
A: Saving money while paying off a mortgage can be tough, but coming up with a financial strategy can make it possible.
Learn how to manage your money >>
Q: What can I do to maintain good credit after I buy a house?
A: After taking on a large debt like a home loan, you may see your credit score decrease initially. However, making your mortgage payment on time every month will get your credit back on track.
Use credit wisely >>
Q: What should I avoid doing so I don't destroy my credit?
A: Be sure to pay your bills on time every month. Also, keep your credit account balances low and only open new credit accounts when you need them.
Learn six things to avoid >>
Q: What should I know about taxes and homeownership?
A: Homeownership comes with many tax perks. You can deduct mortgage interest, property taxes and points on your tax return.
Take advantage of tax breaks >>
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Purchase price, interest rate, taxes and PMI determine your monthly payment.
Find out if owning a home will save you money.