You're probably wondering what a realtor has to do with weddings. Well if you take a good look at it, buying a home and laying out your finances is a topic of discussion that will eventually (if it hasn't already) come up. This topic can benefit greatly from the assistance of an professional.
Realtor Ronnie Lou Hernandez was great to take some time to answer a few of our questions and provide some insights into buying a home and some financial planning tips.
This post is a great read for our "soon to be wed" couples and every other person that is speculating buying a home or in need of financial direction.
Ronnie Lou Hernandez - Realtor
What is your job title and what do you do?
I am a Realtor. I assist people with purchasing and selling residential and commercial Real Estate. I also assist with Real Estate investments and Real Estate planning
How long have you been in your particular field?
I have been a licensed Realtor since 2005.
What is the benefit of having a real estate agent and financial planner?
There are many benefits of using a Real Estate agent. A good agent will have current market knowledge and will be able to provide information of desired locations. They will also be able to provide you information, and be knowledgeable about how to purchase or sell a home. There are many moving parts to a Real Estate transaction and if you do not know what you are doing, you as a consumer can be liable and potentially lose money trying to purchase or sell Real Estate. Your Real Estate agent will protect you from all liabilities and will be able to advise you in current market conditions. Your Real Estate agent should have good negotiating skills to be able to negotiate the best possible deal for you. They also should have a good network of other Real Estate associates and Real Estate friends to be able to find the best off market and on market deals. Your Real Estate agent should educate you with a strategy and a game plan to be a successful buyer or seller. The Silicon Valley is one of the most complex Real Estate markets in nation and it takes more than just money to be able to buy a home.
How do I figure out what type of mortgage makes sense?
You would first need to sit down with a qualified mortgage lender. The lender will be able to sit down with you and be able to let you know how much of a loan you will qualify for. Depending on what your goals are, if you are looking for a long term home to live in, or a short term investment property to produce cash flow, can determine what type of mortgage you should get. Ultimately your mortgage will be based upon the following:
- Credit score
- Down payment
Tips for effective and successful financial planning
Keep it simple. Spend less. Make more. Surround yourself with people smarter than you. Surround yourself with trusting financial people who can educate you to make good financial decisions.
Things to consider when buying a home?
Most important, do not over spend or over leverage for your home. Make sure your monthly mortgage is manageable. Have good reserves/savings in case something happens to your monthly income and you need time to bounce back. Consider the school district for re-sale value. Consider the current interest rates. Interest rates could be a determining factor of how much of a home you can buy and determining sale prices. Use a Realtor and make sure you trust that Realtor... aka Ronnie Lou Hernandez from EQ1 Real Estate ;)
Money saving tips that can be implemented now or how to deal with credit/debt?
Simple... Set a goal of how much you want to save per month, and stop spending on unimportant things. Cut back on "being cool" for awhile. For me personally, I need to stop eating out! lol. Really, look back at your bank account statements and look at how much money is spent on food. You will be surprised on how much you spend on eating out, and how much you can save by cooking at home...and how much weight you can lose! Create a budget for yourself and give yourself a strict allowance per month/per week... Save the rest. Set a goal of how much you would like to save and follow through with that goal. Believe you can do it! As far as credit goes, start off by pulling your own credit. You will never know what is on that credit report till you actually pull it yourself and find out what your score is. From there... call me and we can take the next step! :)
This post was done in collaboration with Rosey Gonzales