dealing with debt and a financially irresponsible spouse

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dealing with debt and a financially irresponsible spouse

I am married to a man that isn't exactly financially responsible. When he finds something that he wants, he will do whatever is necessary to buy it. This has caused us a lot of debt over the years. What can you do when you are married to someone that doesn't take being in debt seriously? How do you approach him or her about their spending habits? I have worked with a financial professional to learn how to manage my money, how to discuss our money problems with my husband and to learn how to reduce my debt as quickly as possible. Find all this information and more here on my blog.



Reasons Every First-Time Buyer Should Consider Fixed-Rate Mortgages

When you're getting ready to buy your first home, the process of finding the right financing for your budget can be challenging. There are so many options that first-time buyers often find themselves overwhelmed and confused. One of the most common terms you'll hear when you're looking at mortgages is fixed-rate. If you aren't sure why you should consider this type of loan, here are a few things to know:


Perhaps the best reason to apply for a fixed-rate mortgage is the predictability. For first-time home buyers, having the ability to clearly plan your budget is important, and when you have a mortgage with a variable interest rate, that's hard to do. By securing a fixed-rate loan, you'll know exactly how much your mortgage payment is every month. That eliminates surprises that can throw a wrench in your budget.

Up-Front Tax Benefit

When you get a long-term fixed-rate mortgage, most of your early payments will be mostly covering the interest on the loan. Since that interest is deductible, you'll see a tax benefit right from the start. As you get further into your payments, you'll pay more on the principal, which reduces your interest deduction, but in those first few years when you're still getting used to having a mortgage payment, that deduction can be really beneficial.

Market Security

A fixed-rate loan locks in your interest rate for the entire life of the mortgage. That means you don't have to worry about market volatility affecting your loan. If interest rates go up, you're not going to be affected by it. It gives you a sense of financial security for the life of your mortgage. This is especially valuable when you consider the interest reductions and programs offered by the government. If those should end, interest rates could go significantly higher than what you secure right now. If you don't want the stress of having to follow the market activity to determine what happens with your home loan, fixed-rate loans are the way to go.

With so many different choices and considerations, it is important that you understand the benefits to fixed-rate loans. Whether you're a first-time buyer who is financially secure or you are just starting out and have some uncertainty in your finances, having a mortgage payment that is predictable, enjoying some tax relief in the early years, and eliminating the market stress can all be beneficial. Talk with your mortgage lender today to see what your options are.

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