Innovative Mortgage Tech

Welcome to Innovative Mortgage Tech! We are a local mortgage broker servicing the greater Houston area. Our mission is to help thousands of families fulfill the dream of home ownership, right from the comfort of any location. There is a innovative process to home buying and securing the right mortgage for your home buying objectives. It has been proven here at Innovative Mortgage Tech.

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THE 50/30/20 RULE: AN EFFECTIVE BUDGETING RULE OF THUMB

When it comes to making decisions that affect our finances, everyone of us, at some point or another, could use some guidance. If you are feeling overwhelmed by the quantity of budgeting resources that are available in today's world, the 50/30/20 rule may be of assistance to you.

LET'S DIVE IN

The 50/30/20 rule only serves as a guide.

50% to fixed costs

30% to wants

20% to savings

One of the main reasons why this rule is so well-known is that it is so easy to follow. Humans aren't superb, and one of our biggest flaws is that when things get hard, we often feel like giving up and walking away. There are lots of ways to spend money, and some of them may be hard to learn and take a lot of time to use. Making a budget and sticking to it should come naturally to you, so you should make it a habit to do so. Figure out how you can make the process easier for yourself.

50% To Your Fixed Cost

The term "necessities" refers to costs that simply cannot be reduced. Your fixed costs have to consist of items like the following:

Housing: Rent, mortgage, homeowners insurance, property taxes

Transportation: Car payment, gas, bus or train passes, parking fees

Insurance: Auto, life, homeowners, health, renters

Utilities: Gas, water, electricity, internet, cell phone

Loan payments: Credit card debt, student loans

Short- to mid-term savings goals: Down payment on a car, a new roof, replacement furnace

Health care: Insurance premiums, deductibles, prescriptions

30% To Your Wants

Allow yourself, within appropriate limits, to invest in the things that bring you pleasure monetarily. These include the following

Hobbies: painting, swimming, piano lesson

Vacations: Hawaii, New York, California

Eating out: pizza night, special occasions,date night

Beauty: Makeup, haircut,salon

Clothing: Dress,shoes,ties

Family: Kids,wife,husband

Tech: Iphone,laptop,tv

20% To Your Savings

Saving is the single most crucial practice when it comes to managing one's own finances. It's also the toughest, which isn't a huge surprise. Plan to save for the following:

Emergency funds

Retirement 401k

Purchasing a home

Paying off debt

Simply Put

Innovative Mortgage Tech offers many savings products with cost-saving benefits, including appraisal waivers, down payment programs and much more to help you feel good about your future home purchase. To speak with us online , simply contact us and will be happy to assist.

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The Financial Fortune That Comes With Owning a Home!

The past should teach us that buying a property is a great investment in your future financial stability. Part of being free is being able to put aside money so you can do the things you want to do in life, and the sooner you achieve this, the more likely you are to be able to do so.

Let's take a look at some of the ways that home ownership might lead to financial success:

Most homes increase in value over time.

There is no way to predict whether the value of your new home will rise, but the odds are in your favor. According to the Federal Housing Finance Agency's House Price Index, home prices have climbed by 3.6% on average during the last twenty-seven years. For example, if you invested $200,000 on a house in 1991, it could be worth around $350,000 now. This increase in value contributes to your equity, increasing your net worth even more than the principal you would have paid down had you kept up with your mortgage payments during that time.

Buying a home is a good method of pushing yourself to save money.

Experts say that the best way to be financially independent is to have a savings cushion, but most people don't do a good job of putting money away each month. Making a monthly mortgage payment could be a good way for a homeowner to save money every month. If you have a mortgage and make payments on the principal, you will increase your total value because the loan balance will go down.

Your mortgage payment can be fixed, but your rent can fluctuate.

Renters are at the mercy of the market, which typically results in annual increases. However, mortgage rates can be locked in at the beginning, guaranteeing a consistent monthly housing expense throughout the loan's duration. Because of this, you'll be able to reduce your outgoings and redirect more funds toward wealth-creating activities, such as saving, investing, or expanding your business.

The Bottom Line

Owning a home is a must if you wish to be independent financially. As a long-term investment, purchasing a home is among the most intelligent decisions you can make. Innovative Mortgage Tech wants to guide you throughout the process. Give Us A Call [phone] to get started!