Smart About Money: Gifts to Give Yourself
By Nick MaffeoFirst, if you’re hoping to buy a home for the first time, or you know someone who is, the plain fact is that it never seems like a good moment to be buying a house. Ask any homeowner and they’ll tell you there were always things that made it seem “risky” at the time.
Often it’s the media urging “caution,” saying that rates will surely be going down soon or “bubble” high prices will surely be “correcting” soon, so buyers should wait.
Interest rates and housing prices obviously matter, but they can affect homebuyers in unpredictable ways. For one example, when interest rates were at their lowest a few years ago, the competition for homes was white-hot. There were buyers who actually found it easier to have their offers accepted after rates started going up.
Buying a house takes some determination, especially the first time. There may be hurdles to overcome. In retrospect, most people say they’re very glad they didn’t let the noise distract them from becoming homeowners.
If your goal is to be a homeowner but you wonder if it will ever happen for you, give yourself the gift of hope in 2025. Tune out the noise and start taking action steps that will help you move forward.
Here are three things you can do right away:
1. Talk to people who own homes now. Ask them how they did it and see if they have any advice for you. Talking to people who have successfully done something you want to do gets you closer to doing it yourself.
2. Meet with a local lender who will sit down with you, go over all your numbers and help you understand what it will take for you to qualify for a mortgage. First-time buyers always have a lot of questions. Look for an IRL (in real life) lender who is more of a “consultant” than a salesperson — someone who will take the time to get to know you and not just push you along so they can get on to their next deal.
3. Meet with local real estate agents and see if there’s one you connect with. You may not be using their services immediately, but things can change fast when you’re getting ready to buy a house. Having your real estate agent lined up is, for most, one of the essential first steps.
And second, avoiding becoming a victim of identity theft is a significant free gift you can give yourself in 2025. You should presume that your information is “out there” on the “dark web” — because it almost certainly is — and act now to protect yourself.
The dark web is a hidden part of the internet offering anonymity to people for whom anonymity is important — including cybercriminals.
Freezing your credit with the three credit reporting agencies will give you substantial protection against identity theft.
It’s easy and free to freeze your credit to keep criminals from opening accounts in your name. It’s also easy and free to unfreeze/thaw your credit when it’s you giving a company permission to access your credit report.
Freezing your credit is so straightforward that USA.gov describes it in one page at usa.gov/credit-freeze. Consumer reporter Clark Howard has a step-by-step guide at clark.com/credit/credit-freeze-and-thaw-guide.
Once you’ve frozen your credit reports, help your family freeze theirs — especially young adults and older relatives. Because their information is on the dark web too.
Nick Maffeo is the President & CEO of Canton Co-operative Bank in Canton. Have a question? Email to submissions@thecantoncitizen.com.
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