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Most of us long to own a home. We see this idealized place as our shelter in bad times. We love the thought of being able to decorate from top to bottom our unique specifications.  Unfortunately, for many of us, buying a home is a difficult prospect because of one major drawback: a poor credit history. Bad credit almost always creates complications when trying to purchase something as big as a home.

That three-digit credit score and our credit report can make the difference between being granted a home loan and being rejected out of hand. Why? Because our credit report tells a financial story of us as payers of debt, and it has a long memory. Few people manage to go along forever without making a single financial mistake, and the fact is that many times, those people who pay cash for everything, end up with a lower credit score than those of us who juggle debt.

The worse your credit report is, the harder it will be to acquire a home loan. That is why it is imperative before you go house shopping and long before you need to move, to study your credit report, and clean it up as much as you possibly can. In several months to a year's time, you can improve your credit report and raise your credit score. Then you will have a much better chance of moving into your own home at a competitive interest rate.

Organic food usually tastes better and is better for you, but it can also be very expensive compared to non-organic products. Organic food can cost nearly 50 percent more, thanks to the extra labor required to produce it and consumers’ demand exceeding supply.

So how do you get tasty organic food without spending a ton of extra money? Follow these tips to get more bang for your buck.

Shop at farmers’ markets: You can get fresh organic produce for far less at a farmers’ market than you’d pay at the grocery store. It’ll taste just as good, and you’re getting your food straight from the source.

Choose seasonal produce: Out-of-season produce usually has to be imported, and that can really drive up the price. Focus your meals on in-season fruits and vegetables so that you don’t end up paying $6.00 for a pound of organic asparagus.

Shop more frequently, and plan your meals around bulk sales: The trick here is to only buy what’s needed for your meals, and to the only plan for a week of meals at most. That way you’re less likely to throw food away because you can use leftover produce for more meals before it goes bad.

Grow your own: A home vegetable garden will provide some extremely cheap organic produce, and gardening can also be a fun and rewarding hobby.

The traditional view of homeownership usually includes a married couple, but times have changed, and more and more single women are entering the housing market. In fact, almost twice as many single women are purchasing homes than single men, and almost one in five homes purchased today are purchased by single women. So why are single women making up such a large part of the housing market, and what are the special considerations single women should make when purchasing a home?

What Women Want!

The demographics of single women buying homes are quite diverse. From young professional women in their 20s to divorced mothers in their 40s, there are really no typical single women making home purchases, and their needs are just as diverse. Overall, however, there do appear to be a few trends in the market, and here is a list of what the average single woman is looking for in a new home.

• Most spend less than $200,000
• Prefer two bedrooms or more
• Less likely to choose new construction
• Will compromise size and cost to get other amenities, but not the location
• Smaller spaces are acceptable, and many prefer condos
• Desire security and safe neighborhoods with a strong community feel
• Look for close proximity to stores, shopping, and fitness centers

Things To Consider:

If you are a single woman looking to enter the housing market or know someone who is, then what should be considered before making the leap into homeownership?

Essentially the considerations are much the same as those of any homeowner. Taking a realistic look at your financial situation is always important. Seeking out the advice of a qualified financial advisor and a REALTOR® can make the process less difficult. It is also important to be sure you are not entering into any unwise loan agreements that may not be wise down the road, such as no-money-down deals. It is also important to have a clear picture of what your needs as a homeowner are, and that you don’t settle for something that will not work with your particular lifestyle.

One of the most important factors to consider when buying a new home is affordability. As a general rule, mortgage payments should not exceed 25-30 percent of your monthly take-home pay. The best way to know what you can afford is to determine the possible payment range by comparing the price of the home with other essential ingredients.

Figure Out How Much You Want To Borrow:

Your first step to calculating your monthly mortgage payment is knowing how much you want to borrow. This can be determined by subtracting your down payment amount from the purchase price of the home, which will give you the amount that you will need to request from a lender.

Know Your Rates:

The next step is to determine the current interest rates for the purchase of a home. Rates vary and may change often, so check with your lender for current rates. It’s worth noting that the interest rates you receive will, in part, be based on your credit history. This means that knowing your FICO score and credit rating will give you a good idea as to how your interest rates will be calculated.

Choose Your Loan Term:

Your monthly mortgage payments will be determined by a number of factors, including the term of your loan. If you were to borrow $250,000, your monthly payments would be less with a 30-year mortgage than with a 15-year mortgage. The reason is that it would take larger monthly payments to get the loan paid off quicker, which is why you will need to select a loan term before calculating your payments.

Additional Costs To Consider:

Your total mortgage payment will include taxes, homeowner’s insurance, and possibly even private mortgage insurance (PMI) if you provide less than 20 percent down and your loan requires it.

Just The Facts & Figures:

Now that you know how much you need to borrow, have chosen your loan term, and are familiar with the current interest rates, it’s time to calculate your payment. Most lenders offer a mortgage calculator on their Web site or you can get an estimate by speaking with your lender.

If you still need help in calculating your potential monthly mortgage payments, don’t hesitate to ask your REALTOR®, mortgage broker, or lender.

Photo by Tierra Mallorca on Unsplash