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Financial literacy is such a big part of life, yet most of us do not have the required financial tools to maneuver our way through significant transactions. If you dream of buying a home, but suspect you have some economic issues, the solution may be to do so with a financial counselor to help you get ahead.
You may also find it helpful to speak with someone who has seen every financial pitfall on the spectrum of home buying. A bankruptcy lawyer in North Carolina can help you identify financial vulnerabilities and strengths and can help you move forward in buying your dream home.
We have done the heavy lifting for you and determined the five signs you might need financial counseling before purchasing a home. While the information below is informational in nature, the concepts contained within are helpful for most situations.
- You know your credit is terrible: This one is tough. Perhaps you were left high and dry in a bad divorce, made bad choices when you were young, or any other situation that gives rise to bad credit. A financial counselor will go the extra mile to teach you how to get your credit score back in the good graces of mortgage lenders.
- You are not sure how to buy a house: Not everyone understands financial and personal business issues. The process of purchasing a home can be overwhelming if you lack the knowledge to evaluate a fair deal on a home.
- You do not utilize a household budget: To unlock the world of financial freedom, you need a key to access it. That key is household budgeting. Understanding what is coming and going from your accounts and how to invest for the future is the primary goal of a household budget.
- You cannot get approved for a checking account: This one is a surefire sign that things are financially unwell. A checking account is one of the most straightforward accounts to open, and if a bank says, “We do not want you depositing and withdrawing money here,” then it is time to visit with a financial counselor. Make sure they are lawfully denying you an account, as well.
- Your cell phone and utilities required a hefty deposit: This occurrence is more common than you would think, and it does not always indicate bad credit. It can also be the result of lacking a credit history altogether. It’s a major frustration for new borrowers. A financial counselor can give you pro-tips for building credit.
You can Get Back on Track
Discussing your issues with a financial counselor is highly recommended by many attorneys. He or she can provide you with the tools and resources that are specific to your situation with the end goal of buying a home. Now can be the time for a fantastic financial transformation.
If your financial future concerns you, the team at Arnold & Smith, PLLC is available to discuss your options. We have been working with people in the greater Charlotte area to provide the best possible outcome. If you are facing financial uncertainty in the Mecklenburg County, Iredell County or Union County area, please call the skilled lawyers at Arnold & Smith, PLLC at 704-370-2828 or find additional resources here.
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