YOUR DEPOSIT & DOWN PAYMENT
A deposit shows the seller you’re serious
about buying a home. Deposits are
typically 2% of the purchase price and
will be applied towards the down payment
if your offer is accepted (you will need to provide
documentation for your earnest money deposit).
Required down payments start at 3%. A larger down
payment demonstrates your commitment to long-term
homeownership and provides you with immediate
equity in a new home.
These costs include all fees required
to execute the sale, including title
insurance, appraisals, taxes/insurance,
points, etc. Closing costs are 3% - 5%
of the purchase price, on average.
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|5 Pitfalls of Medical Debt|
|As medical costs increase, many of us find ourselves with large medical bills. Sometimes it is difficult to know where to begin dealing with them, and each medical professional, office, and hospital handle their collection practices differently.
As we navigate the challenging world of healthcare, we must avoid financial pitfalls that lurk just out of sight.
Gone are the days of $10 copays and low annual deductibles.
Today’s environment is so much more complex and expensive. Here are some healthcare-related financial pitfalls to avoid:
Many people would rather not deal with medical bills, leaving them unopened or even throwing them in the trash. Not responding to medical bills may result in penalty fees, collection calls, legal action or damage to your credit score.Don’t ignore your medical bills.
If you can’t afford to cover the cost of a medical bill, you may be tempted to put it on a credit card. Don’t do it! You’re simply exchanging the medical debt for a credit card debt and a much higher interest rate. Transferring medical debt to a credit card will quickly cause the debt amount to grow, unless you can afford to pay off the entire bill right away.
Don’t risk your health by putting off critical medical treatment. If the procedure is elective, talk to your doctor and find out the potential health consequences of delaying treatment. If possible, begin planning for the expense. Ask your insurance company to conduct a pre-treatment estimate so you understand how much money you will need.
Medical insurance can be confusing. Make sure you understand your insurance coverage, out of pocket costs, copays, etc. If your insurance refuses to pay for a claim, find out why.
It is important to pay all bills. However, if you can’t afford to pay all of your bills, decide which are the highest priority. Basic living expenses are most important --- food, housing, child care, transportation to work, medicine and taxes are top priorities.
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