Til' Debt Do Us Part

For richer or for poorer. Almost each blushing bride and groom utter this phrase during their wedding ceremony, but talking about money seems to be the last item on the list to check-off when planning a wedding and the least desirable topic to discuss among married couples. In fact, a survey recently conducted by Money Magazine revealed a shocking statistic - 32% of Americans have never told another person how much they make…and this includes their spouse. With one of the leading causes of divorce being financial difficulties and 90% of married couple’s arguments being about money, it is important to take time to discuss your finances in order to avoid sore spots in your marriage.

Catherine Mattice, a certified financial counselor from Debt-Free America, a nationwide non-profit credit counseling organization, offers the following tips to brides and grooms-to-be. Read the full article in the fall issue

Your First Home : Condo or Town Home

The condo/town home market has taken off like a rocket over the past several years. Back in the early 80s, owning a condo was not a good thing. Condos were declining in value and impossible to sell. They basically looked just like old apartments. Most people owed more on their homes than they could sell them for. Over the last two decades, however, things have changed dramatically.

One of the primary forces behind the success of condo living has been the demand for land. Land prices have escalated at a frenetic pace. Numerous condos can be built on the same amount of land as just a few single-family homes. With shared walls and common grounds, the cost of construction is definitely less, making a condo more affordable than a single family home in most cases. “We wanted something newer and in our price range, in a great location.” said Brandy Dutton of Blaine, Minnesota.

Association fees do add to the expense of owning a condo. Read the full article in the summer issue

Buying Your First Home

First time home buyers make 10 common mistakes. Here are a few short tips on how to avoid them. Purchasing your first home is not only a rewarding and fulfilling experience, it is also a substantial tool for gathering wealth for years to come, if you know and understand the right steps to take. There are many potential pitfalls along the way, which can be extremely costly. Following are the top 10 most common mistakes first time home buyers make:

1.Trusting An Inexperienced Lender - Most people are surprised to learn the mortgage business is not tightly regulated in Minnesota; virtually no education or financial experience is required to open a mortgage company or become a "Loan Officer." Having a moving truck is your driveway and being told your interest rate is going to be 2% higher at closing is about the worst thing that can happen on one of the most exciting days of your life. The financial and emotional stakes are high when purchasing your first home and if something is overlooked due to the lender's inexperience, it could wind up costing you thousands of dollars. Just because someone is a good salesman does not mean they are a knowledgeable and competent Loan Officer. Experience counts! Read the full article in the premier issue