Today I’m joined by Kevin Fernandez, the owner of Fernandez Financial Group, to talk about financial security after a real estate purchase.
As you know, purchasing a home is one of the most significant financial decisions you’ll make in your entire life. For this reason, it’s critical to consider the safety and security of your financial future.
To ensure a secure financial future, you should invest in other things beyond just real estate. To help me discuss why this is so important, I’m joined by special guest Kevin Fernandez. Kevin is the owner of Fernandez Financial Group and has been a wealth of information for myself, my clients, and my agents.
Today, I asked Kevin a few questions about financial security to see what he had to say on the subject. First of all: How can you be sure your financial future is in order after you’ve purchased a home?
Kevin says that a lot of buyers do a great job saving for their down payment. But what happens once you’ve made your down payment? Replenishing these funds can be difficult, but it is important to have money saved in the event of an emergency.
Kevin recommends having enough money for three to six months of basic expenses in savings. Also, he recommends reviewing your insurance coverage after you’ve invested in a home since this will bring a few different changes to your life.
Next, a lot of people are asking if they should buy mortgage insurance or term life insurance to protect their mortgage. There are a few key points to consider here. First of all, mortgage insurance is convenient but it is much more expensive.
If you can qualify for term life insurance, it could save you a lot of money. Also remember that your mortgage insurance premium will stay the same over time, even as your coverage diminishes. With term life insurance, coverage and the premium will both stay the same.
Mortgage insurance is also tied to a specific mortgage. If you move at some point, your coverage is going to be affected. This is not the case for term life insurance, which stays the same regardless of your mortgage.
If you have more questions for Kevin, you can reach his office at (256) 517-5962 or email him at Kevin@FernandezFinancialGroup.com
If you have any other questions for me or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.