Northern Poconos Real Estate News

Earnest money is the amount of money put down for a large purchase. While this is not limited to real estate, it is used frequently in the real estate industry. It’s a sign of good faith from the buyer to the seller and normally constitutes about 1%-5% of the home’s price.

How much do you deposit?

There is no set amount for how much you can put down in your earnest account. However, the more money you put into these accounts, the more likely you are to be taken seriously by the seller.

You may have heard the phrase going into escrow many times without really understanding what it’s referring to. The escrow process can vary from state to state in some of its finer details, but overall it is a relatively straightforward series of events that must be completed before a property changes hands from seller to buyer.

Many Americans are burdened by debt and have little or no retirement savings, and people who want to get out of debt and save money for the future often don’t know where to begin. Some financial experts might offer general advice that doesn’t fit every situation. The correct approach depends on several individual factors.

The best way to improve your credit score is simple, but not always that easy: Reduce your debt.

Paying off your credit cards, or at least paying them down substantially, will not only increase your credit score, but having less debt will probably be more satisfying than a great credit score. And not using your credit cards anymore and paying off the balances is easier said than done.

But there are smaller, easier steps that can improve a credit score. Here are six:

Money can be a confusing and unapproachable topic for adults, let alone for kids. The key is to teach children about money early so that they can develop a healthy relationship with it.

Here are the best ways to give children a glimpse into the ins and outs of managing finances.

Allowance 

Roughly two-thirds of American parents give their children an allowance. This tried-and-true method of money management works for several reasons, with children of any age.

Make them earn it 

Having an emergency fund to help pay for an unexpected car repair, hospital visit, or other financial emergency is a smart financial move, but finding money to sock away each month is easier said than done. However, it is possible if you have a sound strategy in place.

Here are a few simple ways to save some money:

Buy and sell used
For one month, make it a point to only buy used items. And for each item you buy, sell something you already own.

Credit can be a scary subject to approach, whether or not you want to jump into it isn’t an option in most cases; credit determines a lot, but it can also be a great financial tool when used properly. When your credit score is good, your rates, loans, and other financial endeavors will be good, too.

The first step to managing a credit score is to understand how it is calculated. Read this guide to help you on your way to achieving financial freedom.

Why does credit score matter?