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Planning for life events
New home
A home can be one of the best investments you’ll ever make. It allows you to build equity and reduce your taxes, while providing a roof over your head. Homeowner’s insurance can protect your investment in the event of a fire or storm. But you should consider the financial implications if something should happen to you or your spouse. Would you be able to make the mortgage payments? life insurance or accident and hospital coverage could help your family hold onto your home in a crisis.
To help you determine the right coverage for your needs, start here:
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Life tips
New home
Figuring out how much you can afford to spend is the first step in buying a home. As a general rule, lenders allow you to spend 29 percent of your gross income on your mortgage payment every month. But that doesn’t mean you should take on a mortgage that crimps your lifestyle. Our home buying worksheet can help you figure out how much you can afford to borrow.
Home buying worksheet
New baby
Retirement planning
Making a will
Quick hint
If you can come up with a down payment of 20 percent of the selling price, you can avoid paying mortgage insurance and save money.
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