How do I secure my financial future?

Life is busy. Maybe even more so now that you’ll be buying a home. You’ve worked so hard to get to this point. Protect your hard work by staying on top of managing your money and credit.

Following is a list of financial fitness worksheets you created. Keep them handy and up to date. They can help you make adjustments if your financial situation ever becomes challenging.

Financial Fitness Worksheets
Name	When to Update
Homeowner Spending Plan	Your income or expenses have changed
Spending Leaks	You find yourself short on cash every month
Debt Summary and Debt Reduction Plan	You’ve noticed the signs of having too much debt
SMART Financial Goals	You feel overwhelmed by your wants
Credit Comparison	You need new credit and you want to shop wisely

An Important Note on Predatory Lending. Once you become a habitat homeowner, the most important thing to keep in mind is this: You have the absolute best loan available in the country—an interest-free home mortgage. No one can offer you anything better than that. Once you are in your Habitat home, any mortgage loan offers made by nonHabitat lenders are made with the intent to rip you off.

See what a great loan you have in the table below:

Compare a Habitat Mortgage to a Conventional Mortgage
Mortage Repayment Comparison
	Habitat for Humanity Mortgage	Conventional Mortgage
	The Jones family was approved for a Habitat for Humanity house. They bought a 3-bedroom house for $100,000. They pay no interest on their mortgage. Their monthly mortgage payment is 25 percent of their monthly salary.	The Smith family bought a $100,000 house. They took out a 30-year mortgage at 8 percent interest. Their monthly mortgage payment is $733.76
	Loan Summary
Loan Amount	$100,000	$100,000
Interest Rate	0%	8%
Length of Loan	15-30 years	30 years
Monthly Payment	25% of monthly salary (includes tax and insurance escrow)	$733.76
Total Interest Payable over Life of Loan	$0	$164,155.25
Total Amount Payable over Life of Loan	$100,000	$264,155.25
Source: Habitat for Humanity of Metro Denver

How to handle nonHabitat for Humanity loan offers:
1. Dismiss any nonHabitat loan representative offering you loan products.
2. Shred all mail or flyers that advertises new loan products.

If you come across a loan offer that you find hard to resist, speak to your Habitat advisor, and only your advisor, about the offer.

Talk to Your Advisor about Getting a Last Will and Testament
Your Habitat home is an asset of value and part of your estate. Should you die prematurely, the cash value of your home would be distributed by a probate court, rather than by a representative of your choice. Speak to your Habitat advisor about getting a Last Will and Testament, also known simply as a “will.” Your will designates who shall handle the sale of your home and its proceeds upon your death.

Stay in Touch with your Advisor
Making your house payments on time is one of the most important ways to keep your home. Be sure to contact your advisor if you experience any life event that may cause you to delay your payment. Your Habitat advisor stands ready to help you along your path to financial fitness.