If only mortgages were as easy in real life as they are in monopoly, flip the deed over get money, then pay it back whenever you want for no lost interest or costs. Ah if only life was as simple as the board game. Mortgages are a bit more complicated. For starters there are lots of different types, ARMs, Balloons, different year terms, not to mention different interest rates. The key to buying a house and a mortgage is know what you are getting into, read all of the fine print and be prepared for the worst so when the best happens you can smile.

Always ask yourself if what your buying is too much house for you, some specialists say that your mortgages be less then X% of your income, I think it varies too much on a case by case situation, basically play online with free mortgage calculators and determine what payments you can afford.

Lets face it, personal finance is PERSONAL.

Everyone has heard that the value of a new car drops the second you drive it off the dealer’s lot. This immediate drop in value discourages a lot of people to buy new cars, and instead getting a discounted used car. Now don’t get me wrong there is nothing wrong with a used car, and if you are in a debt or your budget is very tight a slightly used car may be the right choice. Just be careful of the “lemon” used cars, and understand that you will have car problems sooner then if you had bought a new car.

No matter which route you decide, you need to do your research. The internet is an excellent source for information, you can learn what the marketer’s suggested price is, what other people that have the car have to say about it. Before you make such an important finical decision you should check your personal budget and finances to see what is best for you. Just remember it is better to invest and save for the future today then put it off till tomorrow.