Buying a First Home
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Buying a First Home

After 10 years of marriage, I’m still enjoying living in the first home I moved into with my husband. Buying a first home can be one of the most exciting events in a person’s life. Before making this important expenditure, people need to first sit down and determine how they will successfully finance it. After all, a home will likely be the most expensive purchase you make in your life. Talk to a loan officer and determine how much money you can reasonably borrow. Then, decide how much money you want to use as a down payment. You also must decide how many years you will finance your home for. On this blog, you will learn about the process of buying a first home with a loan.


Buying a First Home

Common Questions About Surety Bonds

Irma Bates

When you're trying to help a loved one avoid spending time in jail, surety bonds may come up as an option for posting bail. Here is what you need to know about surety bonds. 

What is the Purpose of the Surety Bail Bond?

The surety bond is meant to assure the court that the defendant will return to the court house in order to be tried in their criminal trial. The defendant (or holder of the surety bond) puts several assets on the line that will be lost if the defendant does not show up in court. The amount of assets required is proportional to how much of a flight risk the defendant is; if the court deems that the person is not likely to leave time and shirk their court obligations, the bail will be set low. 

Surety bonds in particular can help to act as a deterrent to skipping out on court requirements.  Since the loved one who's the surety bond holder will have a big stake in the court process, they can place some social obligation on the defendant to meet their court dates, in addition to the financial obligation. 

What are the Benefits of Surety Bonds?

Surety bonds are a great option when the defendant does not have many assets to their name to put up as bail collateral and doesn't have good enough credit to get a loan. A friend or family member can sign the bond in their place and become legally responsible for the financial outcome of the bail. 

How Do I Apply for a Surety Bond?

Surety bonds are applied for by the person who would be paying the bill. You fill out an application which likely includes a background check and a credit check. The bail bonds company will evaluate your financial strength (including your assets and credit) to determine the amount which they are willing to grant towards the bail. Surety bail bonds may be on "good faith", meaning you only need to pay in case something goes wrong with the trial and court obligations. 

What Should I Look for in a Bail Bond Company?

Not all bail bonds are created equally. When signing a surety bail bond, be sure that you work with a bail bonds company that has fair interest rates, reasonable penalty policies, and helpful bond representatives who are willing to walk you through the trial process and protect your interests in the trial.