Given the ups and downs of the housing market over the last couple of years, it’s perfectly understandable to be a little wary about investing in your first home. But, depending on a variety of factors, home ownership may be the best option for you. Let’s take a look at the differences between renting and owning.
On the money side of it, is your financial house in order? Do your credit scores and debt ratios meet the criteria for a home loan? Be realistic in what you expect to buy by being informed. When you own, you build up equity, and now is a great time to buy with historically low rates. If you continue to rent, you don’t build up equity; however, if you plan on moving to a new city in the near future, you may not want to be tied to a house.
On the personal side of it, where do you want to live? If you have kids or plan on having kids, where do you want them to go to school? This is a great time to get a home that is where you want to be and that gives you your own space—space that you can personalize any way you want.
If you think you’re ready for home ownership, you don’t have to go it alone. At Scott Credit Union, our experts can answer any question you may have about taking that leap.
Some common questions our experts can help with are:
- How much home can I afford?
- What is a credit score?
- What do I need to have to apply?
- How much of a down payment do I need?
- What are the different mortgage loan types?
Find your Home Loan Advisor to get started on path to home ownership today!