Decide if Homeownership is For You
Purchasing a home is a big decision — both financially and emotionally. We understand! That’s why we want to give you all the tools and resources we can to help. One of the most helpful tools for this is the mortgage calculator. This helps you plug in your own numbers to understand what a monthly payment could look like for the home price you’re considering. You can then use this information to compare to rentals prices.
There are benefits to purchasing a home including:
- Tax Benefits: You may become eligible for tax benefits.
- Investment Opportunity: With home values continuing to increase, your home could become a great investment.
- Stability: You choose when you move. If you decide to sell, you can, but you don’t have to worry about an annual lease.
- Home Equity: Home equity is the difference between your home’s market value and what is owed on it. You gain home equity as you make payments and when home prices rise.
There are often misconceptions when it comes to purchasing a home.
Myth #1: You need a 20% down payment
Truth: You don’t need a 20% down payment. While having a 20% down payment can help you have a lower interest rate, it is not necessary to purchase a home. We encourage you to talk to a lender to discuss your options.
Myth #2: You need excellent credit.
Truth: If you don’t have excellent credit, you may can make up for it in other ways. This could include a larger down payment or possibly specific loan options. Your lender can provide you more details.
Myth #3: Renting is cheaper than buying
Truth: A mortgage payment can often be more feasible than you might think when looked at monthly. Over a course of 5 years, buying a home is often more cost-effective than renting.
