Buying a house is a huge commitment so it makes sense to take the time to examine your current situation and think about how it could change in the future before you commit to house hunting.
Consider the following:
- Are you planning on making any major changes, like changing a job or starting a family? Do you think your financial position is likely to change in the near future?
- Is your income stable?
- Are you confident in your ability to handle house repairs or are you willing to pay someone when something breaks?
- Can you commit to staying in a home for at least 3 years?
How Long Will My Loan Take To Pay Off?
This mainly depends on the product you choose. We have options for 30 years, 15, 20, 10 and more customizable options for your needs. You can make extra payments to pay off your loan faster than scheduled.
Buying vs. Renting
Each option has its benefits, so you should consider what is most important to your situation.
Benefits Of Buying
- Since you own the home, you can make any improvements you would like without having to worry about restrictions from a landlord.
- You can customize a mortgage that fits with your budget so you can reach your goals.
- Unlike rent payments, interest payments towards a mortgage can be tax-deductible.
Benefits Of Renting
- Moving from place to place is easier as there are less moving parts involved and you don’t have to worry about selling your home.
- You don’t have to pay for other fees such as property taxes and home owners association dues if they are present.
- Your landlord is responsible for upgrades and repairs so you don’t have to worry about paying for these as they are needed.