First Time Home Purchase
Buying your first home is a big decision, and an exciting step forward in life! If you are looking into buying a house, we can help you consider your options.
Things To Consider When Buying A Home
There are a lot of things to consider when you are buying your first home. Do you have a stable source of income? Can you afford potential home repairs? Could your financial situation change drastically within the next few years due to your family situation, your job, or something else? Do you have a plan to pay off any debt? We can help you decide if getting a mortgage now is the right course of action for you, and we can guide you through the process. Getting a home is a big decision, and we want to make sure you are prepared and educated! Below are some questions to consider:
- Do you have a stable job or other sources of income?
- Are you on top of any debt you may have?
- Could you afford potential home repairs?
- Do you have a good amount of money in savings?
- How long do you plan on staying in your new home?
- Is there a strong possibility your financial situation might change drastically in the next few years?
Get Qualified For A Home Loan
Click the button below to sign up for and start the home loan application process!
Buying VS Renting Pros & Cons
Pros of Buying
- You will eventually own your home completely
- Tax benefits
- You have complete creative control over what you do in your home
- You gain equity in your home over time
- The value of your home could increase over time as the market changes
Pros of Renting
- You aren't responsible for home repairs and maintenance
- Renting is less of a commitment than buying a home
- Rent payments are typically less expensive than mortgage
Cons of Buying
- Expensive
- Buying a home is a big commitment
- Property taxes
- Mortgage payments are usually a bigger expense than rent
Cons of Renting
- Rent will likely continue to rise
- You don't own the home you live in
- There are often a lot of rules you have to follow
- You don't gain any equity
- There is little stability in renting
How Important Is A Good Credit Score?
Having a good credit score is a huge advantage when you are getting qualified for a home loan. Borrowers with good scores are less financially risky for lenders to qualify, because it shows that they have a history of paying off debt and making payments on time. A high score will help you qualify much easier, and it can help you get a lower interest rate.
If you have a bad credit score it is still possible to qualify for a loan, but you may be more limited in your options. You will also probably pay a bigger down payment and have a higher interest rate. A few ways you can increase your credit score are paying your bills on time, keeping a low balance on your credit card, not applying for new credit card accounts, and keeping your older credit card accounts. You may also want to review your credit report to see where you are going wrong. You can access your credit report annually for free.
