Are You Ready to Purchase a Home?

The thought of buying a home can be daunting since it is typically the biggest purchase you will make. It helps to know the process so it seems less scary.

Here are some questions to ask yourself to help determine if you are ready to buy a home.

Why should you purchase a home?

When you own your home, you are building equity in an asset that is yours. If you are currently renting, you are helping your landlord build equity in their asset.

You get to be a part of a community and create memories in your new home while creating a sense of stability and security for you and your family.

You also have freedom and flexibility when it comes to decorating, painting, landscaping and even pets. Again, if you do any improvements to the home, you are increasing your own equity.

Lastly, there are potential tax benefits which typically include the mortgage interest paid during the year.

What payment will you be comfortable with?

Coming up with a budget is important. When you get preapproved for a mortgage, you might be able to get approved for more than you are comfortable paying. It’s going to be different for everyone because everyone’s lifestyle and financial situation is different.

You need to look at your current lifestyle and see if you will be able to maintain that or if you need to make some sacrifices. Do you want to own a bigger house or do you want to take vacations? You need to find out what is important for you.

How much of a down payment can I afford?

If you currently have money saved, how much have you saved and do you want to use all of that? Is it going to wipe out all of your savings?

Being a homeowner can bring on unexpected expenses. If you do not currently have the money saved, do you have a plan to get where you need to be?

What additional expenses should you expect?

Some examples of additional expenses are utilities, lawn care, roof/siding, appliances, pest removal, etc. These additional expenses should be something you consider when looking at your monthly payments & down payment amount.

Which loan is the right loan for me?

Everyone’s situation is different and finding the right loan to fit your needs is important. The first step to finding out all of your options is to meet with your Blaze Mortgage Loan Officer. Our experienced loan officers will be able to determine the best programs and structure for your situation. Don’t be afraid to ask questions, you don’t have to be the mortgage expert.

We know how overwhelming the process can be but at Blaze, our loan officers take the time to explain the process and go through these questions with you to ensure you are set up for successful homeownership.

Source: cuna.org