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FOUR QUESTIONS TO ASK BEFORE CHOOSING A MORTGAGE OR BUYING A HOME

Thursday, October 24, 2024

Primary Blog/FIRST TIME HOMEBUYERS/FOUR QUESTIONS TO ASK BEFORE CHOOSING A MORTGAGE OR BUYING A HOME

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These four questions can help you make smarter mortgage and housing choices:

1. Why is it better to buy a home right now vs. renting a home? Buying a home usually requires more upfront capital, more ongoing expenses and a longer-term commitment. Make sure to run the numbers with a professional to evaluate whether you'd be better off buying vs. renting.

2. How can I make sure this fits into my short-term and long-term budget? Make sure to compare your options when it comes to:

   1. Choosing a down payment amount and strategy
   2. Choosing a monthly payment scenario
   3. Choosing a price range for your new home

3. How will this financial decision impact other areas of my life? Make sure to think through how your cash flow situation will impact:

    1. Children’s college funding
    2. Retirement planning
    3. Taking care of elderly parents
    4. Other large financial purchases or commitments

4. What mortgage and home buying strategy will result in less overall financial risk? The mortgage is most likely going to be your single-largest debt, and your home is most likely going to be your single largest investment. That’s why it's important to evaluate and compare your options with a mortgage professional.

Contact me so we can get started!

Source: CMPS Institute

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