Deciding to buy a house and be your own landlord isn't as simple as it sounds. People will tell you it is a great time to buy a house and it is, but there is more to it than that.
Buying vs. Renting
Owning a home is a major milestone that many people expect to achieve in their lifetime and buying a home (and mortgage) is one of the biggest purchases you will ever make. Homeownership offers stability, a sense of community and the incentive of financial security as you can see your investment grow over time.
However, homeownership is not for everyone. Even though an active and deep-rooted interest in homeownership endures in our country, not everyone is at the point and time in their life when buying a home is the right decision.
It is a big move and the journey is not necessarily intuitive. Buying a sofa or a car is one thing, the last lot in a cul-de-sac is something else entirely. And when the opportunity comes (the right house, the right price, the right neighborhood) you need to be financially and emotionally prepared to pull the trigger.
When speaking to first time homebuyers, we routinely ask them if they have considered:
- The financial benefits of buying vs renting
The responsibilities of buying vs renting
Neighborhoods, amenities or school districts
How credit scores affect mortgage interest rates
How much house you can afford
The steps and process of obtaining a mortgage
Ultimately, you determine when you are ready to genuinely embrace the freedom and opportunities of ‘The American Dream’ of homeownership. MortgageRight can help guide you through the home buying journey by helping you identify potential challenges before they arise. Our goal is to help make the process less daunting - and more rewarding.
Start the Process
Based on favorable economic indicators and changes in the mortgage process, it looks as if 2019 will be another banner year - and a great time to achieve the American Dream of Homeownership. So, if you’re considering becoming a homeowner and are thinking seriously about leaving your landlord, you will need to start gathering documents and organizing your finances.
MortgageRight can help guide you through the home buying journey by helping you identify potential challenges before they arise. Our goal is to help make the process less daunting - and more rewarding.
Please contact MortgageRight at 205.776.8401 or Contact@MortgageRight.com for more information about buying vs. renting.
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