Should I rent? Should I buy?
Deciding whether to purchase a home or rent a home is a very big decision. Although buying a home is a long term and very serious commitment, it has its rewards. Here are a few benefits of homeownership for you to consider
Payments
Your rent payment will increase! Purchasing a home with a fixed interest rate mortgage guarantees that your monthly principal and interest payment will not change.
Invest in your own
Unlike a rental property, any improvements or increases in value to the property are not beneficial to you. Owning your own home gives you the ability to gain equity as you make your monthly payments or improve the home.
Tax Benefits
Owning a home may have tax benefits. Consult your tax professional for more information on owning a home
It’s your home!
You will feel a sense of pride knowing that even if it’s a simple paint job or an extensive renovation, this is your gain and not a landlords.
TAKING THOSE FIRST STEPS
For first time home buyers, the hardest step is the 1st step. Getting started is just so hard! We have complied a checklist that we hope will help you through this phase.
1
- Review your credit history all three major credit bureaus to ensure your credit score and credit history is accurate. If you find discrepancies, now is the time to resolve them. See our tips on credit on how to get this done.
- Start gathering the documents you will need to get your home loan complete.
2
- Speak with a loan officer. They can help you determine the best home loan for you.
- Get a pre-approval letter. This will let realtors and sellers know you are serious and ready to buy.
- Now that you are preapproved and know what amount you qualify for, consider how much you will be comfortable with as a monthly mortgage payment.
3
- Set priorities, what are you absolute musts and what can you live without. If having all you want will cost you more than you are comfortable with as a monthly payment, revise either your budget or your wants.
4
- Find properties in your price range and explore neighborhoods. Do your due diligence
5
Meet with your real estate to discuss your expectations and timeframe for moving so he/she can begin the process of finding you your new home.
NOW THAT YOUR RESEARCH IS DONE – YOU ARE READY TO BUY!
To process your loan, we will need the below list of documents.
- Legible copy of your drivers license and social security card
- 30 days most recent paystubs
- Two most years of complete tax returns with all schedules
- If you are self employed, provide two most recent years of Tax returns for your business
- Two most recent years of W-2 statements
- Two most recent bank statements with all pages (even if they are blank)
- Explanations and source for any large deposit
- Home insurance quote
- Information about any additional homes or businesses you own
If you are doing a refinancing- Please have in addition to above
- Copy of current mortgage Note
- Copy of current owners title policy
- Copy of current home owners insurance declaration page
- Copy of Current Survey
