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Oct 2020

Sick of renting, ready to buy!

Renting is this weird place of feeling as though you’re throwing your money away while having mixed emotions about buying a home. Perhaps you’ve contemplated it but were scared away by the daunting down payment you think you’ll have to put down. Here’s the thing, what if we told you that we offer certain products that don’t require a down payment? Does that change some things? Let’s go over the renting vs. buying facts.

The Age Factor

Buying a home depends on what season of life you’re in. If you fall under the “fresh out of college” category, odds are you’re not really in a place of buying your first home. Now if you’re past your first job, with a stable income and it seems like it’s logically the next step and you’re sick of putting money into something that will never be yours – you might be in the right place. You see, buying a home is a wonderful investment at any age. But thinking you’re too young or old to buy, isn’t really that big of a factor.

The Planning Factor

If you’re in the military and your family is getting moved around every so often, maybe buying a home isn’t right for you (right now). But if you’re thinking more of a long-term plan, say five years (or more) then that’s something to think about.

Other things that you should factor into this are the longer you stay in a home the more equity build so that when it does come time to sell, you’re sitting pretty. It’s obvious that renting is something you’re ready to give up and buying will give you peace of mind.

Another large part of the planning factor is budgeting. If you crunch the numbers on what you’re paying in rent versus what you’d pay when you own a home are vastly different then it might boil down to wants versus needs. What we mean by this is; sure that massive granite island is beautiful but is it a want or a need? You need square footage when you have a family, you need that third bedroom for guests but what you don’t need is shaker cabinets with soft close drawers. Such a thing as a starter home exists and depending on your season of life it may appeal to your budget, more.

Understanding Your Buying Options

Here’s the deal, as we mentioned before not all loans are made equal. This means that there are certain programs that have a zero down payment, there are some that require 3% and some that require more. Your best bet is to sit down with one of our mortgage bankers and see what fits your budget best.

Renting versus buying are two very different ball games, it’s truly up to you and your season of life plus the other factors above that will determine if you’re ready. We are here for when you’re ready to just have that initial conversation, we say peace in lending for a reason. Let’s bring you home, in whatever season of life you’re in!