How do you know if you’re ready to buy? You should start your new home buying adventure by logging onto our website. It’s packed with plenty of tips, hacks and insight. Here are some things you should consider when thinking about shopping for your new home, whether it’s your first or last:
Verification of income
Bank statements showing sufficient funds to close
Two years of employment history
The increase in equity belongs to you. When you rent, the increase in equity belongs to your landlord. Which would you rather be?
Each monthly payment you make toward the mortgage is like a savings account. When you pay down your loan, the difference between the loan balance and the current market value adds to your financial wealth.
The interest you pay each month is tax deductible. When you rent, it’s a monthly expense with no tax benefits. At least not for you!
You have more flexibility. Younger buyers tend to move more often . If you sign a 12 month lease you have the option to extend that lease or find another place to rent.
Mostly, your landlord is responsible for maintenance and repairs.
You may have access to extra amenities at no charge such as a workout facility or swimming pool.
Getting ready to finance a home means knowing what the lender will look for during the approval process. In general, here is what you can expect: