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

    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:
      • Choosing a down payment amount and strategy
      • Choosing a monthly payment scenario
      • 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:
      • Children’s college funding
      • Retirement planning
      • Taking care of elderly parents
      • 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.

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