These four questions can help you make smarter mortgage and housing choices:
- 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.
- 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
- 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
- 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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