Is Buying a Home Right For You?: Robins Financial Credit Union

All of us need shelter and a place to call home but how we do that that is a very personal decision that depends on a lot of factors. Should you buy a home which often means taking out a large mortgage or should you rent? Before deciding to buy you should make sure you understand the advantages and cost of this pathway. First consider your own situation. Do you have savings, or a lot of debt? How’s your credit score? You may find that it makes sense for you to rest for a while so you can pay off that and build up your savings and credit score. Doing this could put you in a much stronger position to buy a home on more favorable terms. You’ll also want to consider the area you’re thinking of buying in. Is this an area where you plan to live for a short time for a long time? How stable are property value in this area? Have they been declining for rising? These are important questions because if you have confidence that the value of homes will continue to rise that may help make the case for buying. To help figure out your path, you’ll want to dig into the numbers. Take advantage of the online mortgage calculators offered at Robins Financial to get a realistic sense of what your down payment and closing and monthly payments would be. How would that compared to renting over a similar time period. Remember if you’re renting you should have little or no maintenance costs. But as a homeowner those will be additional expenses. Look at how home values have changed and consider different scenarios. How much for the home value have to go up in five years to make it worthwhile? How much of a problem would a dip in value cause you? Well it’s true that when you pay rent you don’t build equity, that doesn’t mean that renting is always more costly than buying. So take the time to dive into your numbers and get a full sense of the cost savings of either path. You’ll be glad you did. Our lending experts at Robins Financial Credit Union will be happy to help you in thinking through these questions and to figure out how to move forward once you’ve made the decision to buy a home. For more information, Call, Click, or Visit any of our branch locations.

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