Confused by the mortgage process?
START here. You’ll find everything you need to know.
The mortgage process can be a smooth and almost uneventful process, or an unnerving one. Either way, a great deal depends on preparation as well as the selection of the Right Broker™ and mortgage lender.
1. SHOULD YOU BUY OR RENT?
Is home ownership right for you? Ask yourself these questions…
Do you enjoy moving often?
Do you prefer using your savings for such things as vacations, retirement or starting your own business?
Do you enjoy not having to worry about regular maintenance and repairs?
If you answered yes to any of these questions, you may not be ready to own a home yet. While you probably have a lot of good reasons for wanting to buy a home, you also have to consider your reasons for not wanting to.
Remember that buying a home is one of the biggest emotional and financial decisions you'll ever make, so prepare yourself to make a knowledgeable decision.
Although buying a home almost always seems like a great idea, it is important to understand what homeownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you're ready.
When most of us consider becoming homeowners, we immediately think of how wonderful it will be. It is true that there are a lot of good reasons for wanting to buy a home. Here are some of the main advantages of owning a home:
- Financial Security. If housing prices rise, your home can provide you with some financial security due to capital appreciation.
- Flexibility. You can decorate or renovate your home to meet your own family's personal tastes and needs.
- Stability. Having a place of your own.
Although it is nice to think about the positive aspects of owning a home, it is important to consider the downsides as well. Here are some of the main disadvantages of owning a home:
- Financial Stress. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
- Maintenance. Keeping your home in good shape requires time and money.
- Higher Costs. You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.
- More Responsibility. You alone are responsible for payments, repairs and maintenance.
This information that will help you understand the mortgage process better.
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