If you are considering buying a home, you should verify
that you are qualified for a mortgage and for how much. You should not assume
you cannot qualify for a mortgage. If you have decent credit and a good
employment history, do not be discouraged even if you do not have much money to
put on a down payment. There are some loans that require little or no money
down, and the seller will often agree to pay much of the closing costs. It costs
you nothing to get preapproved and will help in the rent vs. buy decision.
How long you plan on living in your next home before
moving should play a large role in deciding whether to buy or rent. Generally
speaking, if you are planning on moving in a year or less, it will be cheaper
to rent. You should also consider if you will have to move without much notice,
as is often the case with military families. Will you have the time needed to
sell your home before you move? Would renting out your home be a viable option?
You can use this calculator to
see if the numbers are in your favor to buy or if renting will be a better
choice for the time being.
If you are planning on staying in your next home for a
while, and are preapproved for a mortgage, buying a home is usually a sound
investment. While rent is money that you will most certainly never see again, a
mortgage in a stable economy can usually be expected to be recouped when sold. Not
to mention the joy and pride of home ownership.
If you would like to look for a home, I am more than
happy to help you make that dream become a reality. I can set you up with a lender that specializes in your particular circumstances. Please visit my website or email me to see how I can help.