It is not always a simple choice deciding to pay rent or take out a mortgage. If you are a renter and your lease is about to expire, you may find yourself considering whether you should renew your lease or purchase a home. With increasing rent costs, now could be the right time for you to purchase a home. Here are a few factors to consider when you are thinking about making the move to homeownership:
To make sure you are making the right financial decision for yourself you must be realistic about your budget. In addition to the base monthly cost of your home, your principle and interest payment, there are additional expenses to consider-
When deciding if you are financially prepared to purchase a home, it is important to consider the upfront costs associated with the homebuying process. The good news is that there are first time homebuyer programs and lender/seller credit options that can assist you with the out-of-pocket expenses! Regardless of where the funds are coming from to purchase a home, here are some expenses you can expect:
As your lease comes closer to the expiration date, the decision to find a new rental, renew your current lease, or purchase a home can feel overwhelming. Asking for advice from an ACU of Texas Mortgage Loan Officer is always free, so exploring your home buying options before making a final decision is worth the call!
Unsure which path is right for you? Check out our mortgage loan calculator or attend one of our First Time Homebuyer Courses to help you through the decision and get you on the road to homeownership.
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