Buying a Home

Should I Buy a Home?
There are several benefits to becoming a homeowner versus a renter. Renting might make sense if you like to move or your job cause you to move often, but there are many advantages to becoming a homeowner.

1) The interest on your mortgage will be tax deductible. This is often incentive enough to consider purchasing a home, as the total saving can equal thousands per year.

2) Investing in equity growth – Property values rose almost 12% last year. That means if you purchased a home in last year for $800,000, it would now be worth $896,000.

3) There is a certain stability that comes with being a homeowner in your community. You are no longer subject to rent increases or eviction.

In short, if you can afford to purchase a home (be it a manufactured house, condo, residence or estate) it is usually the best investment you can make.

What is Prequalification?
If you have made the decision to purchase a home, your first step is going to be to speak with a lender. A lender can review your credit history, assets and income and tell you what you can afford to purchase. This service is done at no expense to you and it is a value tool in locating a property that you can eventually own.

If you would like a list of qualified lenders to talk to please email me and I can provide you with this information. You can also use the Mortgage Calculator to get a rough idea of the price range you can afford.

After you have spoken to a lender and they have the information they need, they can provide you with a “prequalification letter” which you will give to a seller when presenting offers. This letter lets the seller know that you have the financial means necessary to purchase the home.

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