Owning a home is much smarter than renting. Some of those reasons give you fulfillment and independence, while others can help secure your future and put money back in your pocket.
- Rent money is virtually wasted - no return on investment
- No landlord to answer to
- Homestead exemption, interest and other substantial tax write-offs
- You profit from home and property upgrades, improvements and increase in value, not your landlord
- An investment in your future
- Homeownership helps you qualify for other types of loans and lines of credit
What to Do & Know?
With proper planning and information, buying a home can be one of your happiest and most enjoyable experiences. The main objective is to qualify for a loan. Once this happens, the rest is a walk in the park. Here are a few rules of thumb to consider when starting the process:
- Know your budget-how much can you afford to spend each month. UAMC has customized calculating tools to help you crunch the numbers very accurately.
- Check your credit rating and work with a mortgage lender to determine the ideal score to qualify for a loan. A higher score can also mean a lower interest rate.
- Pick a location that best meets your needs regarding schools, commuting, etc.
- If you need a down payment, have the full amount in the bank at least six months before applying for a loan, especially if the bulk is gift money (a loan) from a friend or family member
- Have your three most recent income tax returns and bank statements on hand.
- Choose a Community where the builder is reputable, with a long history of reliability. You don't want to risk losing your money to a builder who's here today, gone tomorrow. It happens!
Get your ducks in a row and you'll be ready for one of the most rewarding experiences of your life...owning your own home!