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Homes, To Buy or Not to Buy
Whether you are just moving out on your own for the first
time, or you've moved ten times before, there is always a big
choice to make. Do you rent or buy your home? There are valid
arguments on both sides, and in different scenarios either one
could be the right choice. When you start looking into your next,
and possibly final living space, there are a number of things you
should consider.
When deciding whether to rent or to buy you might first look
at how long you plan to stay before moving again. If you thrive
on frequent change and the freedom of spontaneity, buying might
not be the best choice. Renting a house is often considerably
easier than selling one.
Another more obvious consideration is your financial picture.
Do you have enough for a down payment of 10 percent, or is one
month's rent more in your budget? Credit worthiness is a
significant factor. In order to secure a loan you will need to
demonstrate capacity to repay, strong credit history and
collateral to secure the loan. Although your credit union can
help you explore some viable lending options if you have a few
credit blemishes, very poor credit may eliminate all funding
options. You may choose to rent while you rebuild your credit
score and save some money. Some advantages of renting
1. You have to pay a deposit to move in, but can get it back
at the end of your lease, assuming there is no damage to the
property.
2. Repairs to the property are generally covered by the
owner.
3. You do not have to pay property taxes or insurance
(although you should consider renters insurance) on the rental
property.
4. You do not have to worry about marketing it yourself if you
chose to move.
These can be powerful advantages for people without strong
community ties or in temporary circumstances or with financial
concerns.
Some disadvantages of renting
1. You have no equity in your payments, and when you move, the
money you paid to rent is gone.
2. You have to abide by the rules of the property owner, and
many times the rent does not reflect on your credit unless you
have a negative experience, such as an eviction.
3. You are limited in terms of creating a space "uniquely
yours" (i.e. limited possibilities for remodeling).
A few thoughts on buying
Buying a home requires a good deal of thought and investment,
but it can be an excellent option for those with the credit,
money, and desire to remain in one place for an extended
period.
The upside of buying a house is that it is yours, and you can
do what you wish with it (within reason of course, or you will
have neighbors/associations to answer to!). Many homeowners
appreciate opportunities to personalize their homes and painting,
remodeling, and adding on become exciting options.
Making house payments and improvements on your home also helps
build equity, making the house worth more with time. Owning a
home also offers advantages at tax time and can be an important
resource if you ever need to borrow a large sum of money.
There are some downsides to buying. If it breaks, you get to
fix it. There is no maintenance man or deductions on rent for
self-repair. You also have to pay all taxes and insurance on your
home, causing more of an expense than renting somewhere
comparable. Issues regarding value are also in play. Purchasing a
home should be an investment. If your home loses value because of
changes in the neighborhood or the market you may end up losing
money.
What's most important for making the best decision for your
situation is research and a careful review of your short and long
term financial goals. The
choice is yours.
Nicole Soltau is the President and Founder of http://CreditUnionRate.com
- The Leading Credit Union Directory Search, Find, Join.
 MORE RESOURCES updated Thu. February / 09 / 2012
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Types Of Home Equity
Loans
There are two broad types of home equity loans: Term loans:
Home equity loans of a fixed nature are also called second
mortgages. For example, if you have bought a home for
$10,000, and made a down payment of $1,000, and taken a
mortgage for the rest and have managed to repay another
$2,000, then you can apply for a home equity loan of
$3,000.
Home Equity Loans
Online
If you are in the market for a home equity loan, consider
an online lender. Home equity loans online are fast and
easy.
Reverse Mortgages - A
Tax Free Income For Senior Citizens
I fully realize if it sounds too good to be true, it
probably is and There Is No Such Thing As A Free Lunch
(TANSTAAFL) immediately jumped into your head when you read
the title of this article. However, if you are 62 or over,
you may have just found the goose that laid the golden egg.
Refinancing Your
Mortgage Can Really Save You Money
Refinancing a mortgage is simply taking out a new mortgage.
It means paying off one or more old debts by getting a new
loan.
Refinance Mortgage Loan
- Tips on Refinancing Your Home Mortgage
Refinancing your home mortgage can come with some great
perks. If you do it with no money out of pocket, you can
skip one to three mortgage payments.
First Time Home Buyer
Loans Made Easy
When it comes to first time home buyer loans, a little
research can save you thousands of dollars over the life of
your mortgage. A wise consumer selects a mortgage lender
prior to shopping for a home.
How to Shop Around for
the Cheapest Mortgage Deal Online
Before you start shopping around for a mortgage, you need
to establish exactly what you want so that you do not waste
your time looking at deals that will not save you money.
You should also learn how to compare mortgages or choose
what features of the finance package are important to you.
Home Loans: Where Do I
Begin?
So you've finally decided you've had enough of paying rent
and want to jump into home ownership. Well you've got your
work cut out for you.
Florida Refinance -
Refinancing in Florida
The decision to buy a home in Florida can be one of the
best you will ever make. If you own a home in Florida you
may be considering refinancing.
FHA Mortgage: When Your
down payment is a Gift
There has been so much fraud discovered in the FHA program
allowing gift funds for down payment that Lenders and
borrowers are required to absolutely document every step of
the gift transaction to prove it was legitimate. Here's how
it works: FHA allows the required down payment to be a gift
from someone who would logically be concerned about housing
for the borrower.
Change in Texas Law May
Make Reverse Mortgages More Popular
Texas was one of the last states to allow homeowners to
take out home equity loans. Laws going back to the
nineteenth century strictly prohibited home equity lending,
as legislators feared that unscrupulous lenders would take
advantage of homeowners for the purpose of seizing their
homes through foreclosure.
Subprime Mortgage
Lenders - Helpful Tips When Getting a Subprime Mortgage
Loan
If you have bad credit history, no down payment or
difficult to prove income and are looking to get approved
for a home mortgage loan, you will probably need to look at
subprime mortgage lenders to help you. To see a list of our
recommended subprime mortgage lenders you can click on the
link below.
How to Avoid Paying
Mortgage Insurance
In today's world, a borrower should not be paying mortgage
insurance (PMI) on their home mortgage with a few
exceptions such as an FHA loan. Mortgage Insurance is a
thing of the past.
New York Refinance -
Refinancing in New York
If you are looking to refinance in New York, it helps to
get the facts before you begin the refinancing process. If
you have an existing high interest mortgage, refinancing
now could be the best choice for you.
Where To Find The Best
Rates For Your Mortgage?
As with all of my articles this will be based on a scenario
in my home town. (Which may be similar to yours).
Bad Credit Home
Financing - Buy a House Even With Poor Credit
Sub prime lenders come in two groups: reasonable and
unreasonable. Reasonable sub prime lenders offer mortgage
financing to high risk borrowers with slightly increased
rates and fees.
When is the Right Time
to Refinance Your Mortgage?
You've heard that interest rates are down and you think it
could be time to refinance your existing mortgage, but the
entire loan application process was so exhausting during
the initial loan that you aren't sure it's worth the
hassle. You could very well be right, but there are some
things you can do to help decide whether it's time to
refinance your mortgage.
When Not To Agree To A
Home Equity Loan
Before you borrow money on your home's equity, think twice
so you don't end up paying more than you expected. According
to the Federal Trade Commission, homeowners-particularly
elderly, minority and those with low incomes or poor credit
should be careful when borrowing money based on their home
equity.
What is a
Mortgage?
A mortgage is a loan, usually from a bank, finance company
or building society to help you buy your home. A mortgage is
a loan, from a bank or building society that is secured
against your house or flat.
Home Improvements Turn
Average Homes into Dreams Come True
If you're thinking about taking out a home improvement
loan, there are several options to consider. First and
foremost, your mortgage consultant needs to know why you
want a home improvement loan.
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