Is it time to stop paying rent and invest in a home?
Making the decision to stop paying rent and invest in a home is a big decision. If you’ve been paying rent for years and are ready to take the plunge into home ownership, here are some of the ways you can prepare and the benefits you can expect:
How to prepare:
- Meet with a Financial Consultant
One of the first things you should do is meet with a Westoba Financial Consultant. They can conduct a financial check-up which gives them the opportunity to get a good understanding of your financial status. They will help you design a tailored action plan to save for a down payment as fast and efficiently as possible.
- Get Pre-Approved
Once you have a down payment saved, then you’ll want to meet directly with a Westoba Mortgage Specialist or your Financial Consultant. They will help calculate what you can afford and provide you with pre-approval so you can start looking for a home in your price-point.
Benefits to expect
- Start building equity
Building home equity is important and you start building it immediately simply by making your monthly mortgage payments. Since a house is considered an asset, you can use the equity you’ve acquired to finance other things down the road like another property, retirement, or a home renovation.
- Offers more flexibility in terms of ability to customize, own pets etc.
Because you own the home, no one can prevent you from painting walls, re-doing a kitchen, tearing out a wall or getting a pet. Plus, any improvements you make will likely increase the value of your property.
To learn more about the differences you can expect between home ownership and renting, click here.
If you think you’re ready to take the leap into home ownership, connect with a Financial Consultant or Mortgage Specialist at Westoba Credit Union today.
