Should I buy or continue to rent?
When deciding whether now is the right time to buy, two key things to consider are stability and cost. When purchasing a home, it’s important to have a stable source of income that will remain steady throughout the life of your loan. With that being said, buying a home has the potential to save you a considerable amount of money in the long run. As rents continue to rise, a consistent mortgage payment may prove to be more manageable than renting. Homeownership also carries benefits that are not purely financial. Many people view homeownership as a major accomplishment and enjoy the feeling that they are part of a larger community.
Calculate costs of renting vs. buying
How much can I afford?
Figuring out how much to spend on a house can be tricky. Generally speaking, your monthly housing expenses and other debt should be no more than 43% of your monthly gross income, but monthly income and debt can often be misinterpreted. The best way to find out how much you can afford is to sit down with a mortgage consultant and discuss your finances together.
Calculate how much home you can afford
Why are home inspections Important?
Buying a home is the biggest financial decision of your life. Think of the home inspection as a sort of “investment reality check”: an independent opinion that will help you make a smart decision.
During your home inspection, an objective, third-party inspector will assess the condition of the home that is being sold. He or she will give you a detailed report so you can make an informed decision about the purchase you are about to make. Finding a home inspector with architectural or engineering experience is highly encouraged. Two main questions to answer during an inspection are:
1) Is the home structurally sound?
2) Is it electrically safe?
Keep in mind the list of things that can adversely affect the value of a property is long. During the inspection, walk through the home with your inspector. Keep your eyes wide open, ask questions, and listen carefully.
What should I be doing to get ready?
If you are getting ready to buy a home, you should start organizing the financial paperwork you’ll need to make the purchase. We’ve put together a mortgage checklist that details what you will need.
Download mortgage checklist
How does the mortgage application process work?
The mortgage process can seem intimidating, but at Ridgewood Savings Bank, we make it easy. To help you understand the in's and out's of applying for a mortgage, we’ve put together several resources for your convenience. Our multimedia website, JoyOfHomeOwnership.com, gives two-minute-video answers to common mortgage questions. If you like reading, we’ve also put together a mortgage checklist that details what you will need during the mortgage process.
Visit JoyofHomeownership.com Download mortgage checklist
