Asking the right questions is an important part of every financial decision you make, and home ownership is no exception. If you’ve been thinking about buying a place, preliminary research will turn up a long checklist of questions for you to ask at every part of the process. There are questions for your financial institution, questions for your mortgage broker and questions for your real estate agent. But what about the questions you should be asking yourself?
The average person moves residences about 11 times in their lifetime. That provides a lot of opportunity to confront the following question: is it better to own your home or to rent it? It’s a huge decision that affects your lifestyle as much as it does your finances, and the answer will vary depending on who you ask. There are compelling arguments to be made for both sides and the resulting advice—though well-intentioned—can quickly become confusing and contradictory. So, is paying rent really just a waste of money? Or is it true that you can make more money by renting than by owning a home? Take a closer look at six snippets of common owning-versus-renting advice:
They say there’s no place like home, but does that mean you have to purchase one to get the benefits? Just like everything else, buying a home has its pros and cons.
A mortgage is likely going to be one of the largest loans you'll take out in your life. It's essential to understand all that goes into the cost and your responsibility in paying it back.
There are some compelling reasons to buy real estate, but it's not a clear-cut situation for everyone.
It is hard to believe Chris and I are coming up on our first anniversary of being homeowners! I remember how excited we were when we closed on our house but also how nervous and stressed out we were leading up to those final days. When I think about it now… and how clueless we really were with the mortgage process…it would have been nice to have a simple guide for first-time homebuyers that helped break down the steps you take when buying a home. Fortunately, we had an awesome realtor and mortgage loan originator[/personal/mortgages/meet-the-mortgage-services-team/] that helped guide us on the journey towards home ownership.
Every year, millions of people set goals and resolutions to become more fit. Many of these aspirations have to do with losing weight, eating better, or just becoming a healthier person in general. This year, Kohler Credit Union is paving the way for people like you to become fit… when it comes to your finances and financial decisions. We are proud to introduce our Financial Fitness series of blog posts… aimed to help others manage their finances, borrow smarter, grow their money and protect their future. Check out our latest blog post on understanding what different mortgage options are available and what you need to apply for a mortgage.
Last year… right around this time… my husband Chris and I got this wild idea to start looking at houses in our hometown of Sheboygan Falls. By no means did we think we were anywhere near being able to purchase our own home but it was fun to look online and see photos of homes we “might be able to afford to someday.” While I was looking for a home with an open concept, walk-in closets and a safe location close to family… Chris was looking for a home with a decent sized garage, land in the country and a bit of a fixer-upper that, in time, he could make our own.