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Step1: Pre-consideration  |  Step2: Finance/Qualification  |  Step3: Purchase/Closing

Step1: Pre-consideration

1. Passport to Purchase : An overview of buying vs. renting
2. Why Buying a Home makes Cents : An investment
3. Why use a real estate agent : Buyer agency looking after your interest

2. Why buying a Home makes Cents : An investment

Home ownership has always been a good investment. For a number of very good reasons. But right now could well be the best time ever to make the important decision to stop paying rent. It may be time to start enjoying the many personal and financial advantages that come to you with a home of your own.

> Think of Your Home As An Investment
That's exactly what it is. And, it has benefits most investments lack. Let's look at them:

1. When you buy a home, you will have the use of it every day until you sell. Many other investments give you no enjoyment or benefit until you sell at a profit. IF you sell at a profit!
2. Your cash value is constantly growing. Every monthly payment increases your equity in your home. As your home appreciates in resale value, your cash value grows.
3. The money you invest in your home is an excellent hedge against inflation. Over the past several years, land and construction costs have increased more than 50%. That's far more than the increase in cost of living over the same period.
4. As your home increases in value, your net worth increases with it. You'll be building a source of emergency cash, money for retirement or further investment.
5. With most mortgage financing, your principal and interest payments remain the same throughout the life of your loan, regardless of future inflationary increases in living costs. Since you are your own landlord, your "rent" stays the same.
6. Don't overlook the deep personal satisfaction you'll have in owning your own home. It's your property, and, within reason, you can do almost anything you want with it. It's a priceless advantage!

> Don't Play the Waiting Game
Buying a home will probably be the largest single purchase you'll ever make. Obviously it should be done with care and thought. But once you've found the right home at the right price, don't wait. Waiting may cost you money, for two reasons. First, your home will almost certainly cost more later than it does now. (Remember how dramatically land and building costs have risen in recent years.) Second, while mortgage rates do fluctuate, the general trend is up. Even if they should drop in the next year, the few dollars you might save each month could be more than offset by higher real estate prices. When you weigh all the facts, it's clear that there will never be a better time to invest in a home of your own. It could be the wisest investment you will every make.

> Ask yourself,
"Should I sign another lease or take the plunge and buy a place I can really call home?"
Believe it or not, millions of Americans ask the same question everyday. Your lifestyle and financial situation are just a few factors to consider. Investigate the facts. Weigh the pros and cons of home ownership and decide for yourself. Consult a Certified Residential Specialist. We can help answer some of your questions. Browse through other buttons on this site for more information.

> Rent vs. Own

1. Which offers lower monthly costs? When you take soaring rent prices into account, along with the fact that mortgage interest rates are at their lowest in years, monthly mortgage payments may be lower than your monthly rent.
2. Which offers more value? When you pay rent you end up with receipts rather than an investment.
3. Which offers more stability? Landlords often raise rents $50-$100 every year but mortgage payment usually remain stable.
4. Which gives you good credit? Home ownership is a major indicator of financial integrity. Others respect you for your responsibility and stability.
5. Which helps you establish roots? When you rent you are more mobile and often don't establish your roots in a community?

> In Conclusion :
Whether you are buying you very first home or upgrading to a newer and larger home, owning a home is less expensive that renting in the long run.

• EQUITY BUILDUP - Home ownership increases your personal net worth and your home can appreciate to keep pace with inflation
• ENVIRONMENT - You choose the neighbor hood that compliments your personality and offers the services that your family requires. You can choose where you would like to build or buy. Often you must accept what ever apartments are available.
• SAVINGS ADVANTAGE - A percentage of your mortgage payment goes toward the principal, depending on the type of loan you choose. The only advantage that you might get from your rent receipts is that you COULD paper your bathroom with them!
• FINANCIAL MORTGAGES - On fixed rate mortgages, your payments will remain the same, allowing you to adjust your budget. Adjustable rate mortgages vary periodically to the market rate and payments are intially lower. However Rents are always expected to increase periodically.

Remember..... WHETHER YOU RENT, OR WHETHER YOU BUY, YOU PAY FOR THE HOME YOU OCCUPY.

Question is: Do you want to buy it for yourself or the landlord? If you pay the landlord long enough, he or she will own it.