As the economy continues recovering, the face of homeownership is changing. Increasing numbers of people choose to rent rather than buy; especially young college graduates, newly married couples, or small families. The question of whether to rent or buy can get complicated because it depends on more than money. Choice Lending Services staff would like to offer these tips.
Check All Finance Options
Don’t get discouraged if you want to buy but have a small paycheck. Choice Lending Services regularly works with clients who have bad credit, are entering their first mortgage, or have special circumstances, like a fixed income. Come to your appointment with your most recent credit score and all relevant financial statements, such as your income from the past year. We can work with you to determine whether you need a fixed-rate, reverse, or other mortgage. If you qualify for veteran services or other assistance, we will connect you with experienced staff.
Consider Your Lifestyle
As appealing as owning a home sounds, it may not be a wise decision if you’ve never lived on your own before. Single clients, in particular, should consider renting before buying, as this gives them time to focus on career goals and family-building rather than home upkeep. You should also consider renting if you move frequently or have recently established a business. If you plan to stay in a neighborhood for several years, or if small children, seniors, or pets will be moving with you, consider buying a home. Also consider buying if you enjoy building or redecorating, have an established career of more than five years, or will start a family within the next year.
