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Some questions that you should consider before buying a home.
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| Are you ready to buy a home? |
You can find out if you're ready to buy a home by asking yourself some questions:
- Do I have a steady source of income (usually a job)? Have I been
employed on a regular basis for the last 2-3 years? Is my
current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts, like car payments?
- Do I have money saved for a down payment
- Do I have the ability to pay a mortgage every month, plus additional costs?
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| If you can answer "yes" to these questions, you are probably ready to qualify for a mortgage loan to finance buying a home. |
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| Buying a home vs. renting ? |
You can find out by asking yourself some questions:
- Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts, like car payments?
- Do I have money saved for a down payment
- Do I have the ability to pay a mortgage every month, plus additional costs?
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| Buying a home and the reasons why? |
- Living the American dream - being able to take pride in owning your own home.
- Quality of life - You can choose your house location, it's style, decor and price range.
- Appreciation
- Equity - The difference between your home's value and the remaining balance of the mortgage
- Control of Cost - Mortgage cost are predictable.
- Tax advantages.
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| Buying a home and tax breaks |
Buying a home - How buying a home can save you on taxes.
- Your mortgage interest and real estate taxes will be tax deductible.
A qualified professional such as:
- mortgage lender / mortgage broker
- real estate agent / realtor
- CPA / tax preparer
can give you more details on other tax benefits and liabilities of buying a home.
Additionally you can check
www.irs.gov
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