Home Ownership

Buying a home is one of the most significant financial decisions you will make in your lifetime. Before you decide whether or not to purchase a home for the first time, you should consider whether buying or renting works better for your immediate needs. Decide if it is the right time to purchase a home for you and your pocketbook.

Benefits for the first time home buyer:

  • Possible tax benefit for the home owner*
  • Sound investment
  • Building equity

Benefits of renting:

  • Lower monthly payments
  • Save for other purchases
  • Low maintenance costs
  • Flexibility

Purchasing your new home

If you decide that you are ready to purchase a home, here are some things to consider:

  • Before you start to look at properties, figure out what you can afford considering monthly mortgage, property tax, insurance, utilities, etc.
  • Once you have determined a monthly amount you can afford, then you can figure out what price you can spend on a new home, and the amount you need to borrow.
  • Talk to a Thinkwise Credit Union Personal Account Advisor to help determine which mortgage product is best for you.
  • With your financial considerations already taken care of, locate a Realtor, or locate homes for sale yourself, and view homes that fall in your budget.
  • When looking at properties, take notes of things you like and do not like about each home, and then at the end of your search you can compare your notes. Also be sure to consider how much money and time you are willing to spend to make changes or improvements to the home.
  • Once you have decided which home you would like to purchase, make an offer to the seller. Ask to have a home inspection completed before the purchase is finalized.
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