Should You Buy a Home or Rent?

Should you buy a home or rent? This is a big question and it’s on a lot of people's minds these days. With all the uncertainties about the economy and interest rates, many are stuck on the sideline trying to decide if it makes sense to buy a home. Answering these 3 questions will help determine whether or not you should even consider buying.
Number 1. Are you planning on being in the same area for the next few years? Buying a home makes more sense as a long-term investment. Remember also, that your first home doesn’t have to be your forever home. It can be a stepping stone towards your future goals.
Number 2. Do you have a stable income? You will need to show at least a two year work history and have a current job that provides a steady income. This will determine how much of a home you can afford. Keep in mind, you can also be self-employed, but again, need a two year history with the business. There are several ways to document income for self-employed people, like tax returns or even bank statements.
Number 3. Do you have savings? You should have enough money set aside to cover a small down payment (as low as 3%) and for closing costs. Family gifts can be used for this as well.
If you answered YES to all 3 of these questions, then you should call me. We can determine how much home you can afford and plan a path towards home ownership for you. It all starts with a conversation.
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