Should You Buy?

In this section of the website, we'll walk you through the basics of buying your first home. Start by considering general pros and cons of home-ownership below, then use the links above to jump to specifics.

Chances are that if you've gotten this far, you've probably been thinking about buying a home for a while. Every path to this decision is different but we invite you to review the following pros and cons.

Consider the Advantages:

• You're in control. When you buy a home, you select the property that works for you based on location, size, and appearance. You can also modify your home anyway you like. (Subject to city zoning, home-owners association, and other restrictions.)
• You can deduct the interest on your home loan from your income taxes. (Consult your tax advisor.)
• You're building equity in your home, something you get back when you sell.
• With rising appreciation, you'll probably achieve a return on your investment.
• You'll be able to borrow against the equity in your home.
• You can enjoy the satisfaction of achieving a major milestone in your life.

Know the Potential Risks:

• Costs don’t start or end with your mortgage payment. Be prepared for ongoing expenses of home-ownership as well as the one-time closing costs and loan fees.
• You may have higher utility and service bills compared to renting (water, gas, trash pick-up, sewer, and electricity). These expenses depend on the type of property and location.
• Repairs and maintenance will likely be your responsibility. Again, this varies with property types (e.g. condominiums).
• You may want (or be required) to carry homeowner's insurance to protect your home and its contents from fire, theft, or natural disaster. Check with your insurance company for estimates.
• Because you own a piece of property, Uncle Sam will collect tax on it. Typically, the rates vary by county.
• In most planned neighborhoods, you'll be required to pay association fees to cover upkeep of common areas, insurance, or recycling pick-up.
• Unexpected changes in the market could mean that you lose money on your investment.
• Be prepared for a change in lifestyle. Projects like landscaping or renovation may eat into your budget and discretionary time.

If you are ready to begin your mortgage application, APPLY NOW.