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Are you ready to buy a home?<br />
This section was prepared with the assistance of Yehoshua Basch of Odyssey Funding and<br />
Sarah Rothenberg of the LRRC.<br />
You picked up this guide hoping to learn something useful about homebuying<br />
— but are you sure you are ready?<br />
The thought of owning your own home is very tempting — instead of giving your<br />
hard-earned money to your landlord<br />
each month, you’ll be paying<br />
off your own home and building Home equity is the value of the<br />
your own equity, or worth.<br />
home that belongs to you. When<br />
But if you’re thinking of your you begin a mortgage with a down<br />
house as an investment, it’s also payment of 20%, you really own 20%<br />
wise to consider alternate possibilities<br />
of using your money. lender. Over the life of the loan, as you<br />
of the house; the rest belongs to the<br />
While building home equity is pay back more of the principal, your<br />
generally considered a safe investment,<br />
and actually makes up increases. This allows you to take out<br />
home equity — your ownership stake —<br />
the largest share of most people’s<br />
net worth, some people will equity as collateral. Many people rely<br />
loans in the future using your home<br />
be better served by continuing to on their home equity to provide for<br />
rent while investing their money their retirement, or to take loans to<br />
elsewhere, such as in a business pay for future needs like weddings.<br />
or the stock market.<br />
2017 Lakewood Home Buyer’s Guide | 45
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