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Questions to Ask Yourself Before Signing a Mortgage<br />
R.I.A. Federal Credit Union<br />
Thinking about buying a home? It’s important to ask<br />
the right questions. Preliminary research will turn up a long<br />
checklist of questions for you to ask throughout the process.<br />
Owning a home is likely the largest financial commitment<br />
you’ll make. It’s easy to get caught up in details about the<br />
real estate market and current interest rates, but financials<br />
are only part of the picture. You also need to acknowledge<br />
some personal factors. Ask yourself the following questions<br />
to help determine if you’re ready to own a home:<br />
Why is owning a home important to you? Are you<br />
looking to build equity? Does it seem like something a<br />
“successful adult” needs to do? Do you see it as an investment?<br />
There’s no “right” answer to this question (though some<br />
reasons might seem more frivolous than others). But, you’ll<br />
gain some insight into why you’re contemplating this<br />
purchase. You’ll be able to tell if you’re in it for the right<br />
reasons.<br />
Are you okay with staying put? To make the most out<br />
of buying a home, you need to be in it for at least five to<br />
seven years. Your home needs time for its value to grow, and<br />
that growth isn’t guaranteed. If you sell your home after only<br />
a couple of years, it may not have increased in value enough<br />
to break even – especially when you factor in closing costs<br />
and other expenses related to home-buying. If the thought of<br />
staying in one place for more than a year makes you panic,<br />
it might not be time for you to buy.<br />
Is your savings account up for the challenge? Have<br />
you figured out how much home you can afford, based on<br />
monthly mortgage payments and other expenses, such<br />
as property taxes, insurance, homeowners’ association<br />
fees, and utilities? Home ownership can entail expensive<br />
surprises, so save up for inevitable home repairs and<br />
maintenance, such as heating, plumbing, and landscaping.<br />
You’ll also want to beef up your emergency fund so you<br />
can keep paying your mortgage if you suddenly find<br />
yourself with health or job troubles.<br />
Home ownership may seem like a smart option,<br />
especially if your mortgage payments are lower than what<br />
you’re paying for rent. But, rushing into a mortgage can<br />
lead to financial and emotional stress. Before you buy,<br />
make sure that you’re well-prepared, the timing is right,<br />
and you’re doing it for the right reasons.<br />
If you decide buying a home is right for you, check<br />
out our mortgages at R.I.A. Federal Credit Union. We’ve<br />
been in the business of home loans for 30 years and have<br />
an expert mortgage staff. We offer fixed and adjustable<br />
mortgages at competitive rates. Just call 1-800-742-2848<br />
to ask to speak to one of our mortgage officers. We’re here<br />
to help!<br />
LOW RATES<br />
FROM THE EXPERTS<br />
You’ll be unlocking the door to your<br />
new home in no time!<br />
riafcu.com/homes<br />
20 <strong>May</strong> 2017 - QC Family Focus
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