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BUYING A HOME
Advantages of owning your own home:
A very significant benefit of buying is that if you buy a home with a mortgage, you are building assets for retirement. In effect, the principal payments on the mortgage are a form of compulsory savings - and you get the additional benefit of living inside your "savings account." Moreover, your property taxes and interest on your mortgage payments are deductible.
There are six steps to buying a home:
Step 1: Determining how much you can afford;
Step 2: Deciding what type of housing to buy;
Step 3: Finding the right location and structure;
Step 4: Making an offer;
Step 5: Arranging the best way to pay for it;
Step 6: Settling or closing the purchase
Many people never gets past Step 1, because of several obstacles:
1. Lack of knowledge of the home buying process.
2. Insufficient income.
3. Too much debts.
4. Lack of savings for the initial deposit.
5. Low credit score.
6. High debt ratio.
7. Not enough credit history to establish a credit score.
If you are interested in buying a home, but faces one or more of the above obstacles, then let us help you.
We are planning a FREE financial workshop in March 2011. If you are interested, please call our office at 841-2473 between the hours of 9:00 a.m. and 2:00 p.m. Monday to Friday or by e-mail:
fdalit@honeafcu.com
HOW MUCH $$$ CAN I QUALIFY FOR?
Click here for financial calculator
OTHER FINANCIAL CALCULATORS
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