Have you noticed that the Florida real estate market is crazy right now? It seems like everyone suddenly wants to buy their own little piece of the Sunshine State. Still, it’s a great time to get in on the action. Home loan interest rates are low, and homes are continuing to increase in value, so you could be building equity almost as soon as you purchase a home. Are you ready to stop renting and take the plunge? Here are some factors to consider when you’re trying to decide whether to buy or keep renting.
There are pros and cons to each. When you’re renting, you have the freedom to move around, and you can try out different types of living spaces to see which suits you. You also don’t have to be responsible for repairs if something goes wrong. When you buy a house, you have to take care of maintenance and repairs, which can be expensive and time-consuming. There’s no guarantee that your home will increase in value, and you can’t just pick up and go if you want to try living somewhere else.
Many people find that the benefits of buying a home though far outweigh the drawbacks. Often, payments on mortgage loans can be less than rent for a comparable property. Additionally, when you own the house, you won’t just be paying money to a landlord every month: you’ll be building equity. Being a homeowner provides you with tax benefits too. You’ll have a sense of permanence and stability, and you can be free to customize your living space to match your aesthetic sensibilities.
If you’re ready to think about buying a home for the first time, there are some factors to consider:
- Think about your financial situation. Do you have savings or are you deeply in debt? Does your credit score need work before you buy a home? You can put in some time and effort and boost your creditworthiness.
- How are home loan interest rates in your area at the moment? When interest rates are low, it’s a good time to buy. They can go back up quickly so its important if you’re ready, to take action quickly.
- Do you know the steps for buying a home? Once you’ve taken some steps to bolster your credit score and gather a down payment, contact a mortgage broker like us to get preapproved for a mortgage. Once you know how much you can afford, you can start shopping for a house.
If you’re interested in buying a home, First Coast Mortgage Funding is here to help. Committed to helping people in the First Coast region buy and refinance residential properties, we specialize in every kind of property, from single-family homes to condominiums, to townhomes, we can help! Over 70 years of combined experience has made us independent mortgage experts, and we offer creative solutions to help borrowers overcome roadblocks when trying to secure a loan. Our goal is to provide home loans to our clients at the lowest interest rates and the best possible service. Contact us through our website or call 904.217.5450.