Is a Mortgage Right For You?

Buying should be a no-brainer, right? For many, building equity over time instead of "throwing money away" on rent seems like an easy decision. But owning a home requires a great deal of maintenance, funds, and stability. So begin your home buying process by asking yourself, "Am I really ready for a mortgage?"

Use the general pros and cons outlined below to evaluate your readiness to buy. Every investment presents trade-offs and home buying is no different, so weigh your decision carefully.

Buying Pros

Buying Cons

Build equity with each mortgage payment. Considerable down payment often required.
Mortgage payments will not fluctuate like rent. Insurance often required, which may rise.
Free to modify the home's interior and exterior. HOAs may impose limits on modifications.
Tax deductions may be applicable. Property taxes must be paid and may rise.
Appreciation means profit if/when you sell. Limited mobility.

Another helpful resource is the Loanzify calculator page. Use our Rent vs. Buy calculator and continue to "What Can I Afford?" in our home buying map to determine your financial readiness.

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