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.