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To Buy Or Rent, That Is The Question.

It’s no secret the real estate market is picking up, which means the competition to buy a new house has also increased. If you are currently renting an apartment or condo, you are probably facing a hard decision: do you re-sign your lease and keep on renting, or do you take the leap and buy your first home?

Many prospective first-time home buyers may state that money restraint is the one factor holding them back from home buying. However, The Home Loan Learning Center advises that homeownership in the U.S. is 69%, meaning that homeownership is in reach for more Americans than ever before. In addition, The Home Loan Learning Center advises that in some areas of the country, homeownership can be just as affordable as renting.

There are many pros associated with homeownership, as well as things that must be taken into consideration before deciding if homeownership is right for you. Let’s dive in.

Pros to homeownership:

  • By buying a home you are building equity. Your overall wealth will increase as you obtain additional equity in your home. According to Investopedia, home Couple and Houseequity is the value of ownership that is built in a home or property, which represents the current market value of the home minus remaining mortgage payments. As you pay off the mortgage, and the value of the property appreciates, your equity will increase.
  • You will gain tax advantages. according to experts, mortgage interest is tax deductible per IRS code.
  • When you buy a home, your payments will be stabilized. For instance, if you have a fixed interest rate, your payments remain relatively steady, however if you rent your landlord can increase your rent at any time.
  • Buying a home means you will be putting money towards something that you actually own, rather than paying money towards a property that will never be yours.
  • You will gain an increased sense of community and pride.


Homeownership is not for everyone. If you are not ready, you should not rush into any decision. Take into consideration the following before deciding if homeownership is right for you:

  • Maintenance costs. Remember, it costs money to keep a home in good working condition. For instance, you will no longer have on-site maintenance to fix your appliances, maintain your yard, and provide you with pest control services.
  • The value of your home can fluctuate. The Home Loan Learning Center advises that there is no guarantee that your home will increase in value. There is that small chance that it could decrease in value.
  • Owning a home is a commitment. If you are the type of person who likes to move every few years, renting may be a better option.

If you have decided that homeownership is the right path for you, the first step is to research the location where you want to live, and find out how much it would cost to buy the type of home that you want. Most websites like Zillow and Trulia allow you to conduct highly specific searches for Young Familyhomes in the area of interest.  After you have found some prospective homes in the area of your choosing, use Launch CU’s home affordability calculator to determine just how affordable those homes are. If you find that these homes are too expensive, use your findings from the calculator for future home searches. You can also use our mortgage payment calculator to provide an estimate of what your monthly mortgage payments would be.

First-Time Home Buying Is A Big Deal

We know that buying a home for the first time can be very intimidating, but we are here to help. Whether you want to buy your first home, or some property for your future dream home, we can help you finance your American dream. If it is money that you are concerned with, Launch CU offers a great program for first-time homebuyers. You could be in your new home for as little as 3% down with PMI, and with a term that fits your needs.  By financing your mortgage with Launch CU, you will have peace of mind knowing that we are here to answer all of your questions in-person, and we will never sell your mortgage. All Launch CU mortgages are serviced in-house for the entire life of the loan. Where else can you finance a home for as little as 3% down? For more information on mortgages with Launch CU, click here, or apply online today!

Mortgages are very complicated. If you have any questions about mortgages, please visit our Mortgage FAQ Page, or give us a call any time. Also, be sure to read our First Mortgage Information Sheet, for a complete overview of the Launch CU mortgage product.  For rates and disclosures, click here.

© Copyright 2015 Launch Credit Union. All Rights Reserved

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