Determining Needs
Before you begin to explore your loan options, you need to take a look at your personal plans for the future and at your current and potential housing budget. Discuss this information with your loan officer. The answers to these questions could greatly influence the best loan options for your specific needs.
- How long do you plan to live in your home?
- Do you expect your income to increase rapidly during the coming years?
- Do you anticipate making any major interior or exterior improvements to your home?
- Is it important to you to build equity rapidly?
- Do you know how you will benefit from the tax advantages of home ownership?
- Will you be turning your home into an investment or rental property at some point in the future?
- Is there a likelihood of a career change that would require you to move, and therefore sell your home?
- Will there be any significant costs to repair, maintain or improve the property?
- What other long term financial goals do you need to budget for, such as retirement, education or other investments?
- Will you need to borrow money from someone or from a retirement account to buy your home?
