It’s completely normal to have some hesitation when you start thinking about buying a home. The purchase of a home is the largest financial decision most people will ever make and it would be unnatural not to have some concerns!

For more than 25 years HomeBridge has led the way in simplifying the mortgage process in order to help people finance the American Dream of home ownership.

The following are a few questions we’ve heard from hesitant home buyers and ones that you should ask yourself if you’re wondering if buying a home in the next couple of years is the right move for you.

How long have you been paying rent?
A better question could be ‘for how much longer do you want to pay someone else’s mortgage?’ because that’s essentially what you’re doing when you rent.

When you purchase a home, you are becoming your own landlord and you’re paying yourself rent each month. If you decide to sell your home, the profits should become yours. If your landlord sells a home rented to you, they receive the profits. It’s really that simple.

What if I can’t make my payments?
This is an incredibly important question to ask yourself and a very understandable one as well. Ask yourself this question first though: Have you ever missed a rent payment for a reason other than you simply forgot to drop off the check? (we know that happens all the time 😉

For many buyers, their monthly mortgage payment is close to what they were paying in rent already, not factoring in the tax incentives they may receive at the end of the year and the equity they are building with each payment. If you’ve been responsibly paying your rent for years, what is to stop you from responsibly paying your mortgage?

What if I want to move?
This is a great question to ask and one we’ve heard a lot lately. The last few generations of home buyers, including Millennials, tend to be more mobile than their parents were.

Are you actually going to move in the next two years or do you just want to keep your options open? Have your recent moves been because you were forced to for reasons beyond your control (such as a raise in rent or a roommate moving out), or because you wanted actually wanted to change locations?

Many of our younger borrowers purchase homes in urban areas that are convenient for their commute and give them easy access to things that are important to their current lifestyle. Later, if they need to relocate for a job or simply desire more space in the suburbs, they rent their existing homes, earning them extra income, until they decide it is time to sell.

How Much Home Can I Afford?
Another great question that we hear a lot. To start, use a mortgage calculator to get a ballpark estimate, like the one we have online at HomeBridge . This is a loose estimate, but it can act as a great starting point in determining what you can afford. The next step, even before you start looking at homes, should be scheduling a meeting with a mortgage loan originator, either in person or over the phone, for a consultation.

The path to home ownership can be an exciting and enjoyable one if you follow the right steps. Click here to find the HomeBridge branch closest to you and schedule a free, no obligation consultation.

HomeBridge is licensed in 49 states, as well as Washington D.C., so if there isn’t a branch near your home, click this link and someone from our National Lending Center will be in touch very soon.

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