Four Questions to Ask Before Choosing a Mortgage or Buying a Home

Housingaffordability

These four questions can help you make smarter mortgage and housing choices:

  1. Why is it better to buy a home right now vs. renting a home?  Buying a home usually requires more upfront capital, more ongoing expenses and a longer term commitment.  Make sure to run the numbers with a certified professional to evaluate whether you'd be better off buying vs. renting.
  2. How can I make sure this fits into my short-term and long-term budget?  Make sure to strategize with a certified professional and compare your options when it comes to:
    • Choosing a down payment amount and strategy
    • Choosing a monthly payment scenario
    • Choosing a price range for your new home
  3. How will this financial decision impact other areas of my life?  Make sure to think through how your cash flow situation will impact:
    • Children’s college funding
    • Retirement planning
    • Taking care of elderly parents
    • Other large financial purchases or commitments
  4. What mortgage and home buying strategy will result in less overall financial risk? The mortgage is most likely going to be your single-largest debt; and your home is most likely going to be your single largest investment. That’s why it's important to evaluate and compare your options with a Certified Mortgage Planning Specialist.  

Click here to find a CMPS in your area.

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HomeQB is the official housing and mortgage blog of CMPS Institute. CMPS Institute is a national organization that certifies mortgage bankers and brokers. Our mission is to help homeowners and homebuyers improve their lives by using the right mortgage strategies.

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