When you buy a home, it’s likely the largest purchase you will make in your lifetime. But homeownership may not be the best financial decision for you, depending on your financial goals for the short term and long term.
Consider all the components of homeownership and renting before deciding which option fits you best.
Rely on The Police Credit Union for multiple mortgage options when you decide to purchase a home
Features & Benefits
Benefits for First-Time Home Buyers
- Possible tax benefits for the homeowner*
- Potentially good investment
- Ability to build equity
Benefits of Renting
- Lower monthly payments
- Save money for other investments and purchases
- Low maintenance costs
- Greater flexibility if you want to move
Purchasing a New Home
- Before you look at properties, get prequalified for a mortgage to figure out what you can afford in monthly mortgage, property tax, insurance, utilities, etc.
- Figure out what you want to spend on a home and the amount you need to borrow.
- Talk to an The Police Credit Union Financial Services Loan Officer to determine which mortgage product suits you.
- Locate a Realtor or find home for sale yourself and view homes that fall in your budget.
- Make notes of your likes and dislikes in each property and compare everything at the end of your process. Also consider how much money and time you’re willing to spend to make changes or improvements to the home.
- Make an offer to the seller. Ask to have a home inspection completed before the purchase is finalized.
*Please note that neither this financial institution nor any of its affiliates give tax advice. Please consult a tax advisor for information about your specific situation.