Is it Time to Consider a Mortgage Loan?

How your real estate choices today will impact you tomorrow

Part of figuring out whether taking on a mortgage is the right move for you - regardless of how favorable the mortgage rates and real estate choices are - is looking at your bigger financial and lifestyle picture. You need to consider how many assets and liabilities you have as well as your future plans and dreams.

In short, you want more assets than liabilities to ensure a firm financial foundation. It's also beneficial to have an idea of what the future may hold. This is true no matter where you are in life.

Real estate choices by life stage

See if you can relate to one of these scenarios to get a better idea of how your real estate choices today may impact you tomorrow.

1. You're young, single and ready to take on the world

If you have a steady job, some money stashed away, low student loan and credit card payments, and plan to stay in the same location for a while, now may be a good time to start looking at home loans. Buying a home can be a great investment and can help solidify your credit rating. On the other hand, are you willing to move anywhere for a great job? Are you overwhelmed by student loan payments? Taking on a mortgage loan could tie you down, making it harder to move and possibly damaging your credit if you can't handle the payments.

2. You're an established professional who is ready to invest in a home

At this stage, it's especially important to weigh low mortgage rates against potential expenses, whether it's college tuition for your kids, elder care for your parents or additional maintenance costs related to an investment property loan. Of course, these can be hard to anticipate, but your dream home may prove to be a financial strain if family obligations present new and expensive debts. Even an attractive mortgage rate may not make up for these.

3. You're getting ready to retire

Although many future retirees have their minds set on buying a retirement home, is taking on a second home loan while still paying for your current home the right move for you? At this stage in life, you certainly don't want to be living month-to-month, so if buying that retirement home is going to drain your nest egg, you may want to consider waiting a few more years. After all, you want to ensure your retirement days are as relaxing and carefree as possible.

Assess your mortgage loan timing with help from Citizens Bank

Buying real estate - whether you're a first-time home buyer, an investment property pro or considering a retirement home - is an exciting and rewarding commitment. Assessing your complete financial picture will help ensure you make the best possible real estate choices. Citizens Bank is here to help you through the process from end to end, just give us a call at 1-888-333-1206.


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