Renting vs Buying A Home - VA Home Loans

Faced with renting vs buying a home, VA home loans for active military families deserve more than a passing thought. I understand how the mortgage process can overwhelm even seasoned homeowners.

I'm not surprised! Long term commitment feels a little scary from time to time especially when your living arrangements are subject to change with very little notice.

That's why the thought of renting vs buying a home might seem more comfortable if you are in the military. In light of this, let's explore the benefits of renting.

Benefits To Renting vs Buying A Home

At the heart of renting is the ease of mobility, especially on a month-to-month lease. In the same way, there is something to say for the ability to move on the turn of a dime while serving in the military.

Compare that to signing up for 30 years of house payments whether or not you continue to live in the house.

And what about repairs? Yes, in general when a house goes awry, it's the landlord's job to pay for repairs. In contrast, homeowners are responsible for expenses related to home maintenance.

Further Considerations Of Renting vs Buying A Home

Are you a candidate for homeownership or better off remaining a renter? Here's a few considerations for those serving in the military.

Questions for active military families to ask themselves concerning renting vs buying a home...

• Will I live somewhere long enough to commit to a long-term mortgage?
• Am I willing to rent out my home to a stranger if I receive transfer orders?
• Can I afford covering the difference between rental income and mortgage payments?
• How would I can cope with being an absentee landlord
• Will my household budget afford a property management company if I'm transferred?

Do these questions give you second thoughts about buying a house? Although understandable, I'd like to make a suggestion. Don't let your comfort zone stop you from exploring VA home loans.

Because you are in the military, zero downpayment options are available to ease you into mortgage affordability.

Pride Of Homeownership

Take this into consideration. Pride of homeownership!

There is more to buying a house than putting a roof over your head. If you are unsure, ask any homeowner. They'll explain how home buying turned a house into their home.

It's true, in the end only you can decide whether homeownership is right for you. However, before you decide one way or the other, I encourage you to explore VA home loans.

You served your country and now it's time to enjoy the benefits of your service. Discover what the VA home loan can do for you!

Prime Real Estate Articles Tip No.54
Home Mortgage Application | Assets

Once I requested a list of assets from a mortgage applicant. She tediously listed every single possession she had collected since high school. Dishes, clothes, tools, holiday gifts... I learned to be more specific after that when requesting details of assets!

First off in this section of the home mortgage application, if you are buying a house, enter the earnest money deposit. Next, fill in names, addresses, account numbers, and current balances of checking and savings accounts.

The application also asks for balance and value of any stocks and bonds. Lastly in this category, list net cash value and face amount of life insurance policies.

To be continued...

Understanding Mortgage Applications

Take the guided tour with Kate's unique tips for filling out your home mortgage application...

Coborrower | Responsibility | Loan Type | Appraisal | Rates/Terms | Address/Units | Legal Description | Year Built | Purpose | Usage | Construction | Refinance | Title 1 | Title 2 | Fee Simple | Down Payment | Name | SS Number | Phone Number | DOB/Education | Address | Employment | Income | Housing Expense | Assets | Liabilities | Real Estate Schedule | Transaction Details | Declarations | Acknowledgement | Government Monitoring | Application Interview

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A Gold Mine Of Homeowner Help From Ask Kate

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