First Time Buyers

Wishing that your rent payments were going elsewhere… like back to yourself? Considering buying a home, but not sure about how mortgages work, or whether you qualify for one or can afford one? There are usually some costs specific to owning a home that you may or may not be familiar with.  As most homeowners will tell you, along with their mortgage they also pay yearly municipal property and utility taxes, homeowners insurance, and the cost of maintaining their home, along with utility bill payments.  There are also some one-time costs for home buyers, such as getting estimates, certain processing fees, real-estate commissions, and requirements for down payments.

Sound complicated? Don’t worry. A general rule of thumb is that if you can afford these costs in the long run, then you would definitely be better off buying than renting.  And remember, when you rent, odds are that your rent payment is going towards paying someone else’s mortgage, anyway.   Why not make it your own? Try our Rent vs Buy Calculator to see for yourself.

At Spruce Credit Union, we offer a variety of mortgage packages that are designed to suit your specific needs. If you are unsure if you qualify for a mortgage or can afford to own a home, call and book an appointment with a Lending Officer who can answer any questions you have, help you with your application, and provide you with the best mortgage package that suits your capacity and need. 

After all, wouldn’t it be nice to get all that rent money back one day by owning the home of your dreams? 


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