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Renting Versus Owning

Is renting a bad thing? The true answer to this question is yes and no. Many persons may not be in a financial position right now to own their own home or home ownership may not be a significant concern for them at this point in time. So in this case, no, renting is not a bad thing and may actually be the better option for this person as they make the necessary preparation to own their own home.

The bad thing about renting though is that every month you are putting out a significant sum of money that in the long run, you will not have anything to show for it. This “rent money” could actually go towards a mortgage and at the end of it, you own your own home.

Many persons believe that home ownership is not for them and they are of the opinion that they have to fit into a certain category to own their own home. However, at First Citizens, we believe that it should be everyone’s right to own a home and this is why we make home ownership affordable to our customers.

We advise that all potential home owners have a proper upfront assessment of their current situation, to determine what is the best decision for them right now. With this initial assessment, the customer will be able to determine the quantity of finances they will qualify for to make an investment in a home. Your job, salary, age, savings, assets, loans and other financial commitments as well as other monthly expenses are utilized in determining this figure. A customer can be assessed along with their spouse or family member when being pre approved.

Once this assessment is completed, you will receive an official pre approval certificate for the quantity of finances that you will be able to borrow to finance your home.

You can contact any of our Mortgage Experts and have your assessment done today or you can Apply Now.