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		Deanne Katsaros Mortgage Mom Greentree Mortgage Co LP Phone: (609) 605-7153 CO NMLS ID # 16128 NMLS : ID #143589 deanne@mortgagemom.net www.mortgagemom.net

November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019		Use the Five-Year Rule When Buying a Home Buying a home is a major commitment. You're telling yourself that you're putting down roots and intend to stay in the community for a while. It's also a sign of confidence that your career track is stable and that you won't need to move anytime soon. But before you go ahead and start home hunting, consider the five-year rule. When you're buying a home, you want to make sure you're going to stay there for a while. That's not to say you can't move and buy another house elsewhere in a year or two after buying your initial home, but you want your home purchase to generate a return on investment. In other words, you're hedging against inflation by owning a home for the long term. Rents increase over time as does the cost of a home. Locking yourself into a mortgage that you can easily afford along with a long-term plan has the effect of isolating yourself from volatility in the housing market. The five-year rule is usually applied to the rent versus buy over the short term, but it also applies to putting down roots in a community and staying there for the long run. Ask if you can see yourself living in that home for at least five years and that your career track is a solid one. If the answer to both scenarios is yes, then it's time to start looking for a home that suits your needs in the short and long terms. Buying a home is always better than renting, and you maximize your investment by staying for the long term. Source: Bankrate

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