Wright-Patt Credit Union

Wright Advice

Buying a Home » Getting Started

You're considering buying a home! To help determine if it's right for you, here are some questions worth considering.

1. To rent or to buy?

To determine if owning a home is a good option for you, there are some things you should consider: How long do you plan to be in your home? Seven to ten years is the average time. Be sure you will be in your home long enough to recover any upfront costs associated with buying a home. Also, consider your work requirements. Do you move around frequently for work? 

2. What can I afford?

It is good practice to make sure your total household expenses (including the home, taxes, insurance, and maintenance) do not exceed 35% of your gross annual income. For this reason, we recommend your actual mortgage cost be no more than 25% of this amount. Creating a budget will help you get a better understanding of your household expenses. You can create one online by clicking here.  If you prefer a document you can print and fill in click here.

3. What do I want? What do I need?

The basic needs of a home include four walls and a roof, but we all know there is more to a home than that. You may have a need for a certain number of rooms, or the desire to have a certain size home, an attached or detached garage, or large backyard. Think about these things when you are making a list of what you would like to have in your home and a list of what you absolutely need. Consider things such as:

  • Family size
    • Number of rooms
    • Size of rooms
  • Vehicle accommodations
    • Attached or detached garage
    • Driveway
    • Street parking
  • Size of yard
    • Fencing
    • Landscaping
    • Flooding concerns
  • Layout of house
    • One or two levels
    • Disabled accessible
    • Basement

4. Where do I want to live?

What goes into your home is just as important as where it is located. Consider the following:

  • Where is your home located in respect to your job, childrens' schools, entertainment, and business needs?
  • Do you prefer urban or suburban living? City or country?
  • Do you enjoy a fast-pace lifestyle, or a quiet, slower lifestyle?
  • Walk-ability – How accessible are the places you need to go?
  • Do you want to save money by using public transportation? Are there bus stops nearby?
  • Do you enjoy outdoors and fitness? Look for parks and recreation nearby.

The way you answer these questions shouldn’t dictate whether or not you purchase a home, but could affect the type of home and mortgage that’s right for you! Click here to view the options Wright-Patt may have to offer.

There are also many resources and organizations available to assist you in finding out information. Click here to learn more!

What are my next steps?

Now that you have gone through the above questions, you are getting closer to making your dream a reality. Let’s move on the next steps:

Equal Housing Opportunity

Mortgage loans processed and underwritten by myCUmortgage, LLC — a wholly-owned subsidiary of Wright-Patt Credit Union, Inc. All loans subject to credit approval and property appraisal.

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