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Is it Better to Rent or Buy?

Owning a home is considered an essential part of achieving the American Dream, and depending on your financial situation, it may be something to consider. Studies show it is 38 percent cheaper to own a home versus renting a home.

5 Factors to Consider Before Purchasing a Home

If your lease is about to expire or your family is expanding and you think now might be the right time to buy, consider these five factors:

1) Time. How long do you plan to stay? Experts recommend at least three years if you plan to purchase a home. The longer you stay, the greater the benefit of buying over renting.

2) Finances. Consider how much you can afford and how much you have saved. Busey recommends saving at least 20 percent of the home’s purchase price. If you don’t have the cash up-front consider establishing a budget, creating a special savings account and eliminating unnecessary expenses.

3) Mortgage rates. Review rates and consider your options. Crunch the numbers and get prequalified so you can shop with a price in mind.

4) Risk. Are you financially secure to weather a drop in home prices?

5) Your heart. If you are longing to make your house a home, now might be the right time to dive into homeownership.

Next Steps for Homeownership

If you have considered all options and have decided to move forward with the home buying process, here's what's next:

• Check your credit score. Better credit may mean mortgage opportunities with lower rates. Our professionals will analyze your credit report and help you understand how creditors view your credit history.

• Find the lender that’s right for you. We know just how stressful it can be to purchase a home. Busey provides you with a personal experience—making the process timely and stress free. We’re proud to be consistently named a Top Lender by LendingTree.

• Pre-qualification. Your lender will walk you through the process. With free pre-qualifications from Busey, you can search for your home knowing all your options.

• Consider how much home you can afford. Consider your gross monthly income, housing expenses and any long-term debt. To do the math, check out our ‘How Much Home Can I Afford?’ calculator.

• Take advantage of special loan programs. From first-time buyers to military benefits, Busey participates in nearly 30 programs to help you achieve your dream of homeownership.

Are you ready to take the next step? Partner with the experts at Busey Home Mortgage for the resources to make your dream of homeownership a reality. Apply online at buseymortgage.com, stop by one of our many convenient locations today or call 1.800.67 | Busey.

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With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

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You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.

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