Purchasing your first home is the most important step many people take in their lives. That first investment becomes the cornerstone on which to build a stable financial future.

Purchasing a property has many advantages over renting a place to live. First, you won't be giving your money away to someone else. You will be contributing to an investment that may increase in value through the years, may even turn a profit and you also get the tax benefit of mortgage interests. Being an owner also provides security and independence and you avoid the swaying and ever increasing rent, especially if you can obtain a fixed interest term mortgage.

Even with all those advantages, certain facts must be considered before entering into such a big commitment, which will commit a good portion of your budget for years to come and may even entail sacrificing costly vacations or excessive outings.  To purchase a property, you must:

• Have a steady income source.
  
• Have a good credit history.
  
• Keep existing debts under control.
  
• Have enough money to cover down payment, property appraisal and closing costs.
  
• Have a savings account to make payments in case of an emergency.

Before you begin the process, it is convenient to gather documents that will accelerate the procedure. It is recommended that you have the latest banking account statements, the last two payment stubs, W-2 forms for the last two years and information on debts and rent or mortgage payment. It is also important to find information showing what your credit history looks like. That way, there are no surprises.
One of the most important steps in this process is choosing the right mortgage with the terms that best fit your financial situation and to carefully compare what the different available mortgage products offer: FHA, Fannie Mae, Freddie Mac, VA, FHA Boricua, Housing Banc and Conventional, among others.
For this, it is necessary to count on the advice of experts in the field, such as Oriental Group financial planners. They are skillful in examining each case and finding those alternatives that best suit each person. These experts don't just offer advice on the mortgage aspect of it. They have the training needed to recommend investment securities to create a future that meets each person's expectations. To contact them, visit any of our 24 branches located throughout the Island, or call 1-800-981-5554.