To Buy or Not to Buy?
The Down Payment Hurdle
First time buyers are often caught in a quandary. Owning a home has many benefits, including tax breaks and the potential to build value, plus mortgage payments are often lower than rent for a comparable home — especially over the long term. But in some cities, rent can be so high that it’s difficult, if not impossible, to save the recommended 20% down payment. One of the main hurdles of owning a home is, of course, the down payment.
“Long term, homeownership is a key part of household wealth creation,” says Jonathan Smoke, Chief Economist for Realtor.com. “If young people are not getting into homeownership at the same stage, it’s going to put them further behind from a wealth and retirement perspective.” Not to mention the entire housing ecosystem, as Smoke refers to it, falls apart if the cycle of upgrading and then eventually downsizing homes ceases.
You’re Not Just A Member. You’re An Owner.
When you joined Justice Federal Credit Union, you became a Member-owner with a vote and a voice at the Credit Union. Your Share represents your part — ownership in the cooperative and entitles you to vote in the annual election of the Board of Directors. These elected volunteers donate their time to represent you in the oversight and governance of your Credit Union.Continue Reading