RENT OR BUY? It used to be almost universally true that, at least in the short term, it was cheaper to rent a home than to buy one. But that’s not necessarily the case today. Aimee says some markets are seeing a staggering increase in rent. Limited supply is one of the factors that has driven up both rental and purchase prices in recent years. She says, “Part of it is the fact that there's a continually rising number of what they call new home creations, which are new people needing to buy homes. And the pace of building is not keeping up with that.” Also, after COVID, many people learned that they could work remotely from home, so during and after the pandemic, we saw a surge in people buying second homes. Those are two of the factors that have impacted the inventory shortage. RECOMMENDED STEPSSo what steps should you take if you’re considering buying a home? First of all, check into first-time homebuyer programs, and downpayment assistance programs to see if you qualify. Also, talk to a loan officer who can run your credit, talk about your credit profile, and discuss your long-term goals and strategies. They can provide you with next steps on what you need to do to position yourself to be able to buy a home.While rates are higher now than they were not long ago, historically speaking, they’re still relatively low. So there is an opportunity to get in now if you’re financially prepared to buy. And there probably isn’t a point in waiting around for home prices to fall, because experts largely seem to consider that to be unlikely to happen anytime soon, given that demand continues to outstrip supply in the housing market.  WHY ARE THEY DIFFERENT? One thing that sets Movement Mortgage apart from other lenders is its Christian mission-driven outlook. Movement Mortgage gives away nearly 50% of its profits to worthy causes. Since 2012, Movement has given more than $300 million to the Movement Foundation to uplift people and communities across the globe.You can visit <a href="http://movement.com/faith">Movement.com/faith</a> to find a loan officer in your local area.  On today’s program, Rob also answers listener questions: <ul><li>Is it okay to give your tithe directly to a pastor? </li><li>What is an appropriate fee for a financial adviser to charge? </li><li>Does it ever make sense to use prepaid credit cards versus traditional credit card accounts? </li><li>When is it appropriate to give the last four digits of your social security when transacting business? </li><li>How does it affect you if you allow someone to become an authorized user on your credit card? </li></ul> RESOURCES MENTIONED:<ul><li><a href="https://www.experian.com/blogs/ask-experian/what-is-experian-boost/">Experian Boost</a>  </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the <a href="https://www.moodyradio.org/programs/faith-and-finance/">Moody Radio Network</a> as well as <a href="https://afr.net/podcasts/faith-finance/">American Family Radio</a>. Visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a>where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a> as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Many factors are making homeownership more difficult right now, but the big ones are higher interest rates and low inventory. Today we’ll talk with Aimee Dodson about overcoming those hurdles.

Aimee Dodson is National Director of Affiliate Relationships at Movement Mortgage, an underwriter of this program.

Moving from Renting to Buying With Aimee Dodson

FaithFi: Faith & Finance | Aug 4, 2023

Show Notes

Where Faith Meets Finance

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