Renting vs. Buying
Didn’t think you could buy a home? Think about this, every month you are wasting your money, paying someone else’s mortgage. Look at the chart above to see how much you have been wasting!
Click Button below to find out if you qualify to buy your home.
You can own a home!
How about you pay off your own home?
There are plenty of loan programs available to help first time home buyers including our Fannie Mae HomeReady program, which allows as little at 3% down!
How much you paying for rent yearly
Consider Pros and Cons of Owning a Home
- Independence: When you own a home, you have control over cosmetic and functional details, from paint color to appliances to carpeting; when renting, you may be limited to the landlord’s choices and rules.
- Stability: As long as you make timely mortgage payments, you can live in your home forever. With renting, you may have to move if the landlord decides to sell, raises the rent, or just chooses not to renew your contract
- Maintenance: As a homeowner, you are responsible for all repairs; you can’t call a landlord to fix problems. However, to help cover future repairs, you may include a home warranty in the purchase price when you buy.
- Appreciation: As a homeowner, you have a tangible asset can appreciate over time. When renting, you are essentially paying someone else’s mortgage and contributing to their investment.
Am I better off renting or buying a home?
The decision to rent or buy a home differs for everyone, as there are benefits to both. Buying a home could be a better deal for you depending on how long you plan to live in your home and the loan you choose
What are the advantages of a home purchase?
A home purchase gives you personal benefits such as a sense of investing in your community and pride for achieving the dream of homeownership. There are some strong financial benefits as well, especially the tax savings you may enjoy.
How much can I afford to borrow?
Everyone’s financial situation differs; it is important to recognize what you can comfortably afford to borrow. In general, the loan amount you can afford depends on several factors like credit score, debt-to-income ratio, down payment amount, and value of property your are purchasing.
How much do I need for a down payment?
Your down payment requirements will depend on your lender, the type of home loan you choose and the type of property you are buying. Your required down payment can range anywhere from 3%-20% of the home’s purchase price. Lenders offer a variety of different loan programs, including low down payment options. Each loan programs has different rules regarding the down payment required. Down payments can also vary by the amount you want to borrow, as well as factors like credit history.
What are closing costs?
Closing costs are fees incurred in a real estate or mortgage transaction and paid by borrower and/or seller during a mortgage closing. These typically include a loan origination fee, discount points, attorney’s fees, title insurance, appraisal, survey and any items that must be prepaid, such as taxes and insurance escrow payments. Your lender will give you a copy of your Loan Estimate that outlines all the closing costs associated with your loan soon after you apply.