QUESTION: How long must I wait after a bankruptcy or foreclosure to apply for a new loan?July 4, 2018
QUESTION: How can we determine how much we can afford to pay for a home?September 3, 2018
Here are a few things to consider to help you determine whether buying or renting is the best option for your situation:
- How is buying or renting going to make you feel?
There is a feeling of security with owning a home. You do not have to worry about a land lord kicking you out or rent prices going up. However, if you are not ready to own a home it can be emotionally draining.
- How long do you plan on living in that location?
Generally, if you plan on living in a location for a long time, buying a home is more cost effective than renting. Of course, if you know you will be moving soon, renting makes more sense because you won’t have a property to sell.
- Are the current interest rates favorable?
If rates are low, it may be in your favor to buy a house and lock in a mortgage payment at that low rate versus waiting and having the possibility of rates going up. Money that goes towards mortgage interest is also tax deductible, whereas rent payments are not.*
- Is your income flexible enough to cover unexpected expenses?
One month you may not need to put any money towards your home, while other months you may have to replace the heater, garage door, ect.
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