Mortgage Fit: Rent vs. Buy
Hi I’m Courtney Lynch and welcome to Get Mortgage Fit.
Let’s talk about renting a home versus buying a home, what are the benefits of homeownership?There are quite a few including, first, you aren’t bound to specific rules and regulations like in a lease agreement so you can make upgrades to your home. Second, buying a home will stabilize and control your payments. Rentals can fluctuate from year to year. Third, you gain a tax advantage. And finally, the biggest benefit of them all, the rent you are paying could be building equity in your own home!
For example, let’s say you are paying sixteen hundred dollars in rent a month. If you paid this amount for the next 10 years that would be one hundred ninety two thousand dollars and in 20 years that’s three hundred eighty four thousand dollars! That’s money you could be putting towards your own home. You might be saying you need to rent because you don’t think you qualify or you don’t have a down payment.
There are a lot of programs out there to help with qualification, including down payment assistance programs.
Give us a call today and see what you could qualify for and make a payment that counts towards your future. Thanks for watching this episode of Get Mortgage Fit and keep watching our series to improve your mortgage health.