Rent vs own
Is it time to buy?
Are you ready to buy you first home?
Buying a home now, according to recent key industry reports, is between 23%-38% cheaper than renting nationwide - depending on the type of mortgage you choose. What's more, with today's rising rents, lower down payments requirements, rising home prices and increasing demand for homes, now is a great time to buy. Did you know that there is a loan program to fit almost any situation? We've created a free guide to help you with one of the most important decisions you'll ever make, deciding to buy your first home.
Download your free First time home owner guide now!
3 myths Commonly held about home ownership
1. It’s less expensive to rent.
Fact: False. Yes, renting may be a better option for you and cheaper is some cases. Truth is, though, there’s a good chance your monthly costs will be lower than they are right now. And unlike rental costs, your monthly principal and interest payments will stay the same for the life of a fixed rate mortgage.
2. It’s better to rent now and not a good time to buy a home.
Fact: False. Mortgage rates for fixed-rate mortgages are at historical lows, creating stable payments and long-term savings for today's homebuyers – and house prices have fallen at a record pace and moderated as a result of the massive market adjustments that have occurred since 2008.
3. Renting is cheaper because there’s no upkeep.
Fact: False. Truth is, if you bought a home today and lived there for seven years, you’d save 38% compared to renting. According to Trulia and other real estate pundits, this is because inflation ultimately works in your favor when you own a home.
Put another way, there’s no need to worry about a rent increase each year. Your monthly costs are fundamentally locked in for as long as you live there. And as your home’s value goes up and your mortgage principal goes down, that’s money in your pocket down-the-road.