Should I Rent Or Buy?

Did you know that your house payments could be lower than your rent? (or, Find out if your house payments could be lower than your rent)

With every rent check you write, you're helping to build equity in your landlord's property. That money should be going toward building equity in a home of your own. Today's interest rates are low enough that your house payment could be lower than your rent payment!

There are many advantages to owning a home, including:

• Security — There is a feeling of security that comes from owning a home and the knowledge that your investment in a home is a safeguard against inflation.
• Investment — Payments on your mortgage loan accumulate toward acquiring a major asset. Unlike rent payments, you own more and more and build equity with every monthly mortgage payment. The garden you plant, the improvements you make, all enhance your way of living as well as the value of your home and your net worth.
• Tax Advantage — Your real estate taxes and the interest on your mortgage are deductible from your income tax.
• Financial Independence — Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage while your rent usually goes up as the cost of living increases.
• Control — You are in control and the investment is yours, not your landlord's.
• Environment — Your children grow up in the neighborhood of your choice.
• Cash Equity — Better than a savings account, your home can appreciate to keep pace with inflation. The equity you build up in your home can be a source of cash through an equity line of credit.
• Satisfaction — Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home.

How much home can you afford?
Get mortgage pre-qualification information.

First Time Home Buyer?
Weir Manuel's Nine Steps to Buying A Home.