Rent vs Buy - When is it time to
buy?
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| Knowing when to dive in and buy a home is not an easy decision
to make. Besides the feeling of pride that comes with owning a home, there are
often tax advantages, the potential for appreciation, and the opportunity to
build equity with each monthly payment. But with the benefits there comes some
risk. For example, home prices may slip, roofs may leak, and property taxes may
go up. It is important to assess whether you can afford the financial burden
and time requirements that accompany homeownership. Let’s face it…we are a
mortgage company and would love to earn your business. However our number one
priority is helping people and we are dedicated to this mission even if it
means losing out on a loan. We realize that homeownership is not for everyone
and evaluating whether to rent or buy is an important step in planning for your
future. |
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Rent Versus Buying Questions
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| Here are some questions to ask yourself when deciding on
whether to rent or buy a home:
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What are your monthly payments going to be with your taxes and insurance
included in the house payment?
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What is the likelihood of property values increasing in your area?
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Do you have enough of money saved to make repairs on the home as needed and how
do you feel about doing home maintenance projects?
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How long would it take to sell your property if necessary?
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How long do you anticipate being in the home? This can help you calculate how
much principal you will have paid and how much equity you will have built
during the designated period of time.
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What is the state of the rental market in your area? If rental prices are high
your monthly mortgage payment might be significantly lower than a rent payment
for the same home. If there are many rental properties sitting empty you might
be able to rent a home for a bargain, saving money each month to put towards a
future down payment.
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| Give AAXA a call today at 877-RATE-LOW (877-728-3569) for a
free first time homebuyer mortgage consultation. |
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| First
time buyer mortgage |
| Determining
what you are qualified to borrow and getting pre-qualified |
| Beginner
Mortgage Checklist |
| Credit
Scores and Mortgage Rates |
| Choosing
a mortgage company |
| Finding
the right real estate agent |
| Should
I consider 100% financing? |
| Pro
& Cons of adjustable rate mortgages |
| What
types of loans are available for the self-employed? |
| Why
do mortgage rates change? |
| What
is a mortgage broker? |