Mortgage 101:  Buying vs. Renting

Purchasing a home is one of the biggest investments in your life- you want to make sure you do it wisely.  You may be wondering if you’d be better off buying a home rather than renting.  Here’s a few things to consider:

 

 

Reasons to Rent:

 

  • You do not intend to live in the region for more than a year

  • You are highly uncertain about the security of your employment

  • Renting allows you to adjust to loss of employment by transitioning to a lower payment, thereby minimizing monthly costs

 

Reasons to Buy:

 

  • You can usually own a home for a similar monthly payment (or even less!) vs. renting

  • Real estate typically builds equity for a good return on investment

  • Potential tax deductions for loan interest

  • Purchasing a property usually affords you more living space

  • You can customize and upgrade your property based on your wants and needs

 

It is important to estimate the cost of buying a home vs. renting.  You can base this estimation on current interest rates and the present real estate prices.  Before you make any decision, consult with a Mortgage Lender (like North-East Financial) to help you calculate potential mortgage payments and contact a Real Estate agent for current real estate market details.

 

I would love to help you discuss your options and what may work for you and your family. Feel free to call me at 860-788-7237 for a free consultation.

 

Thank you,

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Michael Meyer
Senior Vice President of Northeast Financial
NMLS#117875
Mike@northeast-mortgage.com
860-876-0572
210 S. Main St Middletown, CT 06457

Company NMLS#117273 

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