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48 Meriden Rd, Suite 1, Middlefield, CT 06455
844.788.7237
info@northeast-mortgage.com

To Buy vs Rent a Home in Connecticut

Connecticut

Buy vs Rent

Many people ponder to buy vs rent a home.  Purchasing a home is one of the biggest investments in your life.  If you choose to do so you want to make sure you do it wisely.  There are pros and cons to doing either.  It really depends on your personal goals and present situation.   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 not to worry about a down payment on a property or potential costs involved in owning a home.

 

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 costs of whether to buy vs rent.  You can base this estimation on current interest rates and the present real estate prices.  Before you make any decision, consult with a Mortgage Loan Officer (like North-East Financial) to help you calculate potential mortgage payments.  As well, you contact a Real Estate agent for current real estate market details.

 

I would love to help you discuss your options.  We will work with you every step of the way and the pre-approval process is easy.  There are many great first time home buyer programs available with both FHA and Conventional Loans.

 

 Feel free to call me at for a free consultation.

 

Stephanie Smith

NMLS# 1083107/Company NMLS# 117273

860-335-9918

stephanie@northeast-mortgage.com

 

 

https://www.linkedin.com/company/north-east-financial

https://www.facebook.com/pages/Northeast-Financial-Mortgage/143761005796033

 

 

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General Disclosure

When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.

Disclaimer

Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York.  Website authorization by the New York State Department of Financial Services is pending.  Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.

 

© 2024 Northeast Financial LLC dba Northeast Home Associates, LLC NMLS# 117273
Connecticut Mortgage Broker License # 20995. North Carolina Mortgage Broker #B-176940. Florida Mortgage Broker License #MBR5370. Registered Mortgage Broker New York #RMB 209075
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The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans arranged through third party providers. Does not make loans, issue a pre-qualification or pre-approval in the state of New York.

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