Renting vs. Owning
With rental prices increasing an average of 4%-8%, not buying a home could be the most costly financial decision you make. If you have been paying steadily higher rents, you may have asked yourself, on more than one occasion, if you are making the right choice. What’s more affordable, renting or buying?
To find out what’s more affordable for you, a rent vs buy calculator can help you determine the right choice for you and your financial goals. You may find that renting is costing you far more in the long run, even if your monthly rent amount and monthly mortgage payment are almost identical.
If you think buying a home is the right decision for you and are wondering what you will need financially to make ownership possible, keep reading.
In these tabs under Mortgage 101, you will find the information you need to determine if you are financially ready for homeownership, and the specific steps to take if you need a bit more help to get there.
The factors that determine your readiness to purchase a home will generally include:
- Your Credit Score
- Verifiable Income or Assets
- Your Debt-to-income Ratio
- Down Payment Options
- Your Loan Program