Rent or Buy?
Every rent check you write to your landlord is building equity in his/her property. Instead of that money going to your landlord, you can be building equity in your own home. With today's low rates, your mortgage payment could be lower than your rent payment.
The many advantags to owning a home include:
SECURITY - A feeling of security that comes from owning a home.
INVESTMENT - The payments you make on your mortgage loan goes toward acquiring a major possession. Instead of "throwing" your money away on rent, you own more and more and are building equity.
TAX ADVANTAGE - Real estate taxes and interest on your mortgage are deductible from your income tax.
FINANCIAL INDEPENDENCE - Many people find financial independence through home ownership. Your principal and interest payments remain the same for the term of the mortgage, while your rent usually goes up as the cost of living increases.
CASH EQUITY - Better than a savings account, your home can appreciate to keep up with inflation.
How much can I afford?
Use the calculator in determing how much home you can afford and how much money you can borrow.