Are you wondering if buying a home is the right choice for you? Don't worry, we'll help you out.
Purchasing a home is one of the biggest financial decisions you will make in your life. Factors such as your annual income and how many years you plan to stay in your home can affect whether renting or buying is the most sensible choice.
Let our Rent vs Own Calculator help you gain a clearer picture of what your costs will be long-term if you rent or purchase a home.
Making additional mortgage payments reduces your interest costs by shortening the time it takes to pay off you mortgage and lowering your balance along the way.
In the present, renting may appear less expensive - monthly rent is typically more affordable than a down payment, and can be more affordable than monthly mortgage payments.
In the long run, however, experts say buying is more financially sound. When you purchase a home, you are building equity for your future. When you're making monthly rent payments, you will never see that money again.
As rates increase for both rent and home purchases, a major factor contributing to affordability of home purchases is mortgage interest rates. The higher the interest rate, the more you are paying over time.
In the end, it's a decision only you can make. If your financial picture is relatively stable and you plan to stay in your chosen town or community for the near future, buying a home may be the better choice. If you plan to move frequently, or are still working on improving or building your credit and finances, renting might be an ideal option.
Contact a mortgage loan professional in your area to learn more.
This calculator is for informational purposes only. Results are an approximation based on the information you enter. Please speak with a Waterstone Mortgage loan professional for specific information and current market conditions.