9 Year Mortgage Discusses Renting and Buying

When it comes to buying vs. renting how do you decide which one is better for you? There are many factors that play into whether or not you are ready to invest your monthly rent in a home of your own. Buying a home is the American dream, but how do you know if it is right for you? Read on and 9 Year Mortgage will give you all of the pros and cons of renting vs. buying a home.

Should You Rent a Home?

Pros

Renting can be very easy, you pay your rent and you don’t have to take care of the property. It used to be that apartments and condos were the only rental options. But now single-family homes are becoming more and more available. 9 Year Mortgage says if the rental vacancy rates are high, you could possibly negotiate better deals. Landlords may be willing to offer you incentives! Some renters have landed flat screen TV’s, tickets to sporting events, free parking passes and even lower deposits. If you plan on only being in an area for a short amount of time it is almost always smarter to rent. 9 Year Mortgage wants to remind you that if something breaks or something stops working then you can call your landlord or maintenance staff. Furthermore, when renting sometimes part of your utilities will be covered or included in your rent.

Cons

9 Year Mortgage wants you to keep in mind that if you have bad credit score the landlord may not allow you to live in that rental. In some rentals there can many rules. Pets are often not allowed in renting units. Also most places don’t allow extra decorating, such as painting walls a different color then what they currently are. You’ll typically be required to sign at least a one year contract when renting, which could lock you in longer than you’re planning to stay. There is also the possibility that rent will go up with time, and there can also be the occasional cleaning check to deal with.

Should You Buy a Home?

Pros

Buying a home will give you a place of your own, and unless you buy a condo you will no longer have to worry about the loud neighbors that live above or below you. When you own your home your monthly payment also starts to build equity, or ownership in your house. You will no longer have to worry about your rent being increased over time. Since home values typically increase over time, 9 Year Mortgage wants you to know that as long as you plan to stay put for a while it is a good and investment. Home ownership also entitles you to more tax write-offs that renters do not qualify for. 

Cons

Buying a home can be risky, if you don’t take the right steps. 9 Year Mortgage wants you to know that purchasing a home is more expensive then renting, especially in the first few years. You won’t be able to move as easily as you might like. Once you buy your house you can’t just tell a landlord, it is your responsibility to sell the house. You now are taking care of all the upkeep and maintenance. 9 Year Mortgage doesn’t want you to forget that in addition to a down payment, you will also have closing costs and legal fees, which are usually 2% or 3% of the house price. If you have an adjustable rate mortgage your payments could increase if the market rates go up. You also have a risk of foreclosure if you can’t keep up with your payments, allowing the the lender to sell your property.

9 Year Mortgage Weighs In

9 Year Mortgages says when looking at the given information it really depends on your current situation. 9 Year mortgage wants you to remember to keep in mind how long you will be staying in that area, if you are planning on staying for longer than a few years it is a good idea to consider buying a home. However, if you are planning on staying for less than five years, it is usually more cost effective to rent. 9 Year mortgage also wants to remind you to look at your financial situation and think about the following factors; do you have enough for at least the minimum down payment, how long are you planning on staying in the area, are your job and income stable?  If any of these are you concerns, 9 Year Mortgage, wants you to consider saving your money for the down payment and possibly finding a more stable job. 9 Year Mortgage thinks its best to think about the responsibility  you are taking on when purchasing a home to make sure that you are ready to handle everything that a landlord would handle. 

 

Will 9 Year Mortgage work for me?

Not everyone qualifies or will benefit from the 9 Year Mortgage program so there is no easy answer to that question.   We are very careful with who we let into the program.  We go through a qualification process to make sure we can provide you a viable financial plan that will work before we let you into the program.  Our representatives are trained to ask the right questions and gather the information necessary to quickly find out if we can help you.  If you would like to go through this process you can Click Here to begin filling out some basic information so the 9 Year Mortgage representative can start working on your financial plan right away.