Are you thinking moving and not sure which route to take? To rent or own?
There are a few things to consider when trying to decide what works best for you and your family…
Are you financially ready?
If you’re buying, you’ll need a down payment to pay upfront that will fund the equity in the property that proves to lenders you’ve got skin in the homeowner game. The amount you’ll need varies, but the standard preferred amount is 20% and that often gets you the best rates.
When renting – in most cases – there’s no need for a hefty down payment. You may have to come up with a deposit, but it’s generally a lot less than the 20% usually required for buying.
Are you ready for monthly mortgage payments?
If you’re buying, this is the amount you’ll pay each month, which in most cases includes principal, interest (both of which are…
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