The Bottom Line

A monthly mortgage payment should be between 25% and 33% of your gross income.

Several items, including mortgage interest and points, are tax-deductible.

If you own, you can choose what color to paint your walls or decide whether or not to have a pet in your house.

Did you know?

Rent isn't always more affordable than a Mortgage payment.

 

Renting vs. Buying To Buy or Not to Buy?

Time to Buy or Still Rent?

Should you buy a home or keep renting?  It's an interesting question, particularly in these changing times.

We will help you consider all the benefits to home ownership. Here are some things to consider:

Affordable monthly payments. Rent isn’t always more affordable than a mortgage payment. We will help you find a home you can afford. Typically, your monthly payment should be between 25% and 33% of your gross income.

Tax savings. Property taxes, mortgage interest, points and other items are tax-deductible for homeowners.

Predictable expenses. With a fixed-rate mortgage, your monthly payment won’t change, although some escrowed expenses such as homeowners’ insurance and property taxes could change annually.

Ultimate control. As a homeowner, you decide whether or not to have a pet, paint the walls, add a room or plant a tree.

If you’re ready to get started, we can help you get preapproved by a mortgage firm. Then you can start shopping for homes in your price range.

Once you have chosen a home, your mortgage firm will run the numbers with you again. Current mortgage interest rates, the amount of your down payment, the terms of your loan, the type of loan you want, and other factors may influence how much the lender will loan you for the home you want.