Owning vs. Renting

Did you know that you can now own a home for almost the same amount as you pay in rent? Even better, owning a home has tax and equity benefits that may put money in your pocket! So don’t feel trapped within the walls of a house or apartment that doesn’t feel like yours. Check out the scenario below and see if you too could become a home owner.

Based on a $100,000 loan amount, taxes and insurance included via escrow account. Based on an annual rent increase of 5%. Average tax savings over 30 years is $964*

Years	Rent Payment	Mortgage Payment	Monthly Difference	Yearly Tax Savings
1	$800	$760	+40	$1540
2	$840	$760	+80	$1516
3	$882	$760	+122	$1492
4	$926	$760	+166	$1466
5	$972	$760	+212	$1439
6	$1021	$760	+261	$1410
7	$1072	$760	+312	$1380

Advantages to owning a home include building equity which means money in your pocket. Your mortgage payment can be fixed for the duration of the 30-year mortgage. Best of all, it’s your home and you’re free to redecorate, change the wall colors and updated the landscaping as YOU desire!

Call Your Guy for That, Dustin Drabot, today to learn more about the benefits of owning a home and to get referred to a great lender who can help you get preapproved.

*Please contact your tax consultant for further information. Based on FHA loans with 3.5% down payment, 680 or higher credit score and estimates for taxes and home owners insurance. Subject to change without notification. information provided should not be considered as a commitment to lend. Offer subject to property and credit approval. Program and other restrictions may apply.

Posted In : Buyer Tools, First Time Homebuyers, Mortgage News, Real Estate

This entry was posted on Tuesday, January 31st, 2012 at 8:39 am. and is filed under Buyer Tools, First Time Homebuyers, Mortgage News, Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.