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Rent Versus Buy

To Rent, Or To Buy?

That is the big question, isn’t it? The decision to buy a home can be a tough one. In fact, it’s one of the biggest decisions you’ll ever make in your life. It’s helpful to understand the benefits of buying versus renting so you can make an informed decision.

Just remember - renting and buying aren’t fundamentally good or bad. What matters most is doing what’s best for you and your future.

Black dog sitting in cardboard box with moving boxes symbolizing renting vs buying options

Buying Pros

An investment - you build equity
Freedom to customize your space
More stable housing costs
Potential tax breaks

Renting Pros

No long-term commitment
No maintenance costs
No property taxes
Renter's insurance is cheaper than homeowner's

Buying Cons

Long-term commitment
Requires down payment*
Requires taxes and maintenance costs

Renting Cons

Builds equity for someone else
Little freedom to customize your space
No tax benefits

* Depending on loan program. Down payment implies an opportunity cost, or the potential financial benefits you could have achieved through an alternative investment path.

Home Ownership Advantages

Start Your Home Purchase Today!

Apply with our online application HomeNow or reach out to a Mortgage Banker to answer your questions. Either way, you can expect personal and attentive service to help guide you through each step of the process.

Questions? Call us at
866-910-5218
Monday - Friday from 7am to 6pm CST.

 

Contact a Mortgage Banker