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10. Mortgage Basics - Buying vs Renting

Buying vs Renting:

At some point, you may question your decision to buy a home. Considering what a hassle obtaining a mortgage can be, why put yourself through all of that? You could just continue renting a home. When trying to decide between buying a home and renting, you will have to ask yourself a few important questions:


What is your motive for wanting to buy a home?
Most experts agree that buying a home primarily for investment reasons is not a good idea. It may be more worth your while to put that money in investment securities. There are, however, advantages to buying your own home: the mortgage interest on your loan is tax deductible, and your monthly payments will go towards building equity in your property. In addition, you also have the priceless satisfaction of knowing that in the end, you will own your own home.

Example:
If you are a homeowner and have a gross annual income of $40,000, and your monthly mortgage payment is $1,000 on a 30 year mortgage, 80 percent of your payment will go towards interest in the first few years of your loan. This interest is tax deductible and if, for example, you are in the 15 percent tax bracket, this can amount to a savings of $375 in taxes when compared to a standard deduction.

Can you afford it?
Even if can manage to make the monthly payments with the income you make, it?s important to consider if doing so will significantly take away from other expenses. The primary reason that borrowers default on their mortgages is that they end up spreading themselves out too thin.

Is it worth it?

If your application loan is systematically being rejected, or if you are being offered astronomically high interest rates because your credit is bad, then it might be smart to continue renting and concentrate on paying off your debt and building up your credit record again.

The Middle-Road:
For those who remain unsure about whether to buy or rent, there is also the option of renting a house or condominium with an option to buy if you later decide to. Such rent-to-own programs give buyers time to save for a down payment or to clean up a credit history. Additionally, in times when real estate values are rising quickly at a rate of 10 percent a year, it can be advantageous to the buyer to choose this route because the purchase price of the home is locked in at the time of original rent-to-own contract.

Typically, a portion of the monthly rent will be applied towards the purchase price. The amount of rent credited towards the purchase price can vary between 10 and 100 percent. In most cases, a non-refundable down payment is required in case the renter decides not to buy.

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