Rent Vs. Buy

Owning a home is something nearly everyone wants. The financial security, the independence and the tax breaks are just a few of the reasons. But it is important to make an informed decision. Don’t be scared off by a purchase price that seems really high. In many cases buying a home can cost you the same, or even less, every month as renting an apartment.

Right now, every rent payment that you make is money in your landlord’s pocket instead of your own.

There are lots of advantages to owning a home:

  1. Tax breaks. The interest on your mortgage is tax deductible. On a home loan of $120,000 nearly $200 a month is tax deductible. That comes to $2400 a year!
  2. You build equity. With each mortgage payment you make you own more and more of your home. When you decide to sell that is money in your pocket you can use on another home, to pay off high interest credit cards and other debt or keep. The more equity you have in your home the closer you are to financial independence.
  3. Appreciation. As you own your home and take care of it, it goes up in value. This means that if you buy your home for $120,000 and decide you want to sell it later in life, it could be worth 5, 10 or even $20,000 more. (Find an apartment that can do that!) That is money that you earned by just taking care of your house. This is exactly opposite of your car. 3

Go to our preapproval form to start the process right now
and find out how much you qualify for!
Use this calculator to compare the cost of renting vs. the cost of buying a home: