Renting vs Buying When Getting Married Find yourself recently married, or about to become married, and not sure if you should be renting or buying a house? Both options have their advantages and disadvantages and the choice you make will depend on your individual circumstances and what you value most. To help you out, we’ll explore both options in-depth, weigh up the pros and cons, and figure out what the best course of action is for some couples. We will also discuss the helpful role that mortgage brokers can play in making this decision. The Basics Part of figuring out whether you should rent or buy is going through the arguments everyone knows. Renting offers flexibility and the freedom to move without being tied down to a mortgage. Renting can also be a good option if you are unsure about where you want to live long-term, or if you are not in a position to buy a house or put down a large deposit. On the other hand, buying a house has many advantages that cannot be matched by renting. When you buy a house, you are building equity and investing in your future. As the value of your home increases, so does your net worth. This can provide you with financial security and peace of mind. Buying a house also allows you to personalize your home and make it your own, which is not always possible when you rent. Additionally, when you buy a house, you are no longer subject to the whims of a landlord and can enjoy the stability and security that comes with owning your own home. Digging Deeper into Finances While renting in the short term might seem like the cheapest option, there are a few other variables to consider. In many areas, the cost of living is much higher when you rent than when you buy. This is because when you rent, you are essentially paying someone else’s mortgage and all the associated costs such as property taxes, maintenance, and insurance, and their profit margin. This can result in a higher cost of living compared to paying for your own mortgage, which would include just the property tax and insurance portion of these costs. Additionally, when you rent, you are not eligible for tax benefits that come with owning a home, such as the mortgage interest tax deduction. One of the most important things to consider when deciding between renting and buying is your financial situation. If you are not in a position to buy a house, maybe you do not have any funds saved up, in between jobs, or your credit score is below 500, then renting may be the better option for you. However, if you have a stable income and are able to save for a down payment, as well as planning on being in your area for the near future, then buying a house may be a better choice. When you buy a house, you will need to have a good credit score (with most banks, they require a 680 plus, but here at JR Mortgage Group, we can get you into a home with a credit score as low 500), a stable income, and enough savings to cover the down payment, closing costs, and other associated expenses. When it comes to making the decision between renting and buying, it is important to consider your long-term goals. If you are planning on staying in your current home for many years, then buying may be the better option. However, if you are planning on moving in the near future, then renting may be a better choice. Additionally, if you are planning on starting a family, then buying a house may provide more space and stability, while renting may offer more flexibility and freedom. It’s a Big Decision to Make Mortgage brokers can play a helpful role in making this decision. Mortgage brokers are experts in the field of real estate financing and can help you understand your options and find the best mortgage for your needs. They can also provide you with important information about the housing market and help you navigate the home buying process. You’ll get help with comparing the cost of renting and buying, taking into account your specific financial situation, credit score, and long-term goals. Mortgage brokers also have access to a wide range of mortgage products and lenders and can help you find a mortgage that suits your needs. They can also negotiate on your behalf with lenders to get you the best deal possible and provide you with expert advice on the best type of mortgage for your circumstances, such as a fixed-rate or adjustable-rate mortgage. In addition, mortgage brokers can help you understand the fees associated with buying a house, such as closing costs, property taxes, and homeowner's insurance. They can also help you calculate your monthly mortgage payments and ensure that you are comfortable with the amount you will be paying. When getting married, the decision between renting and buying a house can be a difficult one. However, with the help of a mortgage broker, you can make an informed decision that is right for you and your family. Whether you decide to rent or buy, a mortgage broker can help you navigate the process and find the best mortgage for your needs. So, if you are thinking about buying a house, give us a call at 316-247-9639 and let us provide a free consultation today! JR Mortgage Group Wichita Kansas Click to Call or Text: (316) 247-9639 This entry has 0 replies Comments are closed.