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Rent vs. Buy
Which is right for you?
You're looking for a place to live. You'll have to make lots of decisions, including one of the most important - whether to rent or buy. Here are some key questions to consider to help you choose.
How long do you plan on living in your location?
If you plan on staying in your home for a short period, then renting is probably a better choice, since you'll have the freedom to move quickly and easily.
Do you have enough money for a down payment?
You can purchase a home with as little as 3% of the home's price. Some Mortgage programs will even allow you to you purchase a home with 0% down.
What is the current mortgage rate environment?
If interest rates are low, this may be an ideal time to invest in a home. Conversely, if interest rates are high, you'll probably have to borrow less to keep your monthly payment down.
Do you have a good credit rating?
You'll qualify for a lower mortgage rate if you have a better credit rating. Even if you rent, your landlord will want to make sure your credit is good before signing your lease agreement.
If you want to know whether buying or renting a home is right for you, speak with your lender who can help you decide. At Metro, our knowledgeable Mortgage Specialists are here to help guide you to make all the right decisions for your situation. To arrange a time to speak with a Mortgage Specialist about your situation, contact us.
