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BUYING VS RENTING

Updated: Nov 10, 2019



THINKING ABOUT BUYING A NEW HOME?


HERE ARE A FEW THINGS YOU SHOULD KNOW.


Buying a new home is one of the biggest decisions you’ll ever make, but it’s also a lot easier than you might expect.


BUYING VS. RENTING This may surprise you, but a monthly mortgage payment is often less than what you might pay for rent.

In fact, with just 1% down, you could save more than $600/month on a $250,000 home purchase and avoid monthly mortgage insurance.


PURCHASE A $250,0000 HOME BUY: $1,597.85* (30-YEAR FIXED)

RENT: $2,200 MONTHLY *With the 1% Down program, the borrower put down 1%, the lender contributes 2%, giving the borrower 3% equity at closing.


Assuming monthly taxes and insurance of $315.50,

Monthly payment on a $242,500 30-year fixed-rate loan at 4.625% and 97% loan-to-value (LTV) is $1,597.85 with -1.153 points due at closing.

The annual percentage rate (APR) is 4.624%.

Taxes and insurance are estimated and may vary with each loan.


NMLS #1615404

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