Rent Payment vs. Mortgage Payment

It's incredibly important to us that we continue to provide you valuable information about home ownership and wanted to share a write-up one of our local lenders put together for you...

Did you know….

• If you’re paying $2,000/month in rent, you could buy a $500,000 home and keep your net effective monthly house payments virtually the same.

• If you’re paying $2,500/month in rent, you could buy a $600,000 home and keep your net effective monthly house payments virtually the same.

Yes, you can buy a $600,000 home and not pay much more than you currently pay in rent. Can you believe that? Even WITH interest rates as they currently are. 

We have access to amazing software that will show you the real financial difference between renting and owning…..and there are more advantages to owning than you think! 

Additionally, here are some of the financial benefits of home ownership that many people don't consider:

• You’ll build wealth more quickly because homes increase in value over time.  This wealth is often referred to as ‘home equity.’

• You’re able to use the home equity to pay off debts, invest in retirement accounts, buy more real estate, etc.

• There is a tremendous income tax advantage.  Virtually every renter takes the standard deduction on their taxes.  Virtually every homeowner itemizes their deduction on taxes, which puts a lot more money in their pocket.

We know that the "crunching numbers" part of buying a house can be really intimidating, but honestly, there's no REAL downside to trying. Reply to this email and we can connect you with a great lender. They don't have to run your credit or get super personal information just yet—you can always just have a preliminary hypothetic conversation if you're interested in what those numbers ACTUALLY look like for you. 

You never know, you could be closer to that dream home than you think. :)

Sincerely, 

Amy, Kristine, and Margo