Renting vs. Buying a Home: How Do They Compare?
Are you renting and considering diving into home ownership? Purchasing a home can be more cost-effective than renting. Depending on your situation, a mortgage payment can be comparable to (or in some cases, even less than) your monthly rent. Qualified first-time home buyers can get an SLFCU home loan with as little as 3% down and no private mortgage insurance, making homeownership a more attainable goal.
If you’re tired of renting and dream of becoming a homeowner, consider these factors before making your choice:
| Renting | Buying |
|---|---|
| Monthly rent payment | Monthly mortgage payment |
| Security and pet deposits/fees | Closing costs |
| – | Mortgage rates |
| Renters insurance | Taxes and homeowners insurance |
|
Opportunity cost |
How long you plan to stay in your home |
| Your local rental market and outlook | Your local real estate market and outlook |
| Utilities (if not included in rent) |
Utilities |
| – | Property improvements/maintenance |
SLFCU services all of our home loans locally, from application and processing to closing the loan and beyond. When you make a payment or have a question, you'll talk to our professional, friendly staff. Our loan officers are committed to helping you understand your options so that you can choose the right home loan for your needs.
To learn more or to apply, visit slfcu.org/HomeLoans or visit our Jefferson branch to speak with a home loan officer.
« Return to "View All Articles"
