Which is Smarter for You?

When it comes time to decide whether you should buy or rent, it’s important to consider a combination of practical and financial factors. Do your research, ask questions and talk to experts who can explain the process from a financial perspective.

Buying a home is an investment in your future. With each monthly payment you make, your mortgage is reduced and your home equity increases, which adds to your bottom line – not your landlord’s.

We know that homeownership is at the heart of the American dream. We want to help you spend smart and feel secure in the decisions you make about your financial future.

Why Is Buying a Home a Good Investment?

Making mortgage payments does two things for you – pays off your home and builds up your net worth.

How? Your mortgage payments are made up of two parts, interest and principal. The principal is what you owe on the home loan. As you pay off your home, the amount of equity you own in the home increases. That also means that as the market value of your home rises, so does your bottom line.

The interest portion of your payments is, like any other type of interest, the fee you pay to the lender for borrowing the money. However, the great thing about mortgage interest is that it’s tax deductible. And so are your property taxes.* Your rent is not.

Experts believe rent prices will continue to climb each year, which means in most cities, buying may be cheaper than renting. Even though mortgage rates could increase, buying might still be the better deal and is an investment in your future.

How Do the Monthly Costs Compare Between Buying and Renting?

It’s critical to consider all the monthly costs of owning a home, including property taxes, insurance, homeowner or condo fees, lawn maintenance and other regular costs. Utility costs may be higher if you buy, since many rents include water service and garbage collection. All homes, even new homes, sometimes need repairs. Water heaters break and pipes leak. Our mortgage loan calculator tools were designed to help you estimate the monthly impact of owning a home, plus determine what’s best for you and your budget.

What Kinds of Loan Options are Available?

We offer a customized line of home loan solutions, and competitive rates for all types of budgets. We’ll walk you through each step of the process to ensure your peace of mind, meet your unique needs, and help you achieve your financial goals.

Before You Buy, Ask Yourself:

  • Are you planning to live in this home for at least five years?
  • Do you have strong enough credit to qualify for a home loan, or are you still building your credit history?
  • Are you ready to commit to a particular location or area in your city?
  • Do you have the cash saved for the down payment, as well as, planned and unplanned (leaky faucets or pipes, broken water heaters or HVAC units) regular home maintenance?
  • Have you talked over the details with your loan officer?

*Everyone’s tax situation is different. Please consult a professional tax advisor.

Our mortgage calculators will help you find a mortgage you can afford!

Mortgage Calculators