The Cost of Renting vs Buying a Home

renting vs buying a home

In our experience as a direct lender, clients of our mortgage brokers and partners are commonly torn between renting and buying a home.  It seems that in the quick run, renting is cheaper but is it?  Wha is the true cost of renting vs buying a home?

Renting vs Buying a Home

It has always been a tough decision for someone when it comes to renting and buying a home.  Sometimes, you might be worried about your credit score and whether you will qualify for a home mortgage or not.  In renting a home, there is not much of a question whether you have a good credit standing or not as long as you can pay on time.  For most, it would seem like a less hassle option but is it really the best option.

According to research, the percentage of income needed to rent a median-priced home today is at 29.2%.  However,  the percentage needed to buy a median-priced home is at 15.8%.  Comparing the two seems to give you the most practical and better option between renting vs buying a home.

Take a look at this infographic for better understanding.

renting vs buying a home

Mortgage Options in Buying a Home

If you are looking for mortgage options in buying your new home, Home Mortgage Alliance Corporation (HMAC) NMLS #1165808 can assist you for free.  We can refer you to our partners in order to give you a quick assessment and determine what is the best option for you.  We also offer an ONLINE APPLICATION option.

Some of the loans which our partner offers include:

  • Conventional (FNMA-FHLMC) 15 & 30 Year Fixed and ARM
  • All FNMA programs
  • FNMA DU Refi Plus up to 135% LTV and Unlimited CLTV
  • All Freddie Loan programs
  • FHA 30& 15 Year Fixed and ARM products
  • VA30 & 15 Year Fixed and ARM products
  • Renovation Loans
  • Jumbo 30& 15 Year Fixed and ARM products
  • Interest Only
  • ARMs (3 Year, 5 Year, 7 Year & 10 Year) products
  • Reverse Mortgage
  • USDA & Rural Housing
  • Local Borrower Assistance programs
  • Alt-QM Portfolio products

Contact us now and let us help you own your dream home.

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