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.
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.