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Mortgage Loan Versus Renting
from: Mortage & Debt FactsThere is a big debate these days whether it even pays to take out a mortgage loan or if renting ends up being cheaper.
Since most people can’t buy a house outright with cash, and depend on getting a mortgage loan, there are some reasons that might make renting more attractive in the short-term. However, if you are looking for stability, a way to build wealth and a home you can call your own – a mortgage loan is the way to go.
The Benefits of Renting
Renting allows a certain mobility in your lifestyle. You sign a lease for a particular timeframe, and if you have to move you can still leave by paying a penalty. On the other hand, if you own your home, you can’t get out of your mortgage simply by moving. You have to sell the house and that can be a problem if your job takes you to many places.
If you are very mobile, it’s difficult to make up the 6% you will have to pay the real estate agent to sell your home.
You do have fewer maintenance issues when you rent. If something breaks, you just call the landlord. A mortgage loa does not cover the monthly expenses of maintenance and they can cost a lot. If your roof needs to be replaced, you will spend in the thousands of dollars. However, if you rent the maintenance and appliances are taken care of by the leasing company.
The Benefits of a Mortgage Loan
While these types of benefits for renting are huge, there can be even bigger rewards for buying. When you rent, all of the money you spend for rent is not tax-deductible and does not serve to build up equity for you.
In that sense, rent can be like throwing your money away. If you buy, you can find ways to generate equity and use the interest on the home mortgage loa payments as a tax write-off too. This can put you in a lower tax bracket and easily save you thousands, on top of the thousands you make in equity in a rising market.
There are many different types of mortgage loans out there. You can get an adjustable rate mortgage loa or a fixed rate mortgage. Often, the payments you make on a mortgage can be less than what you would pay for an apartment. However, this all depends on the housing market.
Right now, there are some markets where rentals are cheaper than buying, so be sure to check your local market to find out which is best for you.
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Lowest Mortgage Rates News
Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% - Bloomberg
 WRAL.com | Mortgage Rates for 30-Year US Loans Fall to a Record-Low 3.78% Bloomberg US mortgage rates for 30-year loans fell to a record low for a fourth straight week, reducing borrowing costs as a housing recovery takes hold. The average rate for a 30-year fixed mortgage dropped to 3.78 percent in the week ended today from 3.79 ... US 30-year mortgage rate falls to record 3.78 pct. 30-year mortgage rate hits another record low 30-year mortgage rate hits fourth straight record low |
Bankrate: Mortgage Rates Hold at Record Lows - MarketWatch (press release)
 e-wisdom.com | Bankrate: Mortgage Rates Hold at Record Lows MarketWatch (press release) NEW YORK, May 24, 2012 /PRNewswire via COMTEX/ -- Mortgage rates were little changed, remaining at record low levels. The average rate on the benchmark 30-year fixed mortgage rate was unchanged at the record low of 3.97 percent according to ... Mortgage rates drop to new record lows, mortgage activity jumps Mortgage Rates Remain at Record Lows Current Mortgage Rates: SunTrust, TD Bank and US Bank Home Purchase Rates for ... |
Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances - FreeRateUpdate.com
Mortgage Rates: Low Mortgage Rates Attracting Borrowers to Mortgage Refinances FreeRateUpdate.com Low mortgage rates remain stable and are attracting borrowers to mortgage refinances in larger numbers. According to the Mortgage Banker's Association's Weekly Mortgage Applications Survey released yesterday, mortgage applications increased 5.6% for ... Zillow: US 30-Year-Mortgage Rates Rose Slightly In Latest Week New Record Low Set By Fixed Mortgage Rates According to ForTheBestRate.com |
Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales - FreeRateUpdate.com
 Christian Science Monitor | Mortgage Rates: Low Mortgage Rates Spark Increase in New Home Sales FreeRateUpdate.com Current low mortgage rates remain stable and have helped spark an increase of 3.3% in new home sales for the month of April, according to the Commerce Department and the Department of Housing and Urban Development. This is 9.9% above the estimates for ... Record-low mortgage rates spur refinancing MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... 30-Year Fixed Mortgage Rate Rises Slightly After Falling to All-Time Low Last ... |
30-year mortgage rate falls to record 3.78 pct. - HeraldNet
30-year mortgage rate falls to record 3.78 pct. HeraldNet By Martin Crutsinger, AP WASHINGTON -- The average US rate for the 30-year fixed mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac said Thursday that ... |