All Posts Tagged: real estate

Is it better to rent or buy?

Victor Polich
Mortgage Banking

The choice between renting a home or buying one is one of the biggest (and most challenging) financial decisions many of us make in our adult life.

woman sitting near a window, pensive.The implications that come with buying a home are more varied and complicated than for renting, and it may be hard to decide which route to take. Everyone’s situation is different, but hopefully the quick considerations below may help you make a decision that’s right for you.

3 reasons to rent

  • Generally cheaper. Depending on the house, rent may cost you less per month than a mortgage.
  • Moving is easier. You have more flexibility in case you need to move, especially if your lease is flexible or month-to-month.
  • Landlord usually makes repairs. In addition, the landlord is responsible for the upkeep.

3 reasons to buy

  • You may build equity. Should your home appreciate, or as you pay down your mortgage, the value of your home may increase.
  • Potential tax benefits. You may be able to write off your mortgage interest or your property taxes, but you should always consult a tax professional regarding the deductibility of interest to make sure.
  • Pride of ownership. The pride of having your own home can be very motivating; you have the ability to take that house and make it your dream home. Paint it whatever color you want!

Before making your decision, you should also consider the economy, the cost of property taxes in your county, and where you are in life and/or career.

There are definitely pros and cons to both renting and buying, but my hope is that you take something away from this and do what works – and feels – right for you.

 

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Business scam poses threat for real estate transactions

David Pollino
Fraud Prevention
view from above as older couple looks at a laptop together while going through financial paperwork.

It’s a new twist in the scam known as business email compromise, or masquerading, that I have been blogging about for a few years.

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A recipe for the millennials’ American Dream

Paul Appleton
Consumer Banking
Young couple pausing from their meal at a kitchen table to take a selfie.

It’s as if this generation took some of the classic elements of the American Dream and added several twists, building a whole new recipe.

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How it works: prequalification vs. preapproval

Victor Polich
Mortgage Banking
pregnant_check_computer_crop

In today’s competitive real estate market, getting prequalified or preapproved for a mortgage loan can provide the edge you need to get the home you want.

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What to know about down payment and asset reserve options

Victor Polich
Mortgage Banking
Young blonde woman sitting at a dining room table, looking over several pieces of financial paperwork.

Having a clear understanding about your funding sources for a mortgage, as well as being able to keep funds in reserve, may help speed the process in getting a loan.

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