Buy vs Renting

It's an age-old question..."should I rent or should I buy?"...The following article should provide some insight into what works best for your situation.

A mortgage is a lien on a property or house that secures a loan and is paid in installments over a set period of time. Mortgages come in many different shapes and sizes – but not every mortgage is right for every borrower. Before sitting down with a lender, it is important to first assess your own financial situation.

Remember: Home ownership is quite different from renting. Just because you pay $2750 per month in rent doesn’t necessarily mean you can afford a mortgage with monthly payments equal to $2750. That’s because as a homeowner, you’re responsible for many other costs beyond just your mortgage payment – such as taxes, repairs, water, sewer, heat, trash collection and a whole range of other costs you may not have had as a renter.

 

  • The Government National Mortgage Association (Ginnie Mae) has created a Buying vs. Renting Calculator to help you decide which is the better option for you based on your current financial situation.

 

 

Get In Touch

Green Homes NYC
1140 Broadway, Suit 207
New York, NY 10001,
P: (212) 213-0008
F: 212-213-0007
E: info@greenhomesnyc.com