“To rent or not to rent”…that is STILL the question.
Renting is a great stepping stone towards homeownership. It reinforces disciplined budgeting and gives that sense of independence that many Millennials are searching for. However, the volatile nature of Rent may raise some red flags about the level of financial independence renting is able to provide.
Owning a home comes with many definites, one being monthly mortgage costs. Once you lock in your rate, it’s just that, locked in. Renting subjects you to fluctuations that could ultimately affect the down payment you’re saving up for. Home Buying Institute estimates down payments to be between 0%-20% with an average of 10%. Homeownership is more feasible than you may think; be slow to count yourself out! Dragas Mortgage Company is on hand to answer any and all questions about loan qualification and mortgages. Low monthly payments make homeownership affordable! You can own for less than you’re probably paying in rent!
Ready to see if you pre-qualify? Click here.