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Do you know it could cost you more to Rent than to Own? I’m not making this up. It’s a fact!
Most renters shy away from owning their own home because they assume that they need to have a big down payment and lot of cash up front in order to buy a home. That isn’t true.
There are several mortgage programs that will let you buy a home with little or no money down Florida Bond, FHA and VA loans to name a few.
Now’s a great time to buy, currently there are a number of Homes for sale that are priced under $200,000.00 and mortgage rates are very low.
Renting vs. Owning let’s take a quick look at the cost. Let’s say your current rent is $1200.00 a month.
You purchase a home for $175,000 you put down 3.5% and obtain a FHA 30 year fixed rate mortgage with an interest rate of 4% your monthly principal and interest payment would be $806.24, private mortgage insurance is $81.62, estimated property taxes $130.00, estimated home owners insurance $50.00 that adds that up $1067.86 per month. You just saved yourself $132.14 a month and you now own a Home.
Since mortgage rates are low, I would suggest starting the process sooner than later, the best way to get started is by talking with a local lender, if you don’t have a lender that you know or trust I can give you the names of several good lenders to talk with.
Over the past 37 years I’ve helped hundreds of my clients happily purchase a home, so if you have any questions please call or email me I'm more than happy to help.
Please note the above figures are only estimates, mortgage rates and payments can vary depending on your credit history.