Did 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 would need to have a big down payment and lots of cash up front in order to buy a home. That just 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 approximately 100 Homes & Condos for sale that are priced under $175,000.00.
Renting vs. Owning let’s take a quick look at the cost.
Let’s say you’re rent is currently a $1100.00 a month and your tired of your landlord.
You purchase a home for $150,000 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 would be $703.15, private mortgage insurance is $102.53 a month, estimated property taxes $125.00 a month, estimated home owners insurance $50.00 a month that adds that up $980.68 per month.
You just saved yourself $119.32 a month and you now own a Home.
If you have any questions just give me a call.