Renting Vs Buying a Home

When we talk about renting a home compared to buying a home, it sometimes sounds too complicated or intimidating. I have met prospects with the mindset that it is too much of a hassle or too much trouble to try to go through the process, so they just keep renting because “it is easy.”

Given the fact that most people do not go through the buying process very many times throughout their life, they typically do not know what is involved, and it can be a little overwhelming. A mortgage professionals objective is to make the process as easy as possible.

The purchase process begins with nothing more than a thought with most people. They wonder if they can even qualify to buy a house and if so, how much house they can buy for the money they have to spend. Everyone has a budget in mind and just needs some guidance on how to navigate through the process to identify which houses will work for them. A good mortgage professional will educate them on the options as they pertain to their individual needs. Once the right price range and the type of loan that best fits their needs has been established, it is time to find the right house.

The Advantages of Buying A Home

There are many advantages of buying a home instead of renting. The housing market is at or near the bottom according to the experts…the recovery has begun in the state of Texas!

Obviously, the best time to buy is when prices are the lowest and beginning to go up. Other than the price, the interest rate has a major bearing on how much house you can buy for a particular payment. Mortgage rates are also at historical lows which enable you to purchase more house for the money and they are expected to rise in the near future. As far as down payment and cash needed to buy a home, there are still loan programs that allow for only 3.5% down payments, and depending on location, zero down loans are still possible. All of these are great reasons to purchase a home and make an investment instead of renting and having absolutely nothing to show for it when you are done. There are some great tax advantages associated with purchasing a home as well!

In addition to all these great reasons, there is one more limited time bonus! If you have not owned a home in the past three years, you will receive up to $8000.00 cash back in your pocket when you purchase a home! In order to qualify for this tax credit from the US Government, you must close on your home purchase by June 30, 2010.

The time to buy is now! Reap the benefit of getting the best of everything when it comes to purchasing a home!

James Copeland
Mortgage CEO
http://austinmortgageassociatesblog.com